Fairchild Semiconductor reports solid 2010
Despite recent news of impending layoffs, South Portland-based Fairchild Semiconductor marked a successful 2010. In its annual report to the U.S. Securities and Exchange Commission, the semiconductor manufacturer reported a 35% increase in revenues over 2009, as well as a jump in income.
The company reported 2010 revenues of $1.6 billion and a net income of $153 million, or $1.20 per diluted share, compared with a net loss of $60 million, or $0.49 per share, in 2009. Its adjusted net income -- which excludes amortization of acquisition-related intangibles and restructuring, among other things -- was $193 million, compared to $1 million in 2009.
Fairchild also reported a fourth quarter net income of $51 million, up from $13.1 million in the same quarter of 2009. Fourth quarter sales jumped 12% over the same quarter in 2009. President, chairman and CEO Mark Thompson attributed the gains to a growth in sales of mobile power and switch products targeted to the handset and tablet markets. "2010 was a breakout year for Fairchild and as our first quarter guidance indicates, we expect to build on this momentum in 2011," he said in the report.
The company also reported reducing its debt by $152 million to a total of $321 million, a record low.
Earlier this month, Fairchild said it would lay off 120 workers over the next nine months at its Western Avenue plant, which employs a total of 500. The company is shutting down a production line that makes 6-inch silicon wafers and instead will focus on 8-inch wafers, as part of its efforts to increase competitiveness domestically and globally. The plant primarily makes analog and power management circuits for mobile phones, products whose prices are expected to drop by double-digitl percentage points in the coming years, the company said, according to the Portland Press Herald.
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