Batteries and Portable Power

Alpha and Omega Semi Reports Progress on Recovery Plan

Alpha and Omega Semiconductor Ltd. reported results for the fiscal year ended June 30, 2014 were as follows: Revenue was $318.1 million, a decrease of 5.7% from $337.4 million for the prior year. GAAP gross margin was 18.6%, compared to 19.1% for the prior year. Non-GAAP gross margin was 18.8%, compared to 21.6% for the prior year. GAAP operating loss was $0.2 million, compared to operating loss of $1.3 million for the prior year. Non-GAAP operating income was $3.2 million, compared to $13.8 million for the prior year. GAAP net loss was $3.3 million, compared to net loss of $5.6 million for the prior year. Non-GAAP net income was $0.1 million, compared to $9.5 million for the prior year. And GAAP diluted loss per share was $0.13 compared to diluted loss per share of $0.22 for the prior year. Non-GAAP diluted earnings per share were $0.00 compared to $0.37 for the prior year.

“The June quarter was a solid finish to a challenging fiscal year supported by our focused execution as well as stabilizing market conditions. The fourth quarter of fiscal year 2014 showed better performance than the same quarter last year in all major financial aspects, especially in operating cash flow and free cash flow generation,” said Dr. Mike Chang, Chairman and CEO of AOS.

“I am particularly pleased with the progress we have made in executing our recovery plan. With greater than expected customer acceptance and interest for some of our new products in the diversified market segments, we are implementing the R&D and customer penetration activities ahead of our original schedule. With the expectation of a moderate increase in the operating expenses, we are optimistic about our potential to continue the revenue growth as we go forward,” Dr. Chang concluded.

The company also reported the business outlook for first quarter of fiscal 2015, ending September 30, 2014 as follows: Revenue is expected to be between $85 million and $89 million. GAAP gross margin is expected to be in the range of 20% to 22%. GAAP operating expenses are expected to be in the range of $16.8 million plus or minus $1 million. Tax expense is expected to be approximately $1.2 million to $1.4 million. The above projections on GAAP gross margin and GAAP operating expenses include estimated share-based compensation expense of $1.2 million to $1.3 million.

Alpha and Omega Semiconductor Limited
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