Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Third Quarter of 2017 Ended March 31, 2017

SUNNYVALE, Calif., May 03, 2017 (GLOBE NEWSWIRE) -- Alpha and Omega Semiconductor Limited (“AOS”) (NASDAQ:AOSL), today reported financial results for the fiscal third quarter of 2017 ended March 31, 2017.

The results for the fiscal third quarter of 2017 ended March 31, 2017 were as follows:

GAAP Financial Comparison
Quarterly
(in millions, except percentage and per share data)
(unaudited)
  Three Months Ended
  March 31,
 2017
 December 31,
 2016
 March 31,
 2016
Revenue $93.3  $94.7  $83.0 
Gross Margin 24.3% 23.3% 19.7%
Operating Income (Loss) $3.0  $2.8  $(0.2)
Net Income (Loss) attributable to AOS $3.6  $2.8  $(1.3)
Income (Loss) Per Share attributable to AOS - Diluted $0.14  $0.11  $(0.06)

On a non-GAAP basis excluding the effect of share-based compensation expenses in each of the periods presented, the results were as set forth below (see detailed reconciliation included at the end of this press release).

Non-GAAP Financial Comparison
Quarterly
(in millions, except percentage and per share data)
(unaudited)
       
  Three Months Ended
  March 31,
2017
 December 31,
2016
 March 31,
2016
Revenue $93.3  $94.7  $83.0 
Gross Margin 24.6% 23.6% 19.9%
Operating Income $4.7  $4.4  $1.0 
Net Income (Loss) attributable to AOS $5.3  $4.4  $(0.1)
Income (Loss) Per Share attributable to AOS - Diluted $0.21  $0.18  $ 

Commenting on the March quarterly results, Dr. Mike Chang, the chairman and CEO of the company, stated, “Our new product momentum continued to contribute to the revenue and gross margin growth.  AOS reported $93.3 million in revenue, close to the high-end of our guidance range, representing an increase of 12.4% from the revenue in the same quarter a year ago. We also posted the eighth consecutive quarter of gradual gross margin expansion and delivered $0.21 non-GAAP earnings per share despite the fact that the March quarter is seasonally our lowest quarter.  This, once again, demonstrates the strength of AOS recovery strategy that is now translating into a sustained improvement of our financial performance.  We are also taking proactive and deliberate steps to gradually alleviate capacity constraints, and we expect to see higher production output starting in the September quarter.  The entire team at AOS continues to keenly focus on developing differentiated technologies and introducing market driven new products, which we believe will further propel our business growth and profitability.”

Business Outlook for Fiscal Q4 Ending June 30, 2017

The following statements are based on management's current expectations. These statements are forward-looking, and actual results may differ materially. AOS undertakes no obligation to update these statements.

  • Revenue is expected to be between $95 million and $99 million.

  • GAAP gross margin is expected to be 24.5% plus or minus 1%. 

  • GAAP operating expenses are expected to be in the range of $19.8 million plus or minus $1 million. 

  • Tax expense is expected to be approximately $1.0 million to $1.2 million. 

  • Loss attributable to noncontrolling interest is expected to be between $1.2 million and $1.3 million.

The above projections on GAAP gross margin and GAAP operating expenses include estimated share-based compensation expense of $1.6 million to $1.8 million.

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