Exhibit 99.1

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Anne Spitza    Ken Rizvi
Corporate Communications    Corporate Development, Treasury & Investor Relations
ON Semiconductor    ON Semiconductor
(602) 244-6398    (602) 244-3437
anne.spitza@onsemi.com    ken.rizvi@onsemi.com

ON Semiconductor Reports Fourth Quarter and 2008 Annual Results

and Announces Additional Wafer-Fab Closure

For the fourth quarter of 2008, highlights include:

 

   

Total revenues of $488.7 million

 

   

Adjusted EBITDA of $102.9 million

 

   

GAAP net loss of $1.27 per share, including goodwill impairment of $1.36 per share

 

   

Non-GAAP net income of $0.15 per fully diluted share

 

   

Record cash and cash equivalents of $458.7 million

 

   

Acquired Catalyst Semiconductor in an all-stock transaction

 

   

Repurchased $60.9 million of zero coupon convertible senior subordinated notes

For 2008, highlights include:

 

   

Total revenues of approximately $2.055 billion

 

   

Record fiscal year adjusted EBITDA of $474.7 million

 

   

GAAP net loss of $1.04 per share, including goodwill impairment of $1.46 per share

 

   

Non-GAAP net income of $0.89 per fully diluted share

PHOENIX, Ariz. – Feb. 4, 2009 –

ON Semiconductor Corporation (NASDAQ: ONNN) today announced that total revenues in the fourth quarter of 2008 were $488.7 million, a decrease of approximately 16 percent from the third quarter of 2008. During the fourth quarter of 2008, the company reported a GAAP net loss of $519.6 million, or $1.27 per share. The fourth quarter 2008 GAAP net loss included net charges of $581.6 million, or $1.42 per share, from special items. The largest special item of $557.4 million arises from our annual goodwill impairment testing and is an estimate. The goodwill impairment is a non-cash charge. The company expects to report final results for the quarter and year end upon completion of the impairment analysis and the filing of its Form 10-K with the SEC for the fiscal year ended December 31, 2008. The special item details can be found in the attached schedules. During the third quarter of 2008, the company reported GAAP net income of $61.2 million, or $0.15 per share on a fully diluted basis.

Fourth quarter 2008 non-GAAP net income was $62.0 million, or $0.15 per share on a fully diluted basis. Third quarter 2008 non-GAAP net income was $100.4 million, or $0.25 per share on a fully diluted basis. A reconciliation of these non-GAAP financial measures (and other non-GAAP measures used elsewhere in this release, such as non-GAAP gross margin and adjusted EBITDA) to the company’s most directly comparable

 

- m o r e -


The following information was filed by On Semiconductor Corp (FCS) on Wednesday, February 4, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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