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Fairchild Semiconductor Reports Q2

SAN JOSE, Calif. — Fairchild Semiconductor (NYSE: FCS), a leading global supplier of high performance power and mobile products, today announced results for the second quarter ended June 26, 2011. Fairchild reported second quarter sales of $433.2 million, up 5 percent from the prior quarter and 6 percent higher than the second quarter of 2010.

Fairchild reported second quarter net income of $44.9 million or $0.34 per diluted share compared to $43.5 million or $0.33 per diluted share in the prior quarter and $43.8 million or $0.34 per diluted share in the second quarter of 2010. Gross margin was 37.1 percent compared to 36.8 percent in the prior quarter and 35.0 percent in the year ago quarter.

Fairchild reported second quarter adjusted gross margin of 37.2 percent, up 30 basis points sequentially and 200 basis points higher than in the second quarter of 2010. Adjusted gross margin excludes accelerated depreciation and inventory reserve releases/write offs related to fab closures. Adjusted net income was $54.6 million or $0.41 per diluted share, compared to $51.3 million or $0.39 per diluted share in the prior quarter and $51.3 million or $0.40 per diluted share in the second quarter of 2010. Adjusted net income excludes amortization of acquisition-related intangibles, restructuring and impairments, accelerated depreciation and inventory reserve releases/write offs related to fab closures, write off of deferred financing fees, and associated net tax effects of these items and other acquisition-related intangibles.

“We delivered solid sales growth at the high end of our guidance for the second quarter,” said Mark Thompson, Fairchild’s president and CEO. “We grew PCIA sales 7 percent sequentially which was paced by our capacity additions to support strong high voltage demand from industrial, automotive and appliance customers. We increased MCCC sales 3 percent sequentially which reflects generally seasonal strength in their key end markets. Fairchild continues to benefit from increased content in the industrial, appliance, automotive and alternative energy sectors plus share gains in mobile analog.”

Read the full press release.

{complink 1989|Fairchild Semiconductor International}

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