Fairchild Reports Third-Quarter 2002 Results
Fairchild Semiconductor International Inc. (South Portland, ME) reported results for the third quarter of 2002. Third-quarter sales were $360.6 million, up 11 percent from third-quarter 2001, and up slightly from the second quarter of 2002. Fairchild reported net income in the quarter of $4.3 million, or $0.04 per diluted share, compared to a loss of $19.1 million, or $0.19 per share, in the third quarter of 2001.
On a pro-forma basis, which excludes amortization of acquisition-related intangibles, restructuring and impairments and other unusual items, Fairchild reported third-quarter net income of $10.5 million, compared to a pro-forma net loss of $8.8 million in the third quarter of 2001. Pro-forma earnings were $0.09 per diluted share, compared to a first-call consensus estimate of pro-forma earnings of $0.08 per diluted share, and compared to the pro-forma net loss of $0.09 per share in the third quarter of 2001.
Third-quarter 2002 gross margins were 25.0 percent, 500 basis points higher than the third quarter of 2001. Operating cash flow was $50.2 million, positive for the 15th consecutive quarter. Free cash flow (operating cash flow less capital expenditures) was $20.0 million.