ON Semi Reports Second-Quarter 2003 Results
ON Semiconductor Corp. (Phoenix, AZ) announced that total revenues in the second quarter of 2003 were $256 million, a decline of 5% from the previous quarter. As a result of cost-cutting measures, the company's gross margin increased by 100 basis points to 28.6% from 27.6% in the first quarter of 2003. During the second quarter of 2003, the company reported a net loss of $58 million, or $0.34 per share, that included $35 million, or $0.20 per share, of restructuring and other charges.
The company reported a revised net loss of $51 million, or $0.30 per share, for the first quarter of 2003 that included a $22 million, or $0.12 per share, charge relating to a change, made in the second quarter, but effective as of January, 1, 2003, in the company's method of accounting for actuarial gains and losses relating to its defined benefit pension obligations. The net loss for the first quarter of 2003 also included a $3.5 million, or $0.02 per share, loss on debt prepayment.
EBITDA for the second quarter of 2003 was $20 million and included $35 million of restructuring and other charges. Revised EBITDA for the first quarter of 2003 was $26 million and included the $22 million charge relating to a change in the company's method of accounting as well as the $3.5 million loss on debt prepayment.