Atmel Corporation announced that it has entered a Stipulation and Agreement of Compromise, Settlement and Release to settle previously disclosed litigation regarding Atmel's response to a subsequently-withdrawn acquisition proposal by Microchip Technology Inc. and ON Semiconductor Corp., including Atmel's adoption of an amendment to its Amended and Restated Preferred Shares Rights Agreement, dated as of October 18, 1999. The terms of the Stipulation are based on the terms of an agreement-in-principle set forth in a Memorandum of Understanding dated as of September 14, 2009. The Stipulation provides, on behalf of a non-opt out class consisting of all record holders and beneficial owners of Atmel common stock at any time during the period from October 2, 2008 through and including November 6, 2009, for the full settlement and release of all claims by or against Atmel and all of the defendants related to the allegations and/or matters set forth in three stockholder class actions consolidated under the caption In re Atmel Corporation Shareholders Litigation filed in the Court of Chancery of the State of Delaware, and a class and derivative action captioned Zucker v. Laub, et. al. filed in the Superior Court of the State of California. The suit pending before the Court alleged, among other things, that the definition of 'Beneficial Ownership' and 'Derivatives Contract' in the Rights Agreement were vague and unenforceable under Delaware law. The settlement set forth in the Stipulation is subject to and conditioned upon obtaining final approval by the Court.

ON Semiconductor Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended October 2, 2009. For the quarter, the company reported that total revenues were $472.9 million compared to $581.5 million reported a year ago. The company reported GAAP net income attributable to the company of $29.9 million or $0.07 per fully diluted share compared to $50.6 million or $0.13 per diluted share for the same period a year ago. The company reported operating income of $49.7 million and income before income taxes of $32.5 million compared to operating income of $73.6 million and income before income taxes of $55.5 million for the same period a year ago. Adjusted EBITDA was $110.2 million compared to $140.9 million reported a year ago. Non-GAAP net income was $70.9 million or $0.16 per share on a fully diluted basis compared to $100.4 million or $0.25 per diluted share for the same period a year ago. Net cash provided by operating activities was $87.6 million compared to $133.8 million reported a year ago. For the nine months, the company reported operating income of $58.8 million and income before income taxes of $3.0 million and net loss attributable to the company of $7.0 million or $0.02 per fully diluted share on net revenues of $1,271.8 million compared to operating income of $137.8 million and income before income taxes of $83.7 million and net loss attributable to the company of $95.8 million or $0.26 per fully diluted share on net revenues of $1,566.1 million for the same period a year ago. Adjusted EBITDA was $246.4 million compared to $371.8 million reported a year ago. Non-GAAP net income was $123.3 million or $0.29 per share on a fully diluted basis compared to $260.9 million or $0.70 per diluted share for the same period a year ago. Net cash provided by operating activities was $174.6 million compared to $312.6 million reported a year ago. The company reported non-cash impairment charges of $5.4 million for the quarter and $5.6 million for the nine months of 2009. The company reported non-cash impairment charges of $12.0 million for the nine months of 2008. Based upon product booking trends, backlog levels and estimated turns levels, the company anticipates that total revenues will be approximately $480 million to $495 million in the fourth quarter of 2009.

ON Semiconductor Corp. reported capital expenditures results for the third quarter of 2009. For the quarter, the company reported cash capital expenditures of approximately $9 million. The company provided capital expenditures guidance for the fourth quarter and full year of 2009. For the quarter, the company expects cash capital expenditures of approximately $25 million. For the full year 2009, the company expects capital expenditures for 2009 of approximately $75 million. The increase from previous expectations is due to initial construction costs in the Philippines which will enable the consolidation of assembly and test operations in that country.