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Product category: Power Supply ICs and Controllers
News Release from: Fairchild Semiconductor
Edited by the Electronicstalk Editorial Team on 21 April 2006

Fairchild surprises with Q1 growth

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Fairchild Semiconductor has announced results for the first quarter ended 2nd April 2006.

Fairchild Semiconductor has announced results for the first quarter ended 2nd April 2006 Fairchild reported first quarter sales of $409.5 million, a 10% increase from the prior quarter and 13% more than the first quarter of 2005

Fairchild's first quarter of 2006 included 14 weeks instead of the normal 13 week fiscal quarter.

Fairchild reported first quarter net income of $26.6 million or $0.21 per diluted share compared with a net loss of $4.7 million or $0.04 per share in the prior quarter and a net loss of $10.4 million or $0.09 per share in the first quarter of 2005.

Gross margin was 29.9%, 570 basis points higher sequentially and 680 basis points higher than in the first quarter of 2005.

Included in the first quarter results are $5.3 million in total stock based compensation in accordance with Statement of Financial Accounting Standards (SFAS) No 123 Share Based Payment, a $3.2 million net gain on the sale of the LED lamps and displays product line, and $3.5 million in net tax benefits related to certain finalised tax filings and audit outcomes.

Fairchild reported first quarter pro forma net income of $25.6 million or $0.21 per diluted share, significantly better than the pro forma net income of $13.6 million or $0.11 per diluted share in the prior quarter and the pro forma net income of $12.5 million or $0.10 per diluted share in the first quarter of 2005.

Pro forma net income excludes amortisation of acquisition-related intangibles, restructuring and impairments, gains from the sale of the LED lamps and displays product line, certain net ta