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Components | February 13, 2012

ON Semi reports 4Q revenue of USD 767.9 million

ON Semiconductor announced that total revenues in the fourth quarter of 2011 were $767.9 million, a decrease of approximately 14% from the third quarter of 2011.
During the fourth quarter of 2011, as previously indicated, the company was negatively impacted from the flood in Thailand. During the fourth quarter of 2011, the company reported a GAAP net loss of $8.8 million, or $0.02 per fully diluted share. The fourth quarter 2011 GAAP net loss was impacted by $67.2 million of special items which include restructuring, asset impairment and other charges, which were primarily related to the Thailand flood and charges associated with the convertible notes exchange. The complete special item details can be found in the attached schedules.

Fourth quarter 2011 non-GAAP net income was $58.4 million, or $0.13 per share on a fully diluted basis. Third quarter 2011 non-GAAP net income was $110.5 million, or $0.24 per share on a fully diluted basis.

On a mix-adjusted basis, average selling prices for ON Semiconductor in the fourth quarter of 2011 were down approximately two to three percent when compared to the third quarter of 2011. Total company GAAP gross margin in the fourth quarter was 31.1 percent. Total company GAAP gross margin in the fourth quarter included a net charge of approximately $13.3 million, or approximately 180 basis points, from special items including the Thailand related inventory write down. Total company non-GAAP gross margin in the fourth quarter was 32.9 percent.

Adjusted EBITDA for the fourth quarter of 2011 was $122.0 million. Adjusted EBITDA for the third quarter of 2011 was $169.9 million.

Total revenues for 2011 were a record $3.442 billion, an increase of approximately 49 percent from $2.313 billion in 2010. During 2011, the company reported GAAP net income of $11.6 million, or $0.03 per fully diluted share. The 2011 GAAP net income included net charges of $383.5 million from special items.

During 2010, the company reported GAAP net income of $290.5 million, or $0.65 per fully diluted share. The 2010 GAAP net income included net charges of $105.3 million from special items. The special item details can be found in the attached schedules.
The non-GAAP net income for 2011 was $395.1 million, or $0.86 per share on a fully diluted basis. The non-GAAP net income for 2010 was $395.8 million, or $0.89 per share on a fully diluted basis.

The company’s GAAP gross margin in 2011 was 29.3 percent. GAAP gross margin in 2011 included a net charge of approximately $190.8 million, or approximately 550 basis points, from special items. Non-GAAP gross margin in 2011 was 34.8 percent. The company’s GAAP gross margin in 2010 was 41.3 percent. GAAP gross margin in 2010 included a net charge of approximately $10.4 million, or approximately 50 basis points, from special items. Non-GAAP gross margin in 2010 was 41.8 percent. The special item details can be found in the attached schedules.

“2011 was a transformational year for the company,” said Keith Jackson, ON Semiconductor president and CEO. “During the year we completed the acquisitions of SANYO Semiconductor and the CMOS Image Sensor Business Unit. We achieved record annual revenues and adjusted EBITDA in 2011 and ended the year with our highest cash, cash equivalents and short term-investments in our history at over $900 million. After a challenging second half of 2011 for the industry and ON Semiconductor, we believe that the first quarter of 2012 represents the bottom of the current semiconductor cycle.”

FIRST QUARTER 2012 OUTLOOK

“During the fourth quarter, the company faced significant challenges related to the flood in Thailand and the resulting damage to our SANYO Semiconductor manufacturing facilities located in that country,” Jackson said. “Our SANYO Semiconductor segment revenue in the first quarter of 2012 will continue to be negatively impacted by lower production capacity as a result of the Thailand flood. We are, however, expecting SANYO Semiconductor revenues to be approximately flat compared to the fourth quarter of 2011 as orders that were fulfilled out of finished goods inventory in the fourth quarter of 2011 will begin to be fulfilled from production capacity at other locations within our global internal and external manufacturing network in the first quarter of 2012. We also believe that the historical ON Semiconductor business will be seasonally down in the first quarter of 2012.”

“Based upon product booking trends, backlog levels and estimated turns levels, we anticipate that total ON Semiconductor revenues will be approximately $720 to $760 million in the first quarter of 2012,” Jackson said. “Backlog levels for the first quarter of 2012 represent approximately 80 to 85 percent of our anticipated first quarter 2012 revenues. We expect that average selling prices for the first quarter of 2012 will be down approximately two to three percent when compared to the fourth quarter of 2011. The non-GAAP outlook for the first quarter of 2012 includes stock-based compensation expense of approximately $8 to $10 million.”

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