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fairchild semiconductor inte (FCS) Key Developments

Fairchild Appoints Gaurang Shah as Senior Vice President for Newly Formed Power Systems Group

Fairchild announced that it has appointed Gaurang Shah to the position of Senior Vice President of the newly formed Power Systems Group. Mr. Shah will be located at the company's San Jose headquarters. In his role, Mr. Shah will be responsible for leading the development of systems solutions for the mobile solutions and power conversion markets, that create unique competitive advantage for Fairchild's global customers. Mr. Shah's team also will enhance IP development for Fairchild in these two critically important market segments. Most recently, he was vice president and general manager at Texas Instruments where he ran a variety of businesses including battery management, audio, imaging and high voltage products.

Fairchild Semiconductor International Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 29, 2014; Provides Earnings Guidance for the Third Quarter of 2014

Fairchild Semiconductor International Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 29, 2014. For the quarter, the company reported total revenue of $371.6 million, operating income of $19.3 million, income before income tax of $16.7 million and net income of $17.8 million or $0.14 per basic and diluted share against total revenue of $356.5 million, operating loss of $1.8 million, loss before income tax of $3.4 million and net loss of $7.5 million or $0.06 per basic and diluted share for the same period a year ago. Adjusted net income was $25.2 million or $0.20 per diluted share against $1.7 million or $0.01 per diluted share for the same period a year ago. Cash provided by operating activities was $84.8 million. Capital expenditure was $15.2 million. Free cash flow was $30 million in the second quarter, which was driven by favorable changes in working capital and continued lower capital spending. The adjusted tax expense was a credit of $1.1 million, due primarily to shifts of income and loss among jurisdictions with different tax rates, as well as the effect of a noncash revaluation of deferred tax assets due to the strengthening of the Korean won. For the six months, the company reported total revenue of $715.7 million, operating income of $12.2 million, income before income tax of $8.5 million and net income of $8.5 million or $0.07 per basic and diluted share against total revenue of $699.7 million, operating income of $4.0 million, loss before income tax of $2.2 million and net loss of $8.0 million or $0.06 per basic and diluted share for the same period a year ago. Adjusted net income was $30.1 million or $0.24 per basic and diluted share against adjusted net loss of $0.3 million or $0.00 per basic and diluted share for the same period a year ago. Cash provided by operating activities was $93.4 million against $46.2 million for the same period a year ago. Capital expenditure was $28.9 million against $40.1 million for the same period a year ago. For the third quarter of 2014, the company expects sales to be in the range of $370 to $385 million. The company expects adjusted gross margin to be 34.0% to 35.0% due primarily to higher sales and factory loadings as well as improved product mix. The company expects R&D and SG&A spending to be $97 to $99 million due to higher variable compensation expenses and lack of the one-time cost benefit in the prior quarter offset by seasonal spending reductions. The adjusted tax rate is forecast at 15% plus or minus 3% points for the quarter.

Power Integrations Inc. Announces Judge in Delaware Granted Permanent Injunction in a Patent Suit against Fairchild Semiconductor

Power Integrations Inc. (POWI) announced a judge in Delaware granted a permanent injunction in a patent suit against Fairchild Semiconductor. Federal District Court in Delaware's ruling follows a 2012 jury verdict that found about 80 Fairchild products violated patent protections. Financial damages stemming from the infringement are to be determined in a future court proceeding.

Fairchild Semiconductor International Inc.(NasdaqGS:FCS) added to Russell 2000 Index

Fairchild Semiconductor International Inc. will be added to the Russell 2000 Index.

Fairchild Semiconductor International Inc.(NasdaqGS:FCS) dropped from Russell 1000 Index

Fairchild Semiconductor International Inc. will be removed from the Russell 1000 Index.

 

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FCS

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Valuation FCS Industry Range
Price/Earnings 90.5x
Price/Sales 1.3x
Price/Book 1.5x
Price/Cash Flow 53.3x
TEV/Sales 1.0x
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