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EXHIBIT 99
[ON Semiconductor
Name & Logo]
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Everett Tackett Dan Martin
Director Public Relations Director Investor Relations
ON Semiconductor ON Semiconductor
(602) 244-4534 (602) 244-4905
[email protected] [email protected]
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ON SEMICONDUCTOR UPDATED FOURTH QUARTER EARNINGS ESTIMATES
Phoenix, Ariz. - (Dec. 12, 2000) - ON Semiconductor Corporation (Nasdaq: ONNN)
today announced that sales for the Company's fourth quarter ending December 31,
2000 are expected to be down 7% - 9% from the third quarter of 2000, with
earnings per share expected to be 10-12 cents excluding amortization of goodwill
and other intangibles. Prior expectations for the fourth quarter were flat
sequential revenues and earnings per share of 18 cents excluding amortization of
goodwill and other intangibles. In the third quarter of fiscal 2000, the Company
reported total revenues of $543 million and net income of about $30 million, or
17 cents per share.
Commenting on the near-term outlook, Steve Hanson, president and CEO of ON
Semiconductor stated "Overall demand has softened in recent weeks and customers
have delayed or cancelled existing orders to manage their inventories in line
with their incoming business. Consequently, turns for the quarter have been
lower than normal. We are experiencing the same softness in the computing,
communications and consumer markets that has been observed by most of our
competitors and customers."
Looking further out, the Company expects revenues for the first quarter of 2001
to be down 5%-7% from estimated revenues for the fourth quarter of 2000. Hanson
added, "We expect the softness to continue throughout the first quarter of next
year at which time our customers' inventory levels should correct and business
should strengthen throughout the remainder of fiscal '01. We are addressing this
short-term environment with appropriate cost controls while continuing to invest
in the growth of new products focused on broadband and power management."
About ON Semiconductor
ON Semiconductor designs and manufactures analog power management and broadband
integrated circuits. The Company plans to introduce over 400 new products in
2000, anticipating the need for faster data flow for computing on the Internet
and more efficient use of power in wireless, consumer, computing and automotive
markets. ON Semiconductor serves its customers through a global supply chain of
factories located in Arizona (headquarters), Rhode Island, China, Czech
Republic, Slovakia, Japan, Malaysia, Mexico, and the Philippines as well as
through a global network of distributors and contract manufacturers. For more
information, visit ON Semiconductor's Web site at http://www.onsemi.com
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ON Semiconductor and the ON Semiconductor logo are trademarks of Semiconductor
Components Industries, LLC. All other brand and product names appearing in this
document are registered trademarks or trademarks of their respective holders.
This press release includes "forward-looking statements" as that term is defined
in the Private Litigation Reform Act of 1995. Forward-looking statements are
often characterized by the use of words such as "believes," "expects,"
"estimates," "projects," "may," "will," "intends," "plans," or "anticipates," or
by discussions of strategy, plans or intentions. All forward-looking statements
in this press release are made based on management's current expectations and
estimates, which involve risks, uncertainties and other factors that could cause
results to differ materially from those expressed in forward-looking statements.
Among these factors are changes in overall economic conditions, the cyclical
nature of the semiconductor industry, changes in demand for our products,
changes in inventories at our customers and distributors, technological and
product development risks, availability of manufacturing capacity, availability
of raw materials, competitors' actions relating to products and pricing, loss of
key customers, order cancellations or reduced bookings, changes in manufacturing
yields, control of costs and expenses, risks associated with acquisitions,
changes in management and risks involving environmental or other governmental
regulation. Additional factors that could affect the company's future operating
results are described under "Risk Factors" in the Registration Statement on Form
S-1 and the Prospectus dated April 27, 2000 relating to our initial public
offering, and other factors as listed from time to time in our SEC filings.
Readers are cautioned not to place undue reliance on forward-looking statements.
We assume no obligation to update such information.
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