ON Semiconductor Reports Third-Quarter 2001 ResultsOctober 29, 2001 by Jeff Shepard
ON Semiconductor Corp. (Phoenix, AZ) announced that total product revenues in the third quarter of 2001 were $275.4 million, a decrease of 10 percent from the second quarter of 2001, and a decrease of 47 percent compared to the third quarter of 2000.
Excluding amortization of intangibles and non-recurring charges, the company had a net loss of $63.3 million, or $0.37 per diluted share, in the third quarter of 2001 compared to net income of $30.2 million, or $0.17 per diluted share, in the third quarter of 2000. The third quarter of 2001 results were in line with first call consensus estimates.
Including amortization of intangibles and non-recurring charges, the company reported a net loss of $68.9 million, or $0.47 per diluted share, in the third quarter of 2001 compared to net income of $26.9 million, or $0.15 per diluted share, in the third quarter of 2000.
"Our focus in power management has driven steady overall market share growth from the three-month periods ending March to August of 2001 with our share in power management growing from 4.1 to 5.0 percent during this period," said Steve Hanson, ON Semiconductor president and CEO. "During this quarter, orders were sequentially up across all product families and the book-to-bill ratio was greater than one for the first time in more than a year. The continued acceleration of our cost restructure activities allowed us to exceed our cost-reduction targets in the quarter while increasing our rate of design wins and new product revenue to record levels.”