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Alpha and Omega Semiconductor Limited ("AOS") (AOSL), a designer, developer and global supplier of a broad range of power semiconductors, today reported financial results for the fiscal fourth quarter and the fiscal year ended June 30, 2012.
The results for the fiscal fourth quarter ended June 30, 2012 are as follows:
GAAP Financial Comparison
Quarterly
(in millions except per share data)
(unaudited)
Q4 Q3 % Change
FY2012 FY2012 vs. Q3 FY12
------- ------- ----------------
Revenue $ 94.3 $ 83.9 UP 12.4%
Gross Margin 26.5% 23.0% UP 15.4%
Operating Income $ 7.7 $ 3.8 UP 106.3%
Net Income $ 6.7 $ 2.6 UP 157.3%
Earnings Per
Share $ 0.26 $ 0.10 UP 155.6%
Non-GAAP Financial Comparison
Quarterly
(in millions except per share data)
(unaudited)
Q4 Q3 % Change
FY2012 FY2012 vs. Q3 FY12
------- ------- ----------------
Revenue $ 94.3 $ 83.9 UP 12.4%
Gross Margin 26.7% 23.2% UP 15.0%
Operating Income $ 9.2 $ 5.2 UP 76.7%
Net Income $ 8.2 $ 4.1 UP 101.1%
Earnings Per
Share $ 0.32 $ 0.16 UP 99.8%
"I am very pleased with our June quarter results in revenue, gross margin and EPS. We are benefiting from our strong market position along with great operational execution, especially with the successful production ramp at our Oregon fab," said Dr. Mike Chang, Chief Executive Officer and Chairman of AOS.
"While the macro-economy is uncertain in the near term, our focus is to profitably grow our business by accelerating development of best-in-class products and expanding served available markets (SAM)."
Dr. Chang continued, "As we have discussed before, we have begun the next phase of our strategic roadmap in expanding our product breadth into mid-and high-voltage markets during fiscal 2012. We launched a record number of new products, 76 low-voltage and 125 mid- and high-voltage MOSFET products and 30 Power IC products. The new generations of MOSFET products recently introduced were made possible by the capability of the Oregon fab. While fiscal 2012 was a difficult year due to economic softness, we believe that we have nonetheless executed well in achieving our major goals: a) smooth ramp-up of our newly acquired Oregon fab; b) deliver new technology platforms enabled by the fab; c) expand our product breadth into high-value markets in communications and industrial applications, as well as delivering high-value solutions for computing and consumer applications; and d) improve our net income and EPS. I am excited with our enhanced competitive capabilities and new market opportunities, and look forward to reporting more tangible achievements in our fiscal 2013 and beyond."
The results for the fiscal year ended June 30, 2012 are as follows:
-- Revenue was $342.3 million, a decrease of 5.3% from $361.3 million for
the prior year.
-- GAAP gross margin was 24.3%, compared to 29.1% for the prior year.
Non-GAAP gross margin was 24.5%, compared to 29.3% for the prior year.
-- GAAP operating income was $16.7 million, compared to $37.8 million for
the prior year. Non-GAAP operating income was $22.7 million, compared to
$45.0 million for the prior year.
-- GAAP net income was $12.9 million, compared to $37.8 million for the
prior year. Non-GAAP net income was $18.9 million, compared to $44.1
million for the prior year.
-- GAAP diluted EPS was $0.50 compared to $1.51 for the prior year.
Non-GAAP diluted EPS was $0.74 compared to $1.77 for the prior year.
Non-GAAP gross margin excludes share-based compensation expenses. Non-GAAP operating income, net income and diluted EPS exclude share-based compensation expenses, acquisition related costs, U.S. GAAP conversion costs and gain on equity interest as applicable. Reconciliations of non-GAAP financial measures to the U.S. GAAP amounts are set forth in the attached schedules.
Recent News Highlights
Jul 31, 2012 - Alpha and Omega Semiconductor’s New 100V AON6290 Delivers Industry-Leading Performance for Telecom Power
Jul 25, 2012 - Alpha and Omega Semiconductor’s Industry’s Best 8V Power MOSFETs Lower Power Consumption and Extend Battery Life
Jun 6, 2012 - Alpha and Omega Semiconductor’s New 30V Power MOSFET Slashes Conduction Losses
May 29, 2012 - Alpha and Omega Semiconductor Shrinks Board Space With Chip Scale Packaging Technology
Fiscal Q1, 2013 Business Outlook
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 $92 million and $96 million.
-- GAAP gross margin is expected to be in the range of 26% to 27%.
-- GAAP operating expense is expected to be in the range of 18% of revenue.
-- GAAP operating income is expected to be in the range of 8% to 9% of
revenue. Non-GAAP operating income is expected to be in the range of
9.5% to 10.5% of revenue.
-- GAAP net income is expected to be in the range of 6.5% to 7.5% of
revenue, including the income tax provision which is expected to be in
the range of $1.0 million to $1.4 million. Non-GAAP net income is
expected to be in the range of 8% to 9% of revenue.
Projected Non-GAAP operating income and net income both exclude estimated share-based compensation expense of $1.5 million.
Conference Call and Webcast
AOS plans to conduct an investor teleconference and live webcast to discuss the financial results for the fiscal fourth quarter and fiscal year ended June 30, 2012 today, August 14, 2012 at 2:00 p.m. PDT / 5:00 p.m. EDT. 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.
Forward Looking Statements
This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management’s judgment, beliefs, current trends, and anticipated product performance. These forward looking statements include, without limitation, projected amount of revenues, gross margin, operating expenses, operating income, income tax provision, net income, share-based compensation expenses, expectation with respect to the macroeconomic conditions, expectation with respect to the production ramp at the Oregon fab, the anticipated improvement in our financial performance due to the Oregon fab, our ability to achieve profitability, our ability to accelerate technology and product development, expectation with respect to new market opportunities and other information under the section entitled "Fiscal Q1, 2013 Business Outlook". Forward looking statements involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These factors include, but are not limited to, our ability to introduce or develop new and enhanced products that achieve market acceptance; the actual product performance in volume production; the quality and reliability of our product, our ability to achieve design wins, the general business and economic conditions, our ability to integrate and ramp up production at the Oregon fab facility; the state of semiconductor industry and seasonality of our markets, and other risks as described in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended June 30, 2012 to be filed by AOS. Other unknown or unpredictable factors or underlying assumptions subsequently proving to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and AOS undertakes no duty to update such information, except as required under applicable law.
Use of Non-GAAP Financial Measures
To supplement our audited and unaudited consolidated financial statements presented on a basis consistent with the U.S. GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, operating income, net income and diluted earnings per share ("EPS"). These supplemental measures exclude share-based compensation expenses that are non-cash charges, acquisition related costs, costs incurred for our U.S. GAAP conversion and gain on equity interest. We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and non-recurring expenses that are not indicative of our core operating results. In addition, our management uses non-GAAP measures to compare our performance relative to forecasts and to benchmark our performance externally against competitors. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the term used in this press release, non-GAAP net income, does not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for this limitation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures in the tables attached to this press release. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measures.
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 and Power IC products. AOS seeks to differentiate itself by integrating its expertise in device physics, process technology, design and advanced packaging to optimize product performance and cost, and its product portfolio is designed to meet the ever increasing power efficiency requirements in high volume applications, including portable computers, smart phones, flat panel TVs, battery packs, motor controls and power supplies. 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 Income
(in thousands, except per share data)
(unaudited)
Three Months Ended Fiscal Year Ended
------------------------------- ----------------------
June 30, March 31, June 30, June 30, June 30,
2012 2012 2011 2012 2011
--------- --------- --------- ---------- ----------
Revenue $ 94,272 $ 83,858 $ 96,835 $ 342,291 $ 361,308
Cost of goods sold 69,251 64,564 67,396 259,126 256,087
--------- --------- --------- ---------- ----------
Gross profit 25,021 19,294 29,439 83,165 105,221
Gross margin 26.5 % 23.0 % 30.4 % 24.3 % 29.1 %
Operating expenses:
Research and
development 7,618 6,510 9,021 30,630 29,470
Selling, general and
administrative 9,656 9,028 10,177 35,800 37,937
--------- --------- --------- ---------- ----------
Total operating
expenses 17,274 15,538 19,198 66,430 67,407
--------- --------- --------- ---------- ----------
Operating income 7,747 3,756 10,241 16,735 37,814
Interest income 20 21 140 105 280
Interest expense (136) (135) (76) (342) (263)
Income on equity
investment in APM -- -- -- -- 1,768
Gain on equity interest
in APM -- -- -- -- 837
--------- --------- --------- ---------- ----------
Income before income
taxes 7,631 3,642 10,305 16,498 40,436
Income tax expense 931 1,038 623 3,581 2,609
--------- --------- --------- ---------- ----------
Net income $ 6,700 $ 2,604 $ 9,682 $ 12,917 $ 37,827
========= ========= ========= ========== ==========
Net income per share
Basic $ 0.27 $ 0.11 $ 0.39 $ 0.52 $ 1.61
Diluted $ 0.26 $ 0.10 $ 0.37 $ 0.50 $ 1.51
Weighted-average number
of shares used in
computing net income
per share
Basic 24,890 24,675 24,514 24,656 23,495
Diluted 25,813 25,647 25,984 25,606 24,989
Alpha and Omega Semiconductor Limited
Condensed Consolidated Balance Sheets
(in thousands, except par value per share)
(unaudited)
June 30, June 30,
2012 2011
---------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 82,166 $ 86,708
Restricted cash 236 54
Accounts receivable, net 38,850 42,503
Inventories 65,778 65,251
Deferred tax assets 2,789 1,773
Other current assets 3,962 5,056
---------- ----------
Total current assets 193,781 201,345
---------- ----------
Property, plant and
equipment, net 158,543 127,839
Intangible assets, net 1,028 1,599
Goodwill 269 --
Deferred tax assets 10,061 9,048
Other long-term assets 2,475 7,607
---------- ----------
Total assets $ 366,157 $ 347,438
========== ==========
LIABILITIES AND SHAREHOLDERS’
EQUITY
Current liabilities:
Bank borrowings $ 3,571 $ --
Accounts payable 35,646 64,678
Accrued liabilities 21,026 15,123
Income taxes payable 2,349 2,377
Deferred margin 366 495
Capital leases - current
portion 961 306
---------- ----------
Total current liabilities 63,919 82,979
---------- ----------
Bank borrowings - long term 16,429 --
Income taxes payable - long
term 3,509 3,081
Deferred income tax
liabilities 587 25
Capital leases - long term
portion 1,085 130
Deferred rent 1,235 973
---------- ----------
Total liabilities 86,764 87,188
---------- ----------
Shareholders’ equity:
Preferred shares, par value
$0.002 per share:
Authorized: 10,000 shares;
Issued and outstanding:
none at June 30, 2012 and
2011 -- --
Common shares, par value
$0.002 per share:
Authorized: 50,000 shares;
Issued and outstanding:
25,167 shares and 24,938
shares at June 30, 2012
and 24,612 shares and
24,562 shares at June 30,
2011 50 49
Treasury shares at cost; 229
shares at June 30, 2012 and
50 shares at June 30, 2011 (2,104) (693)
Additional paid-in capital 160,602 153,004
Accumulated other
comprehensive income 972 934
Retained earnings 119,873 106,956
---------- ----------
Total shareholders’ equity 279,393 260,250
---------- ----------
Total liabilities and
shareholders’ equity $ 366,157 $ 347,438
========== ==========
Alpha and Omega Semiconductor Limited
Reconciliation of Gross Profit to Non-GAAP Gross Profit
(in thousands)
(unaudited)
Three Months Ended Fiscal Year Ended
---------------------------------- ------------------------
June 30, March 31, June 30, June 30, June 30,
2012 2012 2011 2012 2011
---------- ---------- ---------- ----------- -----------
U.S. GAAP gross profit $ 25,021 $ 19,294 $ 29,439 $ 83,165 $ 105,221
Share-based compensation:
Cost of goods sold 147 171 143 532 629
---------- ---------- ---------- ----------- -----------
Non-GAAP gross profit $ 25,168 $ 19,465 $ 29,582 $ 83,697 $ 105,850
========== ========== ========== =========== ===========
Non-GAAP gross margin 26.7 % 23.2 % 30.5 % 24.5 % 29.3 %
Alpha and Omega Semiconductor Limited
Reconciliation of Operating Income to Non-GAAP Operating Income
(in thousands)
(unaudited)
Three Months Ended Fiscal Year Ended
-------------------------------- ----------------------
June 30, March 31, June 30, June 30, June 30,
2012 2012 2011 2012 2011
--------- --------- ---------- ---------- ----------
U.S. GAAP operating income $ 7,747 $ 3,756 $ 10,241 $ 16,735 $ 37,814
Share-based compensation:
Cost of goods sold 147 171 143 532 629
Research and development 445 285 606 1,361 1,716
Selling, general and
administrative 859 840 1,209 3,529 3,829
--------- --------- ---------- ---------- ----------
Total share-based compensation 1,451 1,296 1,958 5,422 6,174
Acquisition cost -- 153 -- 153 --
U.S. GAAP conversion costs
included in
Selling, general and
administrative -- -- 621 435 981
--------- --------- ---------- ---------- ----------
Non-GAAP operating income $ 9,198 $ 5,205 $ 12,820 $ 22,745 $ 44,969
========= ========= ========== ========== ==========
Alpha and Omega Semiconductor Limited
Reconciliation of Net Income to Non-GAAP Net Income
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Fiscal Year Ended
-------------------------------- ----------------------
June 30, March 31, June 30, June 30, June 30,
2012 2012 2011 2012 2011
--------- --------- ---------- ---------- ----------
U.S. GAAP net income $ 6,700 $ 2,604 $ 9,682 $ 12,917 $ 37,827
Share-based compensation:
Cost of goods sold 147 171 143 532 629
Research and development 445 285 606 1,361 1,716
Selling, general and
administrative 859 840 1,209 3,529 3,829
--------- --------- ---------- ---------- ----------
Total share-based compensation 1,451 1,296 1,958 5,422 6,174
Acquisition cost -- 153 -- 153 --
Gain on equity interest -- -- -- -- (837)
U.S. GAAP conversion costs
included in Selling, general
and administrative -- -- 621 435 981
--------- --------- ---------- ---------- ----------
Non-GAAP net income $ 8,151 $ 4,053 $ 12,261 $ 18,927 $ 44,145
========= ========= ========== ========== ==========
Non-GAAP diluted EPS $ 0.32 $ 0.16 $ 0.47 $ 0.74 $ 1.77
Weighted-average number of
shares used in computing
non-GAAP earnings per share
Diluted shares 25,813 25,647 25,984 25,606 24,989
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Alpha and Omega Semiconductor
CONTACT: Alpha and Omega Semiconductor Limited
Investor Relations
So-Yeon Jeong
investors@aosmd.com
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