|
The following table sets forth our selected historical
consolidated financial data. The historical consolidated financial data
as of December 31, 2000 and December 26, 1999 and for the year ended December
31, 2000, the seven months ended December 26, 1999, the fiscal years ended
May 30, 1999 and May 31, 1998 is derived from our audited consolidated
financial statements included elsewhere in this Annual Report. The historical
consolidated financial data as of May 30, 1999, May 31, 1998, May 25,
1997 and May 26, 1996 and for the fiscal years ended May 25, 1997 and
May 26, 1996 are derived from our audited consolidated financial statements
which are not included in this Annual Report. The historical consolidated
financial data as of and for the year ended December 26, 1999 and the
seven months ended December 27, 1998 is derived from our unaudited consolidated
financial statements which are not included in this Annual Report. We
believe that such unaudited consolidated financial statements include
all adjustments necessary for the fair presentation of our financial condition
and the results of operations for such periods and as of such dates. This
information should be read in conjunction with our audited consolidated
financial statements and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" included elsewhere in this Annual
Report.
| |
Year Ended
|
Seven Months Ended
|
Fiscal Year Ended
|
|
 |
|
|
| |
December 31,
2000
|
December 26,
1999
|
December 26,
1999
|
December 27,
1998
|
May 30,
1999
|
May 31,
1998
|
May 25,
1997
|
May 26,
1996
|
|
|
Consolidated Statements
of Operations Data:
|
|
|
|
|
|
|
|
|
|
Trade revenue
|
$ 1,681.6
|
$ 1,037.6
|
$ 714.0
|
$ 322.3
|
$ 654.1
|
$ 635.8
|
$ 587.8
|
$ 688.7
|
|
Contract manufacturing revenue
|
101.6
|
116.9
|
72.2
|
38.0
|
81.0
|
153.4
|
104.2
|
87.6
|
|
|
Total revenue
|
$ 1,783.2
|
$ 1,154.5
|
$ 786.2
|
$ 360.3
|
$ 735.1
|
$ 789.2
|
$ 692.0
|
$ 776.3
|
|
|
Trade gross profit
|
$ 602.9
|
$ 273.2
|
$ 214.1
|
$ 69.7
|
$ 135.7
|
$ 194.2
|
$ 145.7
|
$ 216.8
|
|
% of trade revenue
|
35.9%
|
26.3%
|
30.0%
|
21.6%
|
20.7%
|
30.5%
|
24.8%
|
31.5%
|
|
Contract manufacturing
gross profit
|
36.3
|
32.6
|
20.8
|
5.1
|
16.6
|
36.3
|
6.8
|
-
|
|
% of contract
manufacturing
revenue
|
35.7%
|
27.9%
|
28.8%
|
13.4%
|
20.5%
|
23.7%
|
6.5%
|
-
|
|
Total gross profit
|
639.2
|
305.8
|
234.9
|
74.8
|
152.3
|
230.5
|
152.5
|
216.8
|
|
% of total revenue
|
35.8%
|
26.5%
|
29.9%
|
20.8%
|
20.7%
|
29.2%
|
22.0%
|
27.9%
|
|
Net income (loss)(1)
|
273.1
|
(52.6)
|
21.3
|
(30.5)
|
(114.1)
|
20.6
|
15.5
|
72.3
|
| |
|
|
|
|
|
|
|
|
|
Other Financial Data:
|
|
|
|
|
|
|
|
|
|
EBIT(2)
|
$ 325.9
|
$ 113.6
|
$ 90.8
|
$ 0.6
|
$ 23.3
|
$ 102.8
|
$ 51.3
|
$ 72.1
|
|
Depreciation and
other amortization
|
113.5
|
104.8
|
62.8
|
53.2
|
95.4
|
83.4
|
77.1
|
64.2
|
|
Amortization of
intangibles
|
37.6
|
26.0
|
19.5
|
1.9
|
8.4
|
1.4
|
-
|
-
|
|
EBITDA(2)
|
477.0
|
244.4
|
173.1
|
55.7
|
127.1
|
187.6
|
128.4
|
136.3
|
|
Adjusted net
income (loss)(3)
|
282.5
|
54.6
|
54.5
|
(25.3)
|
(33.4)
|
33.5
|
34.9
|
72.3
|
|
Capital expenditures
|
301.9
|
97.2
|
74.8
|
24.1
|
46.2
|
78.0
|
47.1
|
153.9
|
| |
|
|
|
|
|
|
|
|
|
Consolidated Balance
|
|
|
|
|
|
|
|
|
|
Sheet Data (End of Period):
|
|
|
|
|
|
|
|
|
|
Inventories
|
$ 192.8
|
$ 166.3
|
$ 166.3
|
|
$ 148.6
|
$ 108.0
|
$ 73.1
|
$ 93.1
|
|
Total assets
|
1,837.5
|
1,137.6
|
1,137.6
|
|
1,095.7
|
634.3
|
555.0
|
432.7
|
|
Long-term debt, less
current portion
|
705.2
|
717.2
|
717.2
|
|
1,045.9
|
526.7
|
487.9
|
-
|
|
Redeemable
preferred stock
|
-
|
-
|
-
|
|
90.1
|
80.5
|
71.8
|
-
|
|
Stockholders' equity
(deficit)
|
837.7
|
213.2
|
213.2
|
|
(240.4)
|
$(116.6)
|
(133.3)
|
349.2
|
|
(1)
|
Prior to March 11, 1997, the amounts presented
include all revenues and costs attributable to the Fairchild Semiconductor
business including an allocation of the costs of shared facilities
and overhead of National Semiconductor. In addition, certain costs
incurred at Fairchild plants for the benefit of other National Semiconductor
product lines were allocated from Fairchild to National Semiconductor.
All of the allocations and estimates were based on assumptions that
management believes were reasonable under the circumstances. However,
these allocations and estimates are not necessarily indicative of
the costs that would have resulted if the Fairchild Semiconductor
business had been operated on a stand-alone basis. |
|
(2)
|
Excludes other (income) expense and the
non-recurring (gains) and charges detailed below: |
| |
Year Ended
|
Seven Months Ended
|
Fiscal Year Ended
|
|
|
|
|
| |
December 31,
2000
|
December 26,
1999
|
December 26,
1999
|
December 27,
1998
|
May 30,
1999
|
May 31,
1998
|
May 25,
1997
|
|
Distributor and inventory
reserves in connection with |
|
|
|
|
|
|
|
| Memory restructuring |
$ (5.4)
|
$15.4
|
$ -
|
$ -
|
$ 15.4
|
$ -
|
$ -
|
| Restructuring charges |
(2.1)
|
16.8
|
-
|
4.5
|
21.3
|
-
|
5.3
|
Purchased in-process
research and development |
9.0
|
34.0
|
-
|
-
|
34.0
|
15.5
|
-
|
Gain on sale of former
Mountain View, California
facility |
(3.5)
|
-
|
-
|
-
|
-
|
-
|
-
|
Forgiveness of certain
management tax related loans |
-
|
8.3
|
8.3
|
-
|
-
|
-
|
-
|
| Retention bonuses |
-
|
-
|
-
|
-
|
-
|
-
|
14.1
|
|
| |
$ (2.0)
|
$ 74.5
|
$ 8.3
|
$ 4.5
|
$ 70.7
|
$ 15.5
|
$ 19.4
|
|
|
(3)
|
Adjusted net income (loss) is net income
(loss) excluding restructuring and other non-recurring gains and charges,
as shown above, and amortization of acquisition related intangibles,
net of tax. For the year ended December 31, 2000, it also excludes
the one-time reduction of deferred tax asset valuation allowances
of $26.3 million and the write-off of deferred financing fees of $3.6
million. For the year ended December 26, 1999 it also excludes the
write-off of deferred financing fees of $12.4 million. For the seven
months ended December 26, 1999 it also excludes the write-off of deferred
financing fees of $7.2 million. |
|
