News

ON Semiconductor Reports First-Quarter 2003 Results

May 04, 2003 by Jeff Shepard

ON Semiconductor Corp. (Phoenix, AZ) announced that total revenue in the first quarter of 2003 were $267 million, an increase of approximately $1 million from the fourth quarter of 2002. The company reported a net loss of $31 million in the first quarter of 2003, as compared to a net loss of $40 million in the fourth quarter of 2002. The company's loss per share was $0.19 in the first quarter of 2003, compared to a loss per share of $0.24 in the fourth quarter of 2002.

The company's first-quarter results included a $3.5 million, or $0.02 per share, loss on debt prepayment stemming from the issuance of $200 million in first-lien notes to pay down bank debt. The company's fourth-quarter results included $17.5 million, or $0.10 per share, of restructuring and other charges. On a mix-adjusted basis, average selling prices in the first quarter of 2003 were down around 5% quarter-over-quarter. The price decline in the first quarter was slightly higher than previously anticipated.

EBITDA for the first quarter of 2003 was $41 million, as compared to EBITDA for the fourth quarter of 2002 of $30 million. EBITDA for the first quarter of 2003 included $3.5 million in loss-on-debt pre-payment, and EBITDA for the fourth quarter of 2002 included $17.5 million of restructuring and other charges.