Fairchild Reports Results for the First Quarter of 2016
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Fairchild Semiconductor International, Inc. |
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Consolidated Statements of Cash Flows |
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(In millions) |
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(Unaudited) |
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| | |
Three Months Ended |
| | |
March 27, | |
March 29, |
| | |
2016 | |
2015 |
| Cash flows from operating activities: | | | | |
| Net income | | $ | 14.8 | | | $ | 1.1 | |
| Adjustments to reconcile net income to cash provided by (used in) operating activities | | | | |
| Depreciation and amortization | | 27.6 | | | 36.6 | |
| Non-cash stock-based compensation expense | | 7.5 | | | 6.8 | |
| Goodwill impairment charge | | — | | | 0.6 | |
| Deferred income taxes, net | | (0.5 | ) | | (0.2 | ) |
| Other | | (12.2 | ) | | (0.1 | ) |
| Changes in operating assets and liabilities, net | | (36.3 | ) | | (59.4 | ) |
| Net cash provided by (used in) operating activities | | $ | 0.9 | | | $ | (14.6 | ) |
| | | | | | | | | |
| Cash flows from investing activities: | | | | | | | | |
| Capital expenditures | | $ | (12.5 | ) | | $ | (14.4 | ) |
| Proceeds from the sale of property, plant and equipment, including held for sale assets | | 15.4 | | | 1.3 | |
| Maturity of marketable securities | | 0.2 | | | 0.1 | |
| Other | | (0.3 | ) | | (0.2 | ) |
| Net cash provided by (used in) investing activities | | $ | 2.8 | | | $ | (13.2 | ) |
| | | | | | | | | |
| Cash flows from financing activities: | | | | | | | | |
| Proceeds from issuance of stock for share-based compensation arrangements | | $ | 0.3 | | | $ | 0.9 | |
| Purchase of treasury stock | | — | | | (39.2 | ) |
| Shares withheld for employees taxes | | (11.4 | ) | | (9.1 | ) |
| Net cash used in financing activities | | $ | (11.1 | ) | | $ | (47.4 | ) |
| Net change in cash and cash equivalents | | (7.4 | ) | | (75.2 | ) |
| Cash and cash equivalents at beginning of period | | 279.4 | | | 352.9 | |
| Cash and cash equivalents at end of period | | $ | 272.0 | | | $ | 277.7 | |
