PHOENIX--On Semiconductor Corp. said that total revenues in the first quarter of 2004 were $308.2 million, compared to $278.6 million in the previous quarter and $269.5 million in the like period a year ago.
During the first quarter of 2004, the company reported a net loss of $47.6 million, or $0.23 per share. The quarter included restructuring, asset impairments and other charges of $13.1 million, or $0.06 per share, and a loss on debt prepayment of $33.0 million, or $0.14 per share.
On reported a loss of $42.4, or minus $0.21 a share, in the previous quarter, and a loss of $50.5 million, or minus $0.30 per share, a year ago.
"Our revenue and gross margin exceeded our expectations," said Keith Jackson, On's president and CEO, in a statement. "Revenue is the highest it has been since the second quarter of 2001 and gross margin is the highest since the fourth quarter of 2000, both clear indicators of the improving business environment for the company," he said.
"Based upon booking trends, backlog levels and estimated turns levels, we anticipate that total revenues will be up by 6 to 7 percent sequentially in the second quarter," Jackson said.