On Semiconductor has reported total revenues of $550.2m for the first quarter of 2010, an increase of 45% compared to $379.1m for the same period last year.
Gross margin was 41.5% for the first quarter of 2010, up from 29.6 % of first quarter of 2009. The company posted an operating income of $84.2m, compared to an operating loss of $4.6m for corresponding quarter in 2009.
For the first quarter ended March 31, 2009, the company posted a net income of $63.7m, compared to a net loss of $33.5m for the same quarter a year ago.
Keith Jackson, president and CEO of ON Semiconductor, said: Through new product development, as well as products and capabilities gained from our successful acquisitions, we continue to transform our product portfolio and increase our value proposition to customers. Even with the cash purchase of California Micro Devices (CMD) on Jan. 27, 2010, the company exited the first quarter with approximately $560.7 million of cash and cash equivalents.
“In addition to the transformation of our product portfolio, we also continue to transform our balance sheet. Today, our Board of Directors approved the prepayment of ON Semiconductor’s $169.8 million Senior Secured Credit Facility.”
The company expects revenue to be in the range of $565 to $580m and gross margin to be in the range of 41.5% to 42.5% for the second quarter of 2010.
