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May 10, 2009

ON Semiconductor reports net loss in Q1

Net revenues were $379.1m compared to $421.9m for the first quarter of 2008

By CBR Staff Writer

ON Semiconductor has reported a net loss of $33.9m, or $0.08 per diluted share, for the first quarter ended April 3, 2009, compared to a net income of $11m, or $0.04 per diluted share for the same quarter ended March 28, 2008.

For the first quarter of 2009, net revenues were $379.1m, compared to $421.9m for the same quarter of 2008. Gross profit was $112.1m, compared to $146.6m for the same quarter of 2008.

The company’s adjusted EBITDA for the first quarter of 2008 was $58.3m, compared to $96.9m for the same quarter of 2008.

Keith Jackson, president and CEO of ON Semiconductor, said: Due to the slowdown in the macro economy, along with the reduction of inventory levels throughout the supply chain, we believe the semiconductor industry and ON Semiconductor shipped fewer products than the end-market consumed.

In response to the slowdown of demand, we took aggressive actions to reduce our overall spending levels, reducing our SG&A and R&D expenses by approximately $24m or 17% versus the third quarter of 2008 when excluding the benefits from the settlement of intellectual property infringement cases.

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