ON Semiconductor Reports Second Quarter 2015 Results

 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS

(in millions, except per share data)

 
      Quarter Ended   Six Months Ended
July 3, 2015   April 3, 2015   June 27, 2014 (1) July 3, 2015   June 27, 2014 (1)
Revenues $ 880.5 $ 870.8 $ 757.6 $ 1,751.3 $ 1,464.1
Cost of revenues (exclusive of amortization shown below) 576.1   570.4   479.5   1,146.5   937.8  
Gross profit 304.4 300.4 278.1 604.8 526.3
Gross margin 34.6 % 34.5 % 36.7 % 34.5 % 35.9 %
Operating expenses:
Research and development 100.4 100.4 84.2 200.8 162.3
Selling and marketing 50.4 53.3 47.9 103.7 92.3
General and administrative 45.0 46.7 44.7 91.7 85.7
Amortization of acquisition-related intangible assets 33.6 33.9 10.4 67.5 18.6
Restructuring, asset impairments and other, net 3.5 (2.3 ) 4.1 1.2 9.9
Goodwill and intangible asset impairment 3.7       3.7    

Total operating expenses

236.6   232.0   191.3   468.6   368.8  
Operating income 67.8   68.4   86.8   136.2   157.5  
Other income (expense), net:
Interest expense (10.7 ) (9.2 ) (7.9 ) (19.9 ) (16.0 )
Interest income 0.3 0.3 0.2 0.6 0.4
Other 2.1 3.7 (0.2 ) 5.8 (0.9 )
Loss on debt extinguishment (0.4 )     (0.4 )  
Other income (expense), net (8.7 ) (5.2 ) (7.9 ) (13.9 ) (16.5 )
Income before income taxes 59.1 63.2 78.9 122.3 141.0
Income tax provision (benefit) (7.7 ) (7.4 ) 16.2   (15.1 ) 10.0  
Net income 51.4 55.8 95.1 107.2 151.0
Less: Net income attributable to non-controlling interest (0.7 ) (0.7 ) (1.0 ) (1.4 ) (1.2 )
Net income (loss) attributable to ON Semiconductor Corporation $ 50.7   $ 55.1   $ 94.1   $ 105.8   $ 149.8  
Net income per common share attributable to ON Semiconductor Corporation:
Basic $ 0.12   $ 0.13   $ 0.21   $ 0.25   $ 0.34  
Diluted $ 0.12   $ 0.13   $ 0.21   $ 0.24   $ 0.34  
Weighted average common shares outstanding:
Basic 426.9   431.4   441.1   429.2   440.7  
Diluted 436.3   439.9   444.5   438.2   444.5  

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