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ON Semiconductor Reports Third Quarter 2012 Results

ON Semiconductor Corporation (Nasdaq: ONNN)

For the third quarter of 2012, highlights include:
  • Total revenues of $725.5 million
  • GAAP gross margin of 32.8 percent
  • Non-GAAP gross margin of 33.2 percent
  • GAAP net income per fully diluted share of $0.03
  • Non-GAAP net income per fully diluted share of $0.12
  • Extended debt maturity of $99.9 million of 2.625% convertible senior subordinated notes from December 2013 to December 2016 via a notes exchange
  • Repurchased 4.1 million shares of common stock

ON Semiconductor Corporation (Nasdaq: ONNN) today announced that total revenues in the third quarter of 2012 were $725.5 million, down approximately three percent compared to the second quarter of 2012. During the third quarter of 2012, the company reported GAAP net income of $12.5 million, or $0.03 per fully diluted share. The third quarter 2012 GAAP net income was impacted by $41.0 million of special items. The complete special item details can be found in the attached schedules.

Third quarter 2012 non-GAAP net income was $53.5 million, or $0.12 per share on a fully diluted basis, compared to $65.0 million, or $0.14 per share on a fully diluted basis, for the second quarter of 2012. A reconciliation of these non-GAAP financial measures (and other non-GAAP measures used elsewhere in this release, such as non-GAAP gross margin and adjusted EBITDA) to the company's most directly comparable measures prepared in accordance with U.S. GAAP are set forth in the attached schedules and on our website at

On a mix-adjusted basis, average selling prices for ON Semiconductor in the third quarter of 2012 were down approximately two percent when compared to the second quarter of 2012. Total company GAAP gross margin in the third quarter was 32.8 percent. Non-GAAP gross margin in the third quarter was 33.2 percent.

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