Fairchild Reports Results for the First Quarter of 2016
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Fairchild Semiconductor International, Inc. |
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Reconciliation of Net Income (Loss) To Adjusted Net Income |
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(In millions) |
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(Unaudited) |
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Three Months Ended |
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March 27, | |
December 27, | |
March 29, |
| | |
2016 | |
2015 | |
2015 |
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| Net income (loss) | | $ | 14.8 | | | $ | (7.1 | ) | | $ | 1.1 | |
| Adjustments to reconcile net income (loss) to adjusted net income: | | | | | | | | | | | | |
| Restructuring, impairments, and other costs | | 1.4 | | | 11.0 | | | 4.7 | |
| Gain on disposal of held for sale assets | | (12.3 | ) | | — | | | — | |
| Acquisition-related costs (2) | | 5.5 | | | 6.5 | | | — | |
| Accelerated depreciation on assets related to factory closures (1) | | — | | | (0.1 | ) | | 4.5 | |
| Inventory write-offs associated with factory closures (1) | | — | | | (0.1 | ) | | — | |
| Goodwill impairment charge | | — | | | — | | | 0.6 | |
| Amortization of acquisition-related intangibles | | 1.9 | | | 2.3 | | | 2.1 | |
| Associated tax effects of the above and other acquisition-related intangibles | | 0.3 | | | 0.2 | | | 0.3 | |
| Adjusted net income | | $ | 11.6 | | | $ | 12.7 | | | $ | 13.3 | |
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| Adjusted net income per common share: | | | | | | | | | | | | |
| Basic | | $ | 0.10 | | | $ | 0.11 | | | $ | 0.11 | |
| Diluted | | $ | 0.10 | | | $ | 0.11 | | | $ | 0.11 | |
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| (1) Recorded in cost of sales | | | | | | |
| (2) Recorded in cost of sales, research and development, and selling, general and administrative | | | | | | |
