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ON Semiconductor Reports Fourth Quarter And 2012 Annual Results

Stocks in this article: ONNN

ON Semiconductor Corporation (Nasdaq: ONNN) today announced that total revenues in the fourth quarter of 2012 were $680.2 million, down approximately six percent compared to the third quarter of 2012. During the fourth quarter of 2012, the company reported a GAAP net loss of $138.2 million, or $0.31 per share. The fourth quarter 2012 GAAP net loss was impacted by $175.2 million of special items, including $150.4 million of estimated non-cash asset impairment charges, which are largely attributed to the SANYO Semiconductor Products Group. The remaining non-cash charges and special items detail can be found in the attached schedules. The company will report final results for the fourth quarter and full year upon completion of the impairment analysis and the filing of its Form 10-K with the SEC for the fiscal year ended December 31, 2012.

Fourth quarter 2012 non-GAAP net income was $37.0 million, or $0.08 per diluted share, compared to $53.5 million, or $0.12 per diluted share, for the third 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 http://www.onsemi.com.

On a mix-adjusted basis, average selling prices for ON Semiconductor in the fourth quarter of 2012 were down approximately one to two percent when compared to the third quarter of 2012. Total company GAAP gross margin in the fourth quarter was 30.9 percent. Non-GAAP gross margin in the fourth quarter was 31.0 percent.

Adjusted EBITDA for the fourth quarter of 2012 was $96.3 million. Adjusted EBITDA for the third quarter of 2012 was $115.7 million.

Total revenues for 2012 were $2,894.9 million, a decrease of approximately 16 percent from $3,442.3 million in 2011. During 2012, the company reported a GAAP net loss of $90.6 million, or $0.20 per share. The 2012 GAAP net loss included charges of $303.6 million from special items, including $152.5 million of estimated non-cash asset impairment charges, which are largely attributed to the SANYO Semiconductor Products Group. The remaining non-cash charges and special items detail can be found in the attached schedules. The company will report final results for the fourth quarter and full year upon completion of the impairment analysis and the filing of its Form 10-K with the SEC for the fiscal year ended December 31, 2012. During 2011, the company reported GAAP net income of $11.6 million, or $0.03 per diluted share. The 2011 GAAP net income included net charges of $383.5 million from special items, the details of which can be found in the attached schedules.

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