ON Semiconductor Releases Third Quarter 2011 Results and Summary
Nov 3, 2011 Highlights for the Third Quarter of 2011 fr om ON Semiconductor:
-Total revenues of approximately $898.0 million
-Cash, cash equivalents, and short-term investments of $837.7 million
-Retired $53.0 million in principal of ON Semiconductor's 2.625% convertible senior subordinated notes
-Japan operations have fully recovered from the March earthquake and tsunami
ON Semiconductor has released its third quarter results for 2011 such as the total revenue, $898.0 million, which is a relative decrease of about 1% compared to the second quarter of 2011. The company also reports a GAAP net loss of $49.4 million for this third quarter, which is equivalent to $0.11 per fully diluted share. This net loss was affected by the $65.4 million worth of "restructuring, asset impairment and other charges which were primarily related to [their] announced closure of the Aizu, Japan factory," along with other special items.
Meanwhile, the third quarter 2011 non-GAAP net income was $110.5 million, or $0.24 per share on a fully diluted basis. The 2011 Second Quarter's non-GAAP net income was $107.7 million or $0.23 per share (on a fully diluted basis). For the reconciliation of these non-GAAP financial measures and others mentioned to the company's most directly comparable measures (as according to the U.S. GAAP), please follow the link http://www.onsemi.com/ to the website or the below link to reach the attached schedules in the press release.
Average selling prices for ON Semiconductor in the third quarter were down by about two percent on a mix-adjusted basis when compared to the second quarter. Overall, the total company GAAP gross margin for third quarter was 29.1 percent, also including a net charge of approximately $53.6 million, or 590 basis points, from special items. The total company non-GAAP gross margin in third quarter was 35.0 percent.
Keith Jackson, ON Semiconductor president and CEO reported third quarter was "another strong revenue quarter" wh ere the company also used "a portion of [its] extra cash to repurchase $53 million of [its] 2.625 percent convertible senior subordinated notes." Jackson also addressed the expectations for the fourth quarter, which are a "sequential decline in [their] revenue" from the effects of the flooding in Thailand and the "inventory correction in the global electronics supply chain" that has affected the entire semiconductor industry. in the long term, the company does expect to see growth.
"During 2011, the company has faced significant challenges resulting from two sizable natural disasters," Jackson said. Both the March earthquake and ensuing tsunami in Japan, as well as the recent flooding in Thailand have affected employees, their families, and operations. Fortunately, the Japan-based operations have been fully recovered. Although the Thailand facilities unattainable from severe flooding, the company has been developing alternatives "both within and outside [its] global ON Semiconductor manufacturing network." Jackson thanked the employees and manufacturing partners "who are working tirelessly to make this happen."
For the full third quarter report:
Author: Rebecca Milne
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