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November 3, 2011

ON Semiconductor third quarter revenue down

Expects a sequential decline in revenue as a result of the impact caused by the flooding in Thailand

By CBR Staff Writer

ON Semiconductor has reported $898m revenue in the third quarter of 2011, a decrease of approximately 1% from the previous quarter.

The company has reported a GAAP net loss of $49.4m, impacted by $65.4m of restructuring, asset impairment and other charges related to the closure of the Aizu, Japan factory as well as other special items.

Third quarter 2011 non-GAAP net income was $110.5m, against the $107.7m during the second quarter.

On a mix-adjusted basis, average selling prices for ON Semiconductor in the third quarter of 2011 were down approximately 2%, compared to the second quarter of 2011.

ON Semiconductor president and CEO Keith Jackson said the company is expecting to see a sequential decline in revenue as a result of the impact caused by the flooding in Thailand, as well as the inventory correction in the global electronics supply chain that is negatively impacting the semiconductor industry as a whole.

"The company continues to work on options to meet our customers’ production needs by shifting production to other facilities both within and outside our global ON Semiconductor manufacturing network," Jackson said.

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