About Alpha and Omega Semiconductor
Alpha and Omega Semiconductor Limited, or AOS, is a designer, developer and global supplier of a broad range of power semiconductors, including a wide portfolio of Power MOSFET, IGBT and Power IC products. AOS has developed extensive intellectual property and technical knowledge that encompasses the latest advancements in the power semiconductor industry, which enables it to introduce innovative products to address the increasingly complex power requirements of advanced electronics. AOS differentiates itself by integrating its Discrete and IC semiconductor process technology, product design, and advanced packaging know-how to develop high performance power management solutions. AOS's portfolio of products targets high-volume applications, including portable computers, flat panel TVs, LED lighting, smart phones, battery packs, consumer and industrial motor controls and power supplies for TVs, computers, servers and telecommunications equipment. For more information, please visit http://www.aosmd.com. For investor relations, please contact So-Yeon Jeong at investors@aosmd.com.
The following consolidated financial statements are prepared in accordance with U.S. GAAP.
| Alpha and Omega Semiconductor Limited | |||
| Condensed Consolidated Statements of Operations | |||
| (in thousands, except percentages and per share amounts) | |||
| (unaudited) | |||
| Three Months Ended | |||
| September 30, | June 30, | September 30, | |
| 2015 | 2015 | 2014 | |
| Revenue | $ 81,439 | $ 81,472 | $ 88,217 |
| Cost of goods sold | 66,378 | 67,156 | 70,057 |
| Gross profit | 15,061 | 14,316 | 18,160 |
| Gross margin | 18.5% | 17.6% | 20.6% |
| Operating expenses | |||
| Research and development | 6,164 | 6,920 | 6,796 |
| Selling, general and administrative | 9,659 | 9,240 | 9,604 |
| Total operating expenses | 15,823 | 16,160 | 16,400 |
| Operating income (loss) | (762) | (1,844) | 1,760 |
| Interest income and other, net | 11 | 14 | 48 |
| Interest expense | (10) | (24) | (73) |
| Income (Loss) before income taxes | (761) | (1,854) | 1,735 |
| Income tax expense | 1,214 | 1,243 | 1,171 |
| Net income (loss) | $ (1,975) | $ (3,097) | $ 564 |
| Net income (loss) per share | |||
| Basic | $ (0.09) | $ (0.12) | $ 0.02 |
| Diluted | $ (0.09) | $ (0.12) | $ 0.02 |
| Weighted average number of common shares used to compute net income (loss) per share | |||
| Basic | 22,698 | 26,307 | 26,385 |
| Diluted | 22,698 | 26,307 | 27,003 |
| Alpha and Omega Semiconductor Limited | ||
| Condensed Consolidated Balance Sheets | ||
| (in thousands, except par value per share) | ||
| (unaudited) | ||
|
September 30,
2015 |
June 30,
2015 |
|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $ 72,868 | $ 106,085 |
| Restricted cash | 196 | 368 |
| Accounts receivable, net | 37,198 | 38,781 |
| Inventories | 61,958 | 64,175 |
| Deferred income tax assets | 2,424 | 2,205 |
| Other current assets | 4,174 | 4,279 |
| Total current assets | 178,818 | 215,893 |
| Property, plant and equipment, net | 117,431 | 119,579 |
| Intangible assets, net | 16 | 17 |
| Goodwill | 269 | 269 |
| Deferred income tax assets - long term | 10,482 | 10,848 |
| Other long-term assets | 1,522 | 2,011 |
| Total assets | $ 308,538 | $ 348,617 |
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $ 37,689 | $ 44,083 |
| Accrued liabilities | 21,225 | 19,225 |
| Income taxes payable | 1,748 | 1,372 |
| Deferred margin | 714 | 716 |
| Capital leases | 714 | 941 |
| Total current liabilities | 62,090 | 66,337 |
| Income taxes payable - long term | 1,614 | 1,601 |
| Deferred income tax liabilities | 3,972 | 3,548 |
| Capital leases - long term | 64 | 64 |
| Other long term liabilities | 902 | 953 |
| Total liabilities | 68,642 | 72,503 |
| Shareholders' equity: | ||
| Preferred shares, par value $0.002 per share: | ||
| Authorized: 10,000 shares, issued and outstanding: none at September 30, 2015 and June 30, 2015 | — | — |
| Common shares, par value $0.002 per share: | ||
| Authorized: 50,000 shares, issued and outstanding: 27,411 shares and 22,483 shares, respectively at September 30, 2015 and 27,314 shares and 26,316 shares, respectively at June 30, 2015 | 55 | 55 |
| Treasury shares at cost, 4,928 shares at September 30, 2015 and 998 shares at June 30, 2015 | (43,833) | (8,593) |
| Additional paid-in capital | 182,203 | 181,040 |
| Accumulated other comprehensive income | 739 | 905 |
| Retained earnings | 100,732 | 102,707 |
| Total shareholders' equity | 239,896 | 276,114 |
| Total liabilities and shareholders' equity | $ 308,538 | $ 348,617 |
| Alpha and Omega Semiconductor Limited | |||
| Reconciliation of Gross Profit to Non-GAAP Gross Profit | |||
| (in thousands) | |||
| (unaudited) | |||
| Three Months Ended | |||
| September 30, | June 30, | September 30, | |
| 2015 | 2015 | 2014 | |
| U.S. GAAP gross profit | $ 15,061 | $ 14,316 | $ 18,160 |
| Share-based compensation: | |||
| Cost of goods sold | 131 | 174 | 154 |
| Non-GAAP gross profit | $ 15,192 | $ 14,490 | $ 18,314 |
| Non-GAAP gross margin | 18.7% | 17.8% | 20.8% |
| Alpha and Omega Semiconductor Limited | |||
| Reconciliation of Operating Income (Loss) to Non-GAAP Operating Income (Loss) | |||
| (in thousands) | |||
| (unaudited) | |||
| Three Months Ended | |||
| September 30, | June 30, | September 30, | |
| 2015 | 2015 | 2014 | |
| U.S. GAAP operating income (loss) | $ (762) | $ (1,844) | $ 1,760 |
| Share-based compensation: | |||
| Cost of goods sold | 131 | 174 | 154 |
| Research and development | 193 | 237 | 206 |
| Selling, general and administrative | 465 | 760 | 742 |
| Total share-based compensation | 789 | 1,171 | 1,102 |
| Non-GAAP operating income (loss) | $ 27 | $ (673) | $ 2,862 |
| Alpha and Omega Semiconductor Limited | |||
| Reconciliation of Net Income (Loss) to Non-GAAP Net Income (Loss) | |||
| (in thousands, except per share amounts) | |||
| (unaudited) | |||
| Three Months Ended | |||
| September 30, | June 30, | September 30, | |
| 2015 | 2015 | 2014 | |
| U.S. GAAP net income (loss) | $ (1,975) | $ (3,097) | $ 564 |
| Share-based compensation: | |||
| Cost of goods sold | 131 | 174 | 154 |
| Research and development | 193 | 237 | 206 |
| Selling, general and administrative | 465 | 760 | 742 |
| Total share-based compensation | 789 | 1,171 | 1,102 |
| Non-GAAP net income (loss) | $ (1,186) | $ (1,926) | $ 1,666 |
| Non-GAAP diluted net income (loss) per share | $ (0.05) | $ (0.07) | $ 0.06 |
| Weighted-average number of common shares used in computing non-GAAP net income (loss) per share | |||
| Diluted shares | 22,698 | 26,307 | 27,003 |
CONTACT: Alpha and Omega Semiconductor Limited
Investor Relations
So-Yeon Jeong
408-789-3172
investors@aosmd.com
