ON Semiconductor Corp. announced that total revenues in the second quarter of 2008 were a record $562.7 million, an increase of approximately 33% from the first quarter of 2008.
During the second quarter of 2008, the company reported GAAP net income of $44.6 million, or $0.11 per share on a fully diluted basis. Second quarter 2008 GAAP net income included a net charge of $50.5 million, or $0.12 per share on a fully diluted basis, from special items. During the first quarter of 2008, the company reported GAAP net income of $20.8 million, or $0.07 per share on a fully diluted basis.
Second quarter 2008 non-GAAP net income was $95.1 million, or $0.23 per share on a fully diluted basis. First quarter 2008 non-GAAP net income was $65.4 million, or $0.21 per share on a fully diluted basis.
On a mix-adjusted basis, average selling prices in the second quarter of 2008 were down approximately 2% from the first quarter of 2008. The company’s gross margin in the second quarter was 34.1%. Non-GAAP gross margin in the second quarter was 41.4%. GAAP gross margin in the second quarter included a net charge of approximately $41.1 million, or 730 basis points from special items. Adjusted EBITDA for the second quarter of 2008 was a record $133.7 million. Adjusted EBITDA for the first quarter of 2008 was $97.2 million.
"I am pleased to announce that the company reported both record revenues and adjusted EBITDA in the second quarter of 2008," said Keith Jackson, ON Semiconductor President and CEO. "The integration of both AMIS Holdings, Inc. and the CPU Voltage and Thermal Products Group from Analog Devices are moving ahead positively and continue to position ON Semiconductor as a leader in the analog and power management sector. The definitive agreement to acquire Catalyst Semiconductor, which we announced on July 17, is expected to close in the fourth quarter of 2008. All of our recently closed and announced acquisitions continue to strengthen our relationships and industry position with market making customers. By leveraging ON Semiconductor’s world-class operational capabilities and supply chain, we believe these acquisitions will help enable ON Semiconductor to continue delivering improved value to our shareholders, customers and employees."
