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February 2, 2010

ON Semiconductor Q4 revenues up 5% to $491.1m

Expects revenue to be in the range of 515m to 525m for Q1 2010

By CBR Staff Writer

On Semiconductor has reported total revenues of $497.1m for the fourth quarter of 2009, an increase of around 5%, compared to $488.7m for the same period last year.

Gross margin was 39.1% for the fourth quarter of 2009, which included a net charge of approximately $3.9m, or approximately 80 basis points, from special items. The company posted an operating income of $83.8m, compared to an operating loss of $503.7m for corresponding quarter in 2008.

For the fourth quarter ended December 31, 2009, the company posted a net income of $68m, compared to a net loss of $524m for the same quarter a year ago.

For the full year 2009, the company posted net revenues of $1.77bn, a decrease of 14% compared to $2.05bn for fiscal 2008. Operating income was $142.6m compared to an operating loss of $365.9m. Net income attributable to ON Semiconductor was $61m compared to a net loss of $428.9m for 2008.

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Keith Jackson, president and CEO of ON Semiconductor, said: We believe we entered 2010 in the strongest financial position in the company’s history with over $571m of cash, cash equivalents and short-term investments and lowest net debt position in the company’s history of approximately $362m.

“Backlog levels at the beginning of the first quarter of 2010 were up from backlog levels at the beginning of the fourth quarter of 2009 and represent over 90 percent of our anticipated first quarter 2010 revenues. We expect that average selling prices for the first quarter of 2010 will be down approximately one to two percent sequentially.”

The company expects revenue to be in the range of 515m to 525m and gross margin to be in the range of 40% to 41% for the first quarter of 2010.

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