Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Second Quarter of 2018 Ended December 31, 2017

SUNNYVALE, Calif., Feb. 07, 2018 (GLOBE NEWSWIRE) -- Alpha and Omega Semiconductor Limited (“AOS”) (NASDAQ:AOSL), today reported financial results for the fiscal second quarter of 2018 ended December 31, 2017.

The results for the fiscal second quarter of 2018 ended December 31, 2017 were as follows:

GAAP Financial Comparison
Quarterly
(in millions, except percentage and per share data)
(unaudited)
  Three Months Ended
  December 31,
 2017
 September 30,
 2017
 December 31,
 2016
Revenue $103.9  $104.9  $94.7 
Gross Margin 27.0% 26.3% 23.3%
Operating Income $3.2  $4.6  $2.8 
Net Income attributable to AOS $6.8  $4.8  $2.8 
Income Per Share attributable to AOS - Diluted $0.27  $0.19  $0.11 

On a non-GAAP basis excluding the effect of share-based compensation expenses in each of the periods presented and income tax benefit from tax reform during the current quarter, 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
  December 31,
2017
 September 30,
2017
 December 31,
2016
Revenue $103.9  $104.9  $94.7 
Gross Margin 27.4% 26.6% 23.6%
Operating Income $7.2  $6.6  $4.4 
Net Income attributable to AOS $8.1  $6.8  $4.4 
Income Per Share attributable to AOS - Diluted $0.32  $0.27  $0.18 

"I am pleased to report another solid quarter.  Driven by the continuing momentum of our new products, AOS revenue and gross margin came in at the high end of the guidance ranges, resulting in an EPS of $0.27 on a GAAP basis and $0.32 on a non-GAAP basis for the December quarter.  AOS is well positioned for its next level of growth,” stated Dr. Mike Chang, the chairman and CEO of the company.  “Through our hard work and effort in the past few years, we have established a strong core business that is profitably growing and generating cash.  Now, we are stepping up investments in two growth initiatives, namely the Chongqing joint venture and our digital power business.  Healthy returns from our core business are enabling these strategic investments that open the door for greater expansion in revenue and profit.”

Business Outlook for Fiscal Q3 Ending March 31, 2018

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. The following statements contains non-GAAP financial measures and please see the section below “Use of Non-GAAP Financial Measures” for more information.

We expect the construction of cleanrooms of our Chongqing joint venture to be completed during the March quarter.  We expect to increase headcount, install equipment, conduct qualification processes, and perform trial productions starting from the March quarter.  A large portion of the pre-production costs cannot be capitalized under GAAP accounting.  Because these expenses do not reflect our normal business and operations, we plan to exclude such pre-production expenses in our non-GAAP operating expenses.  With that, here are our expectations for the third quarter of fiscal year 2018:

  • Revenue is expected to be in the range of $99 million to $103 million. 
  • Gross margin is expected to be approximately 26.0% plus or minus 1%.  Non-GAAP gross margin is expected to be approximately 26.3% plus or minus 1%.  Non-GAAP gross margin excludes $0.3 million of estimated share-based compensation charge.
  • Operating expenses are expected to be in the range of $26.5 million plus or minus $1 million.  Non-GAAP operating expenses are expected to be in the range of $22.0 million plus or minus $1 million.  Both GAAP and non-GAAP operating expenses include $1.5 million to $1.7 million of estimated expenses relating to the development of our digital power team.  Non-GAAP operating expenses exclude an estimated share-based compensation charge of approximately $2.2 million and estimated pre-production expenses of the Chongqing joint venture of $2.5 million.
  • Tax expenses are expected to be in the range of $0.8 million to $1.0 million.
  • Loss attributable to non-controlling interest is expected to be around $1.9 million. On a non-GAAP basis, this item is expected to be around $0.7 million.  The $1.2 million difference is due to the exclusion of estimated pre-production expenses in non-GAAP operating expenses.

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