ON Semiconductor 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, The loss included a special item of $557.4 million arises from an annual goodwill impairment testing.

Total revenues for 2008 were $2.055 billion, an increase of 31 percent from $1.566 billion in 2007. During 2008, the company reported a GAAP net loss of $393.0 million. The 2008 GAAP net loss included net charges of $734.0 million from special items, with the largest special item an estimated $557.4 million goodwill impairment.

The company announced that is has decided to close its remaining Phoenix wafer-fab facility by the end of the first quarter 2010 and transfer production to another site within the manufacturing infrastructure. The 6-inch wafer facility in Phoenix has been producing electronic components since the 1960’s. The closure is expected to result in total cash charges of approximately $8 million to $10 million beginning in the first quarter of 2009. On Semi expects to eliminate approximately 350 jobs at this fab between now and early 2010. As a result of these actions, the company expects to save a total of approximately $9 million per quarter compared to the third quarter of 2008, with the full benefits seen in the second quarter of 2010.