ON Semiconductor Corp. (Phoenix, AZ) posted third-quarter 2002 results and announced that total revenues in the third quarter of 2002 were $272.0 million, a decrease of $6.0 million from the second quarter of 2002. The company reported a net loss of $20.0 million, or $0.13 per share, in the third quarter of 2002 as compared to a net loss of $32.0 million, or $0.19 per share, in the second quarter of 2002, which included $10.0 million, or $0.05 per share, of restructuring and other charges, and a net loss of $69.0 million, or $0.47 per share, in the comparable quarter one year ago, which included $13.0 million, or $0.07 per share, of a one-time charge.
Gross margin improved to 28.7 percent in the third quarter of 2002 from 27.4 percent in the second quarter of 2002 and from 13.1 percent in the third quarter of 2001. The margin expansion is in part a result of the company's new products, cost restructuring and a more balanced utilization of company assets. New products introduced over the last three years represented 23 percent of revenues in the third quarter versus 18 percent in the second quarter. Cash and cash equivalents increased to $180.0 million in the third quarter of 2002, up $12.0 million from the previous quarter.
