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ON Semiconductor Reports First Quarter 2013 Results [Health & Beauty Close - Up](Health & Beauty Close - Up Via Acquire Media NewsEdge) ON Semiconductor Corp. announced that total revenues in the first quarter of 2013 were $661.0 million, down approximately three percent compared to the fourth quarter of 2012. In a release on May 2, the company noted that during the first quarter of 2013, the company reported GAAP net income of $22.6 million, or $0.05 per diluted share. For the first quarter of 2013, highlights include: -Total revenues of $661.0 million -GAAP gross margin of 30.9 percent -Non-GAAP gross margin of 32.0 percent -GAAP net income per diluted share of $0.05 -Non-GAAP net income per diluted share of $0.10 -Retired $73.4 million of principal value of our 1.875 percent convertible senior subordinated notes -Exchanged $60 million of 2.625 percent convertible senior subordinated notes for $58.5 million of series B notes which extended first put date from December 2013 to December 2016 The first quarter 2013 GAAP net income was impacted by $22.1 million of special items. First quarter 2013 non-GAAP net income was $44.7 million, or $0.10 per diluted share, compared to $37.0 million, or $0.08 per diluted share, for the fourth quarter of 2012. On a mix-adjusted basis, average selling prices for ON Semiconductor in the first quarter of 2013 were down approximately two percent when compared to the fourth quarter of 2012. Total company GAAP gross margin in the first quarter was 30.9 percent. Non- GAAP gross margin in the first quarter was 32.0 percent. Adjusted EBITDA for the first quarter of 2013 was $96.8 million. Adjusted EBITDA for the fourth quarter of 2012 was $96.3 million. "We have seen steady improvement in order trends throughout the March quarter, and we expect this trend to continue," said Keith Jackson, president and CEO of ON Semiconductor. "Design win momentum remains strong, specifically in our wireless communication, automotive and white goods end markets. With our current design win activity, we are well positioned to benefit from an improving demand environment. "Revenue for our SANYO Semiconductor Products Group was negatively impacted by a weak Yen and soft business conditions for Japanese consumer electronics manufacturers. However, we believe that revenue for the SANYO Semiconductor group has bottomed in the March quarter and we should see improving trends going forward. We remain committed to achieving break-even on a non-GAAP net income basis for the SANYO Semiconductor group by this year's third quarter and have taken additional measures to reduce this break-even point to $170 million of revenue per quarter from $190 million." "Based upon product booking trends, backlog levels, and estimated turns levels, we anticipate that total ON Semiconductor revenues will be approximately $675 to $715 million in the second quarter of 2013," Jackson said. "Backlog levels for the second quarter of 2013 represent approximately 80 to 85 percent of our anticipated second quarter 2013 revenues. We expect that average selling prices for the second quarter of 2013 will be down approximately one to two percent when compared to the first quarter of 2013. The outlook for the second quarter of 2013 includes stock-based compensation expense of approximately $10 to $12 million." ON Semiconductor is focused on energy efficient electronics, empowering design engineers to reduce global energy use. More Information: http://www.onsemi.com ((Comments on this story may be sent to [email protected])) (c) 2013 ProQuest Information and Learning Company; All Rights Reserved. |