20% order increase for ON Semi

During the first quarter of 2014, the company reported GAAP net income of USD 58.4 million. The first quarter 2014 GAAP net income was impacted by approximately USD 16.8 million of special items. The complete special items detail can be found in the attached schedules. Adjusted EBITDA for the first quarter of 2014 was USD 131.0 million. Adjusted EBITDA for the fourth quarter of 2013 was USD 131.3 million. “Our bookings momentum continued in the first quarter and our current bookings rate is at the highest level it has been during last two years," said Keith Jackson, President and CEO of ON Semiconductor. "Orders from the distribution channel increased by approximately 20 percent quarter-over-quarter and commentary from our customers has been increasingly positive. At the same time, improving operating performance and a richer product mix enabled us to deliver a strong expansion in our gross and operating margins in the first quarter.

• Total revenues of USD 706.5 million
• GAAP gross margin of 35.5 percent
• GAAP net income of USD 58.4 million.

"With our design win pipeline and a favorable global macro-economic environment, we should be able to sustain our current momentum in target growth areas of automobiles, smartphones and select segments of the industrial end-market. We remain confident that strong operating performance, coupled with our robust design win pipeline, should enable us to deliver strong results in 2014."