Donald A. Colvin
Thanks, Ken, and thanks to everyone joining us today. ON Semiconductor Corporation today announced that total revenues in the first quarter of 2012 were approximately $744.4 million, a decrease of approximately 3% from the fourth quarter of 2011. During the first quarter of 2012, the company reported GAAP net income of $28.2 million or $0.06 per fully diluted share. The first quarter 2012 GAAP net income included net charges of $29.3 million or $0.06 per fully diluted share from special items, which are detailed in schedules included in our earnings press release.
GAAP and non-GAAP gross margin in the first quarter was 32.9%. First quarter 2012 non-GAAP net income was $57.5 million or $0.12 per share on a fully diluted basis.
We exited the first quarter of 2012 with cash, cash equivalents and short-term investments of approximately $892.3 million. Subsequent to the quarter end, we redeemed our $96 million 0 coupon convertible notes at par.At the end of the first quarter, total days sales outstanding were approximately 52 days, down approximately 2 days compared with the fourth quarter of 2011. ON Semiconductor's internal inventories were approximately flat on a dollar basis and, on a days basis, were approximately 116 days. Included in our total inventory is approximately $69 million of bridge inventory or approximately 13 days, primarily related to the consolidation of certain factories. Distribution inventories were down sequentially approximately 14% on a dollar basis in the first quarter and were approximately 11 weeks exiting the quarter. On a dollar basis, distribution inventories exited the quarter at the lowest level since the third quarter of 2010. Cash capital expenditures during the first quarter were approximately $50 million. Now I would like to turn it over to Keith Jackson for additional comments on the business environment. Keith D. Jackson Thanks, Don. Now for an overview of our end markets. During the first quarter of 2012, our end market splits were as follows: The automotive end market represented approximately 26% of sales. The consumer electronics end market represented approximately 22% of sales. Industrial, military, aerospace and medical end markets represented approximately 20% of sales. Computing end market represented approximately 18% of sales. And the communications end market, which includes wireless and networking, represented approximately 14% of sales. Read the rest of this transcript for free on seekingalpha.com