Alpha and Omega Semiconductor Limited (AOS) reported financial results for the fiscal third quarter of 2014 ended March 31, 2014 that included: Revenue of $75.4 million (compared with $76.3 million for the second quarter of 2014 and $75 million for the third quarter of 2013); Gross margin of 16.3% (compared with 17.9% for the second quarter of 2014 and 7% for the third quarter of 2013); Operating income (loss) of $(2.9) million (compared with $3.1 million for the second quarter of 2014 and $(13.1) million for the third quarter of 2013); Net income (loss) of $(3.3) million (compared with $0.2 million for the second quarter of 2014 and $(13.2) million for the third quarter of 2013); and Earnings (loss) per share, diluted, of $(0.13) (compared with $0.01 for the second quarter of 2014 and $(0.52) for the third quarter of 2013).
"We are encouraged by our March quarter results. In a typically seasonal down quarter, our revenue came in almost flat quarter over quarter; our channel inventory decreased as a result of stronger sell-through; and we continued to generate strong operating cash flow," said Dr. Mike Chang, chairman and CEO of AOS. "This indicates that our recovery plan to gain market share and diversify our product offering in new markets is working. With the strength in bookings driven by our design wins across all market segments in which we play, we remain confident to achieve revenue growth and operating profitability for calendar year 2014.
“In addition, our Board of Directors has authorized to reactivate our existing share repurchase program with a remaining balance of $22.7 million, and we expect that the purchases will be made through a pre-established 10b5-1 trading plan,†Chang concluded.
