Recently, Fairchild Semiconductor announced its third quarter 2007 results report as of September 30, 2007. Sales for the quarter were $426.8 million, an increase of 4% from the previous quarter and an increase from the same quarter of 2006. 2%.
Fairchild’s net income for the third quarter of 2007 was $20.3 million (or $0.16 per diluted share), compared to net income of $3.4 million (or $0.03 per diluted share) in the previous quarter, and net income for the third quarter of 2006. It is $25.1 million (or $0.20 per diluted share). This quarter's results include a $7.8 million fee associated with potential litigation results and $2.4 million in restructuring to streamline the company's cost structure. Gross profit for the quarter was 30.3%, an increase of 230 basis points from the previous quarter and a decrease of 40 basis points from the third quarter of 2006.
Fairchild's adjusted net income for the third quarter of 2007 was $34.1 million (or $0.27 per diluted share), while adjusted net income for the previous quarter was $17.7 million (or $0.14 per diluted share). Adjusted net income for the third quarter of 2006 was $30.6 million (or $0.25 per diluted share). The adjusted net income does not include intangible expenses related to the acquisition, unfinished R&D and purchase of financial expenses related to the acquisition of Chongmao Technology Co., Ltd., restructuring and depletion expenses, expenses related to potential litigation results, and sale of radio frequency (RF) product lines. Net loss and net income from the sale of LED product lines, net tax deductions related to these items and other intangible expenses related to acquisitions, and amortization of certain independent tax revenues and expenses.
Mark Thompson, President and CEO of Fairchild Semiconductor, said: "Because of the steady demand for computers and mobile phones, and the strong turnover of turnover orders, our sales reached the upper limit of the third quarter forecast. The sales results, plus more High gross margins and effective operational overhead control allowed us to record excellent revenue performance. Due to strong demand for analog switches and voltage regulators, sales in the analog products segment increased by 9% from the previous quarter. At the same time, we further improved Inventory turnover rates for internal and distribution channels."
End market and distribution channel activities
Thompson said: "Our products in the computer and mobile phone markets have achieved record sales growth, while other end markets have basically met seasonal expectations. After entering the fourth quarter, the order rate is quite stable, giving us the order situation. A good starting point. The distributor's sell-through performance increased by about 8% from the previous quarter, setting a new record for the company, but our sales to the channel are below this level. We are in OEM customers. Sales increased by 15% from the previous quarter and are expected to continue to increase in the fourth quarter."
Factory utilization and lead time
Thompson said: "In the third quarter, we shortened the lead time by strengthening the order management system and improving inventory control efficiency. We reduced the average delivery cycle for the third quarter to 9 to 10 weeks, and we believe that even in the fourth quarter We can also maintain this level with increased sales and factory loads."
Third quarter financial report
Mark Frey, executive vice president and chief financial officer of Fairchild Semiconductor, said: "We submitted a bright sales and profit report in the third quarter, while still continuing to implement a strict inventory management program. Due to increased factory load, product portfolio More diversified, and the dividend increase is lower, so the adjusted gross profit has steadily increased by 190 basis points from the previous quarter. We expect these factors to continue to promote the growth of gross profit in the fourth quarter. The internal inventory has declined slightly this quarter. About 74 days. Our distributors' sales performance was strong, which reduced the inventory period of sales channels by one week and hit a record low in sales days. The strict control of expenses and the reduction of bonus value added made this season's R&D and general affairs and Administrative (SG&A) spending has once again fallen. Net interest and other expenses are slightly lower than the forecast of $5 million."
Frey continued: "In the third quarter, our cash and available-for-sale securities increased by $3.2 million to $451 million, which represents operating cash of $58.3 million and capital expenditure of $48.4 million."
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