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Alpha and Omega Semiconductor Delivers Solid Performance for the Fiscal First Quarter of 2013 Ended September 30, 2012



Alpha and Omega Semiconductor Delivers Solid Performance for the Fiscal First
Quarter of 2013 Ended September 30, 2012

SUNNYVALE, Calif., Oct. 30, 2012 (GLOBE NEWSWIRE) -- Alpha and Omega
Semiconductor Limited ("AOS") (Nasdaq:AOSL), a designer, developer and global
supplier of a broad range of power semiconductors, today reported financial
results for the fiscal first quarter ended September 30, 2012.

The results for the fiscal first quarter of 2013 ended September 30, 2012 are
as follows:

GAAP Financial Comparison
Quarterly
(in millions except percentage and per share data)
(unaudited)
                                              
                   Q1 FY2013 Q4 FY2012 % Change vs. Q4
                                       FY12
Revenue             $ 95.8    $ 94.3   UP    1.6 %
Gross Margin       26.7 %    26.5 %    UP    0.8 %
Operating Income    $ 9.8     $ 7.7    UP    26.7 %
Net Income          $ 7.9     $ 6.7    UP    18.5 %
Earnings Per Share  $ 0.31    $ 0.26   UP    19.2 %
                                              
Non-GAAP Financial Comparison
Quarterly
(in millions except percentage and per share data)
(unaudited)
                   Q1 FY2013 Q4 FY2012 % Change vs. Q4
                                       FY12
Revenue             $ 95.8    $ 94.3   UP    1.6 %
Gross Margin       26.9 %    26.7 %    UP    0.7 %
Operating Income    $ 11.3    $ 9.2    UP    22.4 %
Net Income          $ 9.4     $ 8.2    UP    15.1 %
Earnings Per Share  $ 0.36    $ 0.32   UP    12.5 %

"I am very pleased to report better than expected earnings and record cash
flow from operations during these difficult economic times. This marks the
fourth consecutive quarter that we delivered better than expected earnings,"
said Mike Chang, CEO of AOS. "Although the market remains challenging, AOS has
not wavered from its focus of moving into new geographies and high value,
higher margin market segments," he continued.

"Our plan is simple: develop new technology platforms to maintain a leadership
position and develop new products to diversify into new market segments to
become a full-service power semiconductor company. Further accelerating our
diversification strategy we have launched the molded chip scale and XSFET™
product families, and are expanding into the IGBT market. In addition, we
introduced the new generation of EZBuck™ Power IC family targeting the fast
growing Ultrabook as well as server, high-end consumer goods and networking
markets."

Non-GAAP gross margin excludes share-based compensation expenses. Non-GAAP
operating income, net income and diluted EPS exclude share-based compensation
expenses and U.S. GAAP conversion costs. Reconciliations of non-GAAP financial
measures to the U.S. GAAP amounts are set forth in the attached schedules.

Recent News Highlights

Oct 29, 2012 - Alpha and Omega Semiconductor Introduces Innovative
AlphaMOS(TM) II High Voltage Technology

Oct 24, 2012 - Alpha and Omega Semiconductor Debuts Highly Integrated Power
ICs for Next Generation Computing Platforms

Oct 17, 2012 - Alpha and Omega Semiconductor Sets a New Standard With XS
Series MOSFET Packaging Technology

Oct 10, 2012 - Alpha and Omega Semiconductor Enters the IGBT Market With
Best-in-Class Product Family

Aug 30, 2012 - Alpha and Omega Semiconductor Leads the Way With Industry's
First Molded Chip Scale Package

Fiscal Q2, 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 $88 million and $92 million.
  * GAAP gross margin is expected to be in the range of 25% plus or minus 1%. 
  * GAAP operating expense is expected to be in the range of $16.5 million to
    $17.5 million.
  * GAAP operating income is expected to be in the range of 5% to 7% of
    revenue, and the income tax provision is expected to be in the range of
    $1.0 million to $1.3 million.

Projected GAAP operating income and net income both include estimated
share-based compensation expense of $1.3 million.

Conference Call and Webcast

AOS plans to conduct an investor teleconference and live webcast to discuss
the financial results for the fiscal first quarter ended September 30, 2012
today, October 30, 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, our ability to achieve profitability, our ability to accelerate
technology and product development, expectation with respect to new market
opportunities for our products and other information under the section
entitled "Fiscal Q2, 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 filed on August 31, 2012.
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
and costs incurred for our U.S. GAAP conversion . 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, IGBT and Power IC products. AOS has developed
extensive intellectual property and technical knowledge that encompasses the
latest advancements in the power semiconductor industry. 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 Income
(in thousands, except per share amounts)
(unaudited)
                                                                  
                                     Three Months Ended
                                     September 30, June 30, 2012 September 30,
                                     2012                        2011
                                                                  
Revenue                               $ 95,761      $ 94,272      $ 83,448
Cost of goods sold                    70,228        69,251        62,871
Gross profit                          25,533        25,021        20,577
Gross margin                         26.7 %        26.5 %        24.7 %
Operating expenses:                                               
Research and development              6,933         7,618         8,394
Selling, general and administrative   8,781         9,656         9,283
Total operating expenses              15,714        17,274        17,677
Operating income                      9,819         7,747         2,900
                                                                  
Interest income                       17            20            39
Interest expense                      (82)          (136)         (27)
Income before income taxes            9,754         7,631         2,912
                                                                  
Income tax expense                    1,812         931           773
Net income                            $ 7,942       $ 6,700       $ 2,139
                                                                  
Net income per share attributable to                
common shareholders
Basic                                 $ 0.32        $ 0.27        $ 0.09 
Diluted                               $ 0.31        $ 0.26        $ 0.08 
                                                                  
Weighted average number of common
shares used to compute net income     
per share
Basic                                 25,038        24,890        24,472 
Diluted                               25,884        25,813        25,495 

                                                                  
Alpha and Omega Semiconductor Limited
Condensed Consolidated Balance Sheets
(in thousands, except par value per share, unaudited)
                                                                  
                                              September 30, 2012 June 30, 2012
ASSETS                                                            
Current assets:                                                   
Cash and cash equivalents                      $ 95,198           $ 82,166
Restricted cash                                239                236
Accounts receivable, net                       29,378             38,850
Inventories                                    71,056             65,778
Deferred income tax assets                     2,803              2,789
Other current assets                           2,687              3,962
Total current assets                           201,361            193,781
Property, plant and equipment, net             157,010            158,543
Intangible assets, net                         885                1,028
Goodwill                                       269                269
Deferred income tax assets                     10,234             10,061
Other long-term assets                         967                2,475
Total assets                                   $ 370,726          $ 366,157
LIABILITIES AND SHAREHOLDERS' EQUITY                              
Current liabilities:                                              
Bank borrowings - current portion              $ 3,571            $ 3,571
Accounts payable                               32,601             35,646
Accrued liabilities                            18,570             21,026
Income taxes payable                           2,685              2,349
Deferred margin                                393                366
Capital leases - current portion               949                961
Total current liabilities                      58,769             63,919
Bank borrowings - long term                    15,964             16,429
Income taxes payable - long term               3,627              3,509
Deferred income tax liabilities                1,091              587
Capital leases - long term                     847                1,085
Deferred rent                                  1,286              1,235
Total liabilities                              81,584             86,764
Shareholders' equity:                                             
Preferred shares, par value $0.002 per share:                     
Authorized: 10,000 shares; Issued and
outstanding: none at September 30, 2012 and    --                 -- 
June 30, 2012
Common shares, par value $0.002 per share:                        
Authorized: 50,000 shares; Issued and
outstanding: 25,314 shares and 25,085 shares   51                 50
at September 30, 2012 and 25,167 shares and
24,938 shares at June 30, 2012
Treasury shares at cost; 229 shares at         (2,102)            (2,104)
September 30, 2012 and June 30, 2012
Additional paid-in capital                     162,477            160,602
Accumulated other comprehensive income         1,002              972
Retained earnings                              127,714            119,873
Total shareholders' equity                     289,142            279,393
Total liabilities and shareholders' equity     $ 370,726          $ 366,157

                                                            
Alpha and Omega Semiconductor Limited
Reconciliation of Gross Profit to Non-GAAP Gross Profit
(in thousands)
(unaudited)
                                                            
                          Three Months Ended
                          September 30, 2012 June 30, 2012 September 30, 2011
U.S. GAAP gross profit     $ 25,533           $ 25,021      $ 20,577 
                                                            
Share-based compensation:                                   
Cost of goods sold         198                147           81 
                                                            
Non-GAAP gross profit      $ 25,731           $ 25,168      $ 20,658 
Non-GAAP gross margin     26.9 %             26.7 %        24.8 %

                                                                  
Alpha and Omega Semiconductor Limited
Reconciliation of Operating Income to Non-GAAP Operating Income
(in thousands)
(unaudited)
                                                                  
                                     Three Months Ended
                                     September 30, June 30, 2012 September 30,
                                     2012                        2011
                                                                  
U.S. GAAP operating income            $ 9,819       $ 7,747       $ 2,900
                                                                  
Share-based compensation:                                         
Cost of goods sold                    198           147           81
Research and development              393           445           259
Selling, general and administrative   850           859           882
Total share-based compensation        1,441         1,451         1,222
                                                                  
U.S. GAAP conversion costs included
in selling, general and               --            --            435
administrative
                                                                  
Non-GAAP operating income             $ 11,260      $ 9,198       $ 4,557

                                                                  
Alpha and Omega Semiconductor Limited
Reconciliation of Net Income to Non-GAAP Net Income
(in thousands, except per share amounts)
(unaudited)
                                                                  
                                     Three Months Ended
                                     September 30, June 30, 2012 September 30,
                                     2012                        2011
U.S. GAAP net income                  $ 7,942       $ 6,700       $ 2,139
                                                                  
Share-based compensation:                                         
Cost of goods sold                    198           147           81
Research and development              393           445           259
Selling, general and administrative   850           859           882
Total share-based compensation        1,441         1,451         1,222
                                                                  
U.S. GAAP conversion costs included
in selling, general and               --            --            435
administrative
                                                                  
Non-GAAP net income                   $ 9,383       $ 8,151       $ 3,796
                                                                  
Non-GAAP diluted EPS                  $ 0.36        $ 0.32        $ 0.15
                                                                  
Weighted-average number of shares
used in computing non-GAAP earnings   
per share
Diluted shares                        25,884        25,813        25,495

CONTACT: Alpha and Omega Semiconductor Limited
         Investor Relations
         So-Yeon Jeong
         investors@aosmd.com

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