Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Third Quarter of 2016 Ended March 31, 2016

SUNNYVALE, Calif., May 04, 2016 (GLOBE NEWSWIRE) -- Alpha and Omega Semiconductor Limited (“AOS”) (NASDAQ:AOSL), today reported financial results for the fiscal third quarter of 2016 ended March 31, 2016.

The results for the fiscal third quarter of 2016 ended March 31, 2016 were as follows:

GAAP Financial Comparison
Quarterly
(in millions, except percentage and per share data)
(unaudited)
  Three Months Ended
  March 31, 2016 December 31, 2015 March 31, 2015
Revenue $83.0  $79.8  $76.9 
Gross Margin 19.7% 18.8% 16.6%
Operating Loss $  $(0.6) $(3.4)
Net Loss $(1.3) $(1.6) $(4.1)
Loss Per Share - Diluted $(0.06) $(0.07) $(0.16)


On a non-GAAP basis excluding the effect of share-based compensation expenses in each of the periods presented, impairment of long-lived assets in the quarter ended December 31, 2015, and joint venture related costs in the quarter ended March 31, 2016, 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, 2016 December 31, 2015 March 31, 2015
Revenue $83.0  $79.8  $76.9 
Gross Margin 19.9% 19.0% 16.8%
Operating Income (Loss) $1.3  $0.9  $(2.4)
Net Income (Loss) $0.1  $(0.1) $(3.2)
Income (Loss) Per Share - Diluted $  $  $(0.12)


“AOS delivered strong execution in the March quarter that typically marks the lowest season for us,” said Dr. Mike Chang, chairman and CEO of AOS.  “The revenue came in at the high end of our guidance range, and the gross margin and the bottom line exceeded the stated expectations. Our diversified product portfolio enabled us to deliver a sound performance amid challenges in the PC market, resulting in counter-seasonal growth.  We believe that the improved operating performance is evidence that our turnaround strategies are beginning to bear fruit.  We remain keenly focused on driving a more solid turnaround with full strength to achieve revenue growth and profitability.”

Business Outlook for Fiscal Q4 Ending June 30, 2016

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 $87 million and $91 million.

  • GAAP gross margin is expected to be 20.0% plus or minus 1%. 

  • GAAP operating expenses are expected to be in the range of $15.8 million to $17.8 million. 

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

The above projections on GAAP gross margin and GAAP operating expenses include estimated share-based compensation expense of $1.1 million to $1.3 million.

Conference Call and Webcast
AOS plans to conduct an investor teleconference and live webcast to discuss the financial results for the fiscal third quarter of 2016 ended March 31, 2016 today, May 4, 2016 at 2:00 p.m. PT / 5:00 p.m. ET.  To participate in the live call, analysts and investors should dial 877-312-8797 (or 253-237-1194 if outside the U.S.).  To access the live webcast and the subsequent replay of the conference call, which will be available for seven days after the live call, go to the "Events & Presentations" section of the company's investor relations website, http://investor.aosmd.com .  In addition, a copy of the script of prepared remarks by CEO and CFO at the investor teleconference and webcast is available prior to the call at the Company’s investor relations website.

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