Product category: Power Supply ICs and Controllers
News Release from: Fairchild Semiconductor
Edited by the Electronicstalk Editorial Team on 25 April 2002
Strong bookings boost
Fairchild's Q1 figures
Fairchild Semiconductor has reported results for the first quarter of 2002
First quarter sales were $336.9 million, up 4% from the fourth quarter and down 13% from first quarter 2001. First quarter gross margins were 23.6%. Bookings in the quarter were the company's highest since the fourth quarter of 2000. Bookings rose 28% from fourth quarter levels and reflected strengthening demand across a broad range of end markets.
This article was originally published on Electronicstalk on 25 April 2002 at 8.00am (UK)
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Fairchild's overall book-to-bill ratio topped 1.3 to 1 and was above 1 to 1 in all major end market segments.
Net income in the quarter was $2.7 million, or $0.03 per diluted share.
During the quarter the company had unusual gains (net of charges) totalling $15.2 million including a $20.5 million gain on the sale of the company's military and space-related discrete power product line to International Rectifier Corporation and $5.3 million in charges associated with severance costs and purchased in-process research and development.
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On a pro forma basis, which excludes amortisation of acquisition-related intangibles, restructuring, impairments and other unusual items, Fairchild reported a first quarter loss of $1.1 million, or $0.01 per share, compared to a First Call consensus estimate of a $0.03 loss per share.
"Our business turned the corner about six months ago and began to accelerate midway through the first quarter", said Kirk Pond, president, CEO and chairman of the Board.
"While our strongest orders continued to be from computing and consumer markets, we saw healthy rebounds in demand from industrial and power supply markets, and continued to see bookings recovery in our communications end markets.
Through the last two years we've accelerated our design activity by focusing on power and interface applications and increased our silicon content in computers, power supplies, digital consumer products, displays, optical drives, cellular handsets and automotive ignition devices.
As our end markets continue to strengthen, we believe our steady new product and capital investments throughout the past 18 months have positioned us to grow faster through this recovery", continued Pond.
"We've won new designs in a wide variety of end markets, and we're now experiencing very strong demand as these products move into production.
Asia continued to be the strongest region for us, as our sales growth in Korea, China, Japan and the rest of Asia outpaced North America and Europe.
China is the fastest growing consumer of semiconductors in the world and now accounts for about 15% of our total trade sales".
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