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ON Semiconductor Reports Third Quarter of 2009 Results

Posted by Dana in November 5th 2009

ON Semiconductor Corporation (Nasdaq: ONNN)
For the third quarter of 2009, highlights include:
* Total revenues of $472.9 million
* Adjusted EBITDA of $110.2 million
* GAAP net income of $0.07 per fully diluted share
* Non-GAAP net income of $0.16 per fully diluted share
* Net cash provided by operating activities of $87.6 million
* Cash, cash equivalents and short-term investments of $470.2 million

ON Semiconductor Corporation (Nasdaq: ONNN) announced that total revenues in the third quarter of 2009 were $472.9 million, an increase of approximately 13 percent from the second quarter of 2009. During the third quarter of 2009, the company reported GAAP net income of $29.9 million, or $0.07 per fully diluted share. The third quarter 2009 GAAP net income included net charges of $41.0 million, or $0.09 per fully diluted share, from special items. The special item details can be found in the attached schedules. During the second quarter of 2009, the company reported a GAAP net loss of $3.0 million, or $0.01 per fully diluted share.

Third quarter 2009 non-GAAP net income was $70.9 million, or $0.16 per share on a fully diluted basis. Second quarter 2009 non-GAAP net income was $38.7 million, or $0.09 per share on a fully diluted basis.

On a mix-adjusted basis, average selling prices in the third quarter of 2009 were down less than two percent when compared to the second quarter of 2009. GAAP gross margin in the third quarter was 37.2 percent. Non-GAAP gross margin in the third quarter of 2009 was 38.5 percent. GAAP gross margin in the third quarter included a net charge of approximately $6.5 million, or approximately 130 basis points, from special items. The special item details can be found in the attached schedules.

Adjusted EBITDA for the third quarter of 2009 was $110.2 million. Adjusted EBITDA for the second quarter of 2009 was $78.3 million.