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Industry News
February 8, 2013
ON Semi Reports Fourth Quarter and 2012 Annual Results
ON Semiconductor Corporation had total revenues of $680.2 million in the fourth-quarter of 2012, down approximately six percent compared to the third quarter of 2012. During the fourth quarter of 2012, the company reported a GAAP net loss of $138.2 million, or $0.31 per share. The fourth quarter 2012 GAAP net loss was impacted by $175.2 million of special items, including $150.4 million of estimated non-cash asset impairment charges, which are largely attributed to the SANYO Semiconductor Products Group. The remaining non-cash charges and special items detail can be found in the attached schedules. The company will report final results for the fourth quarter and full year upon completion of the impairment analysis and the filing of its Form 10-K with the SEC for the fiscal year ended December 31, 2012.
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Fourth quarter 2012 non-GAAP net income was $37.0 million, or $0.08 per diluted share, compared to $53.5 million, or $0.12 per diluted share, for the third quarter of 2012. A reconciliation of these non-GAAP financial measures (and other non-GAAP measures used elsewhere in this release, such as non-GAAP gross margin and adjusted EBITDA) to the company's most directly comparable measures prepared in accordance with U.S. GAAP are set forth in the attached schedules and on our website at http://www.onsemi.com.
On a mix-adjusted basis, average selling prices for ON Semiconductor in the fourth quarter of 2012 were down approximately one to two percent when compared to the third quarter of 2012. Total company GAAP gross margin in the fourth quarter was 30.9 percent. Non-GAAP gross margin in the fourth quarter was 31.0 percent. Adjusted EBITDA for the fourth quarter of 2012 was $96.3 million. Adjusted EBITDA for the third quarter of 2012 was $115.7 million.
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Total revenues for 2012 were $2,894.9 million, a decrease of approximately 16 percent from $3,442.3 million in 2011. During 2012, the company reported a GAAP net loss of $90.6 million, or $0.20 per share. The 2012 GAAP net loss included charges of $303.6 million from special items, including $152.5 million of estimated non-cash asset impairment charges, which are largely attributed to the SANYO Semiconductor Products Group.
The remaining non-cash charges and special items detail can be found in the attached schedules. The company will report final results for the fourth quarter and full year upon completion of the impairment analysis and the filing of its Form 10-K with the SEC for the fiscal year ended December 31, 2012. During 2011, the company reported GAAP net income of $11.6 million, or $0.03 per diluted share. The 2011 GAAP net income included net charges of $383.5 million from special items, the details of which can be found in the attached schedules. The non-GAAP net income for 2012 was $213.0 million, or $0.47 per diluted share. The non-GAAP net income for 2011 was $395.1 million, or $0.86 per diluted share.
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The company's GAAP gross margin in 2012 was 32.9 percent. GAAP gross margin in 2012 included a net charge of approximately $11.1 million, or approximately 40 basis points, from special items. Non-GAAP gross margin in 2012 was 33.3 percent. The company's GAAP gross margin in 2011 was 29.3 percent. GAAP gross margin in 2011 included a net charge of approximately $190.8 million, or approximately 550 basis points, from special items. Non-GAAP gross margin in 2011 was 34.8 percent. The special item details can be found in the attached schedules.
"This past year marked one of the most protracted down cycles for the semiconductor industry and the company since ON Semiconductor's inception in 1999," said Keith Jackson, president and CEO of ON Semiconductor. "The weak demand environment throughout 2012 proved to be challenging - especially following a year in which both ON Semiconductor and our SANYO Semiconductor Products Group were negatively impacted by two catastrophic natural disasters and the strengthening of the Yen. In response, we took several strategic actions to reduce our cost structure. In 2013, we will continue to take additional actions at our SANYO Semiconductor Products Group to reduce the break-even level and return this operating segment to profitability.
"As we look forward into 2013, we continue to see improvement in our bookings trends. Our new product and technology offerings are gaining traction with our customers and we achieved significant design wins for the company in 2012, especially in automotive and handset applications. This improvement, along with increasingly lean inventory levels at our customers and distributors, leads us to believe that we are seeing the bottoming of the down cycle. We believe we are positioned well to take advantage of the next up cycle."
"Based upon product booking trends, backlog levels, and estimated turns levels, we anticipate that total ON Semiconductor revenues will be approximately $645 to $685 million in the first quarter of 2013," Jackson said. "Backlog levels for the first quarter of 2013 represent approximately 80 to 85 percent of our anticipated first quarter 2013 revenues. We expect that average selling prices for the first quarter of 2013 will be down approximately two percent when compared to the fourth quarter of 2012. The non-GAAP outlook for the first quarter of 2013 includes stock-based compensation expense of approximately $6 to $8 million."
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