Fairchild Reports Q4 and Full-Year 2001 Results
Fairchild Semiconductor International (South Portland, ME) reported results for the fourth quarter and full year ended December 30, 2001. Fourth-quarter trade sales, which exclude foundry revenues, were $313.2 million, up three percent from the third quarter. Total revenues for the fourth quarter were $324.6 million, down 31 percent from fourth-quarter 2000, and at the high end of the mid-quarter guidance issued by the company on November 28, 2001.
Fourth-quarter pro-forma earnings, which exclude amortization of acquisition-related intangibles, restructuring, impairments and other unusual items, were $0.4 million, slightly positive on a per-diluted-share basis, compared to first-call consensus estimates of a $0.04 loss per share, and down from $76.9 million, or $0.76 per diluted share, in the fourth quarter of 2000. During the quarter, the company had unusual charges of $11.2 million, which included a $4.0 million write-off of an equity investment and $7.2 million for charges associated with severance and other costs associated with employee workforce reductions.
Including amortization of acquisition-related intangibles, restructuring, impairments and other unusual items, the company reported a net loss in the fourth quarter of $16.2 million, or $0.16 per share, compared to net income of $93.7 million, or $0.92 per diluted share, in the fourth quarter of 2000.
For the full-year 2001, revenues were $1,407.7 million, down 21 percent from full-year revenues in 2000. The company reported 2001 pro-forma earnings of $23.5 million, or $0.23 per diluted share, compared to $282.5 million, or $2.79 per diluted share, in 2000. Including amortization of acquisition-related intangibles, restructuring, impairments and other unusual items, the company reported a net loss of $41.7 million, or $0.42 per share, compared to net income of $273.1 million, or $2.69 per diluted share, in 2000.
"We continue to believe that we saw the low point for our trade sales in the third quarter and that we are moving through the early stages of a market recovery," said Kirk Pond, president, CEO and chairman of the board. "By focusing on new products and design wins, while leveraging our penetration in computing and consumer applications, we increased trade sales sequentially this quarter, even in the face of aggressive competition in our end markets. Our consistent focus on developing high-performance semiconductors for power applications helped us grow our trade sales by three percent sequentially, and grow our power sales by 10 percent sequentially, despite the fact that our targeted industry-wide power markets increased only slightly from third-quarter levels.”