ON Semiconductor Reports First Quarter 2015 Results

 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

 
      Quarter Ended
April 3, 2015   December 31, 2014   March 28, 2014(1)
Revenues $ 870.8 $ 864.2 $ 706.5
Cost of revenues (exclusive of amortization shown below) 570.4   586.5   458.3  
Gross profit 300.4 277.7 248.2
Gross margin 34.5 % 32.1 % 35.1 %
Operating expenses:
Research and development 100.4 110.9 78.1
Selling and marketing 53.3 56.6 44.4
General and administrative 46.7 46.7 41.0
Amortization of acquisition-related intangible assets 33.9 28.8 8.2
Restructuring, asset impairments and other, net (2.3 ) 10.5 5.8
Goodwill and intangible asset impairment   9.6    
Total operating expenses 232.0   263.1   177.5  
Operating income 68.4   14.6   70.7  
Other income (expense), net:
Interest expense (9.2 ) (9.5 ) (8.1 )
Interest income 0.3 0.9 0.2
Other 3.7   (2.3 ) (0.7 )
Other income (expense), net (5.2 ) (10.9 ) (8.6 )
Income before income taxes 63.2 3.7 62.1
Income tax provision (7.4 ) (3.5 ) (6.2 )
Net income 55.8 0.2 55.9
Less: Net income attributable to non-controlling interest (0.7 ) (0.8 ) (0.2 )
Net income (loss) attributable to ON Semiconductor Corporation $ 55.1   $ (0.6 ) $ 55.7  
Net income per common share attributable to ON Semiconductor Corporation:
Basic $ 0.13   $   $ 0.13  
Diluted $ 0.13   $   $ 0.13  
Weighted average common shares outstanding:
Basic 431.4   435.9   440.4  
Diluted 439.9   435.9   444.5  

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