Fairchild reports $200M quarterly loss
Fairchild Semiconductor yesterday reported a drop in sales and a net loss in the millions in the fourth quarter of 2008.
The South Portland-based company reported a net loss of $218.1 million in the fourth quarter of 2008, compared with a net income of $26.7 million in the third quarter and a net income of $34 million in the fourth quarter of 2007, according to a press release from the company. The company's sales dropped to $320.9 million, down 25.1% compared with last quarter, and down 25.7% from the fourth quarter of 2007. Fairchild's 2008 annual revenues were $1.6 billion, a 5.7% decrease from 2007.
Fairchild President and CEO Mark Thompson said the company has undertaken various cost-cutting and streamlining actions. Orders for January have stabilized, and the company predicts first quarter 2009 sales to be between $220 million and $245 million, according to the release.
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