ON Semiconductor Reports First Quarter 2014 Results

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
(in millions, except per share data)

  Quarter Ended

March 28, 2014

  December 31, 2013   March 29, 2013
Revenues $ 706.5 $ 718.0 $ 661.0
Cost of revenues 455.7   465.1   456.5  
Gross profit 250.8 252.9 204.5
Gross margin 35.5 % 35.2 % 30.9 %
Operating expenses:
Research and development 78.1 78.7 88.4
Selling and marketing 44.4 43.9 39.8
General and administrative 41.0 37.6 36.2
Amortization of acquisition-related intangible assets 8.2 8.3 8.4
Restructuring, asset impairments and other, net 5.8   22.1   (6.0 )
Total operating expenses 177.5   190.6   166.8  
Operating income 73.3   62.3   37.7  
Other income (expense), net:
Interest expense (8.1 ) (10.0 ) (10.1 )
Interest income 0.2 0.3 0.3
Other (0.6 ) (0.5 ) 0.9
Loss on debt exchange     (3.1 )
Other income (expense), net (8.5 ) (10.2 ) (12.0 )
Income before income taxes 64.8 52.1 25.7
Income tax provision (6.2 ) (22.9 ) (2.4 )
Net income 58.6 29.2 23.3
Less: Net income attributable to non-controlling interest (0.2 ) (0.5 ) (0.7 )
Net income attributable to ON Semiconductor Corporation $ 58.4   $ 28.7   $ 22.6  
Net income per common share attributable to ON Semiconductor Corporation:
Basic $ 0.13   $ 0.06   $ 0.05  
Diluted $ 0.13   $ 0.06   $ 0.05  
Weighted average common shares outstanding:
Basic 440.4   442.5   449.5  
Diluted 444.5   445.2   452.5  
 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEET
(in millions)

     
March 28, 2014 December 31, 2013 March 29, 2013
Assets
Cash and cash equivalents $ 562.0 $ 509.5 $ 537.0
Short-term investments 55.0 116.2 77.3
Receivables, net 417.1 383.4 367.2
Inventories 613.9 611.8 561.4
Other current assets 89.3   89.3   74.6  
Total current assets 1,737.3 1,710.2 1,617.5
Property, plant and equipment, net 1,081.4 1,074.2 1,094.2
Goodwill 184.6 184.6 184.6
Intangible assets, net 215.3 223.4 248.5
Other assets 68.1   64.6   87.9  
Total assets $ 3,286.7   $ 3,257.0   $ 3,232.7  
Liabilities, Non-Controlling Interest and Stockholders’ Equity
Accounts payable $ 276.7 $ 276.8 $ 263.0
Accrued expenses 222.1 220.3 234.4
Deferred income on sales to distributors 151.7 140.5 133.8
Current portion of long-term debt 173.7   181.6   242.8  
Total current liabilities 824.2 819.2 874.0
Long-term debt 746.5 760.6 706.8
Other long-term liabilities 176.1   190.4   238.0  
Total liabilities 1,746.8   1,770.2   1,818.8  
ON Semiconductor Corporation stockholders’ equity:
Common stock 5.2 5.2 5.1
Additional paid-in capital 3,228.9 3,210.8 3,167.8
Accumulated other comprehensive loss (46.4 ) (47.4 ) (50.4 )
Accumulated deficit (1,083.7 ) (1,142.1 ) (1,270.3 )
Less: treasury stock, at cost (597.1 ) (572.5 ) (468.6 )
Total ON Semiconductor Corporation stockholders’ equity 1,506.9 1,454.0 1,383.6
Non-controlling interest in consolidated subsidiary 33.0   32.8   30.3  
Total stockholders' equity 1,539.9   1,486.8   1,413.9  
Total liabilities and equity $ 3,286.7   $ 3,257.0   $ 3,232.7  
 

ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA* AND
NET CASH PROVIDED BY OPERATING ACTIVITIES
(in millions)

  Quarter Ended
March 28, 2014   December 31, 2013   March 29, 2013
Net income $ 58.6 $ 29.2 $ 23.3
Adjusted for:
Restructuring, asset impairments and other, net 5.8 22.1 (6.0 )
Interest expense 8.1 10.0 10.1
Interest income (0.2 ) (0.3 ) (0.3 )
Loss on debt exchange 3.1
Income tax provision 6.2 22.9 2.4
Net income attributable to non-controlling interest (0.2 ) (0.5 ) (0.7 )
Depreciation and amortization 52.4 55.3 51.3
Actuarial losses on pension plans and other pension benefits (7.4 ) 13.6
Third party acquisition related costs 0.3      
Adjusted EBITDA* 131.0 131.3 96.8
Increase (decrease):
Restructuring, asset impairments and other, net (5.8 ) (22.1 ) 6.0
Interest expense (8.1 ) (10.0 ) (10.1 )
Interest income 0.2 0.3 0.3
Income tax benefit (provision) (6.2 ) (22.9 ) (2.4 )
Net income attributable to non-controlling interest 0.2 0.5 0.7
Actuarial losses on pension plans and other pension benefits 7.4 (13.6 )
Third party acquisition related costs (0.3 )
(Gain) loss on sale or disposal of fixed assets (0.3 ) 0.8 (7.4 )
Amortization of debt issuance costs 0.3 0.4 0.3
Provision for excess inventories 6.8 6.2 15.9
Non-cash asset impairment charges 4.5
Non-cash share-based compensation expense 8.5 8.9 5.8
Non-cash interest 1.6 2.7 3.1
Non-cash foreign currency translation gain (21.0 )
Other 1.8 14.4 0.7
Changes in operating assets and liabilities (54.8 ) 4.6   10.1  
Net cash provided by operating activities $ 74.9   $ 127.0   $ 85.2  
 

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