Fairchild Reports Fourth-Quarter 2004 Results
Fairchild Semiconductor International Inc. (South Portland, ME) announced results for the fourth quarter and full year ended December 26, 2004. Fairchild reported fourth-quarter sales of $379.4 million, a 3% increase from the fourth quarter of 2003 and 7% lower than the prior quarter.
Fairchild reported fourth-quarter net income of $15.8 million, or $0.13 per diluted share, compared to net income of $5.3 million, or $0.04 per diluted share, in the fourth quarter of 2003, and net income of $13.4 million, or $0.11 per diluted share, in the prior quarter. Gross margin was 25.6%, 150 basis points higher than the fourth quarter of 2003 and 470 basis points lower sequentially.
Fairchild reported fourth-quarter pro-forma net income of $24.8 million, or $0.21 per diluted share, 42% higher than the pro-forma net income of $17.5 million, or $0.14 per diluted share, in the fourth quarter of 2003, and 23% lower than the $32.0 million, or $0.26 per diluted share, in the prior quarter.
Full-year revenues for 2004 were $1603.1 million, an increase of 15% compared to $1395.8 million in 2003. Fairchild reported net income of $59.2 million, or $0.48 per diluted share, in 2004, compared to a net loss of $81.5 million, or $0.69 per share, in 2003. On a pro-forma basis, the company reported 2004 net income of $109.9 million, or $0.89 per diluted share, compared to $31.3 million, or $0.26 per diluted share in 2003.