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Alpha and Omega Semiconductor Reports Results for the Fiscal Second Quarter of 2013 Ended December 31, 2012



Alpha and Omega Semiconductor Reports Results for the Fiscal Second Quarter of
2013 Ended December 31, 2012

SUNNYVALE, Calif., Jan. 30, 2013 (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 second quarter ended December 31, 2012.

The results for the fiscal second quarter ended December 31, 2012 are as
follows:

GAAP Financial Comparison
Quarterly
(in millions except percentage and per share data)
(unaudited)
 
                             Q2 FY2013 Q1 FY2013 Q2 FY2012
Revenue                       $ 89.4    $ 95.8    $ 80.7 
Gross Margin                 23.0 %    26.7 %    22.6 %
Operating Income              $ 4.9     $ 9.8     $ 2.3 
Net Income                    $ 3.7     $ 7.9     $ 1.5 
Earnings Per Share - Diluted  $ 0.14    $ 0.31    $ 0.06 
                                                  
Non-GAAP Financial Comparison
Quarterly
(in millions except percentage and per share data)
(unaudited)
 
                             Q2 FY2013 Q1 FY2013 Q2 FY2012
Revenue                       $ 89.4    $ 95.8    $ 80.7
Gross Margin                 23.2 %    26.9 %    22.8 %
Operating Income              $ 5.8     $ 11.3    $ 3.8 
Net Income                    $ 4.6     $ 9.4     $ 2.9 
Earnings Per Share - Diluted  $ 0.18    $ 0.36    $ 0.12 

"Despite weak PC demand and continuing economic uncertainty, we are pleased to
see that design wins with our new products are penetrating into higher value
market segments," said Dr. Mike Chang, CEO of AOS. "During the December
quarter, AOS has made significant strides in the smartphone market with
growing revenue at one of the world's leading manufacturers. In addition, we
have achieved design wins in numerous Ultrabook programs with our advanced
PairFET and EzBuck-II Power IC products."

"Additionally, we have been successfully penetrating into customers in the
industrial, power supply, portable and game console markets with our new
products such as XSFET, Molded Chip Scale, AlphaMOS2, AlphaIGBT and new DrMOS
series. We believe that as the new design wins come to fruition, AOS will
continue to gain strength and momentum."

Recent News Highlights

Jan 25, 2013 - Alpha and Omega Semiconductor Introduces New Power Factor
Correction Product Line for Efficient and Cost-Effective Power Conversion
Solutions

Jan 14, 2013 - Alpha and Omega Semiconductor Now Offers Low Voltage MOSFETs in
a Super-Small DFN 1.0x0.6mm for the Mobile Market

Dec 21, 2012 - Alpha and Omega Semiconductor's New 80V and 100V MOSFETs Offer
Industry's Lowest On-Resistance in a DFN3.3x3.3 Package

Dec 18, 2012 - Alpha and Omega Semiconductor Rolls Out Family of Devices in
Molded Chip Scale Package

Nov 6, 2012 - Alpha and Omega Semiconductor Features New Ground Exposed Die
Pad Power IC Platform

Fiscal Q3, 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 $76 million and $80 million.
     
  * GAAP gross margin is expected to be in the range of 16% plus or minus 1%. 
     
  * GAAP operating expense is expected to be in the range of $15 million to
    $16 million. 

The above projection includes estimated share-based compensation expense of
$1.2 million.

"While we continue to take actions to realign our cost structure due to the
challenging business environment, including the reduction of capital spending
and operating expense, we will persist in looking for ways to streamline our
operations and optimize our business model," said Dr. Mike Chang, CEO of
AOS. "We expect our reduced factory loading at both our front-end and back-end
to negatively impact our margins in the short term. However we continue to be
optimistic about our business opportunity beyond the March quarter supported
by increasing design wins, bookings and backlog. During the March quarter we
are keenly focused on tightly aligning the front-end and back-end capabilities
to further improve our efficiencies throughout the company."

Conference Call and Webcast

AOS plans to conduct an investor teleconference and live webcast to discuss
the financial results for the second quarter ended December 31, 2012 today,
January 30, 2013 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, 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 and design
wins for our products and other information under the section entitled "Fiscal
Q3, 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, 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 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, which enables us to
introduce innovative products to address the increasingly complex power
requirements of advanced electronics.  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,
smartphones, 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            Six Months Ended
                           December  September December  December   December
                           31, 2012  30, 2012  31, 2011  31, 2012   31, 2011
                                                                     
Revenue                     $ 89,448  $ 95,761  $ 80,713  $ 185,209  $ 164,161
Cost of goods sold          68,854    70,228    62,440    139,082    125,311
Gross profit                20,594    25,533    18,273    46,127     38,850
Gross margin               23.0 %    26.7 %    22.6 %    24.9 %     23.7 %
                                                                     
Operating expenses                                                   
Research and development    6,866     6,933     8,108     13,799     16,502
Selling, general and        8,838     8,781     7,833     17,619     17,116
administrative
Total operating expenses    15,704    15,714    15,941    31,418     33,618
Operating income            4,890     9,819     2,332     14,709     5,232
                                                                     
Interest income             20        17        25        37         64
Interest expense            (107)     (82)      (44)      (189)      (71)
Income before income taxes  4,803     9,754     2,313     14,557     5,225
                                                                     
Income tax expense          1,085     1,812     839       2,897      1,612
Net income                  $ 3,718   $ 7,942   $ 1,474   $ 11,660   $ 3,613
                                                                     
Net income per share
attributable to common                                               
shareholders
Basic                       $ 0.15    $ 0.32    $ 0.06    $ 0.46     $ 0.15 
Diluted                     $ 0.14    $ 0.31    $ 0.06    $ 0.45     $ 0.14 
                                                                     
Weighted average number of
common shares used to                                                
compute net income per
share
Basic                       25,292    25,038    24,538    25,165     24,529 
Diluted                     26,101    25,884    25,423    25,992     25,517 
                                                                     

Alpha and Omega Semiconductor Limited
Condensed Consolidated Balance Sheets
(in thousands, except par value per share)
(unaudited)
                                               December 31, 2012 June 30, 2012
ASSETS                                                            
Current assets:                                                   
Cash and cash equivalents                       $ 91,864          $ 82,166
Restricted cash                                 361               236
Accounts receivable, net                        42,967            38,850
Inventories                                     71,488            65,778
Deferred income tax assets                      2,835             2,789
Other current assets                            3,752             3,962
Total current assets                            213,267           193,781
Property, plant and equipment, net              151,160           158,543
Intangible assets, net                          742               1,028
Goodwill                                        269               269
Deferred income tax assets                      10,427            10,061
Other long-term assets                          835               2,475
Total assets                                    $ 376,700         $ 366,157
LIABILITIES AND SHAREHOLDERS' EQUITY                              
Current liabilities:                                              
Short term debt                                 $ 2,857           $ 3,571
Accounts payable                                32,988            35,646
Accrued liabilities                             19,184            21,026
Income taxes payable                            2,450             2,349
Deferred margin                                 468               366
Capital leases - current portion                960               961
Total current liabilities                       58,907            63,919
Long term debt                                  15,250            16,429
Income taxes payable - long term                3,626             3,509
Deferred income tax liabilities                 1,622             587
Capital leases - long term                      606               1,085
Deferred rent                                   1,338             1,235
Total liabilities                               81,349            86,764
Shareholders' equity:                                             
Preferred shares, par value $0.002 per share:                     
Authorized: 10,000 shares; Issued and
outstanding: none at December 31, 2012 and      —                 —
June 30, 2012
Common shares, par value $0.002 per share:                        
Authorized: 50,000 shares; Issued and
outstanding: 25,625 shares and 25,396 shares    51                50
at December 31, 2012 and 25,167 shares and
24,938 shares at June 30, 2012
Treasury shares at cost; 229 shares at          (2,106)           (2,104)
December 31, 2012 and June 30, 2012
Additional paid-in capital                      164,947           160,602
Accumulated other comprehensive income          1,027             972
Retained earnings                               131,432           119,873
Total shareholders' equity                      295,351           279,393
Total liabilities and shareholders' equity      $ 376,700         $ 366,157
                                                                  

Alpha and Omega Semiconductor Limited
Reconciliation of Gross Profit to Non-GAAP Gross Profit
(in thousands)
(unaudited)
                                                                     
                      Three Months Ended                 Six Months Ended
                      December 31, September  December   December   December
                      2012         30, 2012   31, 2011   31, 2012   31, 2011
                                                                     
U.S. GAAP gross        $ 20,594     $ 25,533   $ 18,273   $ 46,127   $ 38,850 
profit
                                                                     
Share-based                                                          
compensation:
Cost of goods sold     141          198        133        339        214 
                                                                     
Non-GAAP gross profit  $ 20,735     $ 25,731   $ 18,406   $ 46,466   $ 39,064 
                                                                     
Non-GAAP gross margin 23.2 %       26.9 %     22.8 %     25.1 %     23.8 %
                                                                     

Alpha and Omega Semiconductor Limited
Reconciliation of Operating Income to Non-GAAP Operating Income
(in thousands)
(unaudited)
                                                                       
                                Three Months Ended          Six Months Ended
                                December September December December  December
                                31, 2012 30, 2012  31, 2011 31, 2012  31, 2011
                                                                       
U.S. GAAP operating income       $ 4,890  $ 9,819   $ 2,332  $ 14,709  $ 5,232
                                                                       
Share-based compensation:                                              
Cost of goods sold               141      198       133      339       214
Research and development         278      393       372      671       631
Selling, general and             494      850       948      1,344     1,830
administrative
Total share-based compensation   913      1,441     1,453    2,354     2,675
                                                                       
U.S. GAAP conversion costs
included in selling, general     —        —         —        —         435
and administrative
                                                                       
Non-GAAP operating income        $ 5,803  $ 11,260  $ 3,785  $ 17,063  $ 8,342
                                                                       

Alpha and Omega Semiconductor Limited
Reconciliation of Net Income to Non-GAAP Net Income
(in thousands, except per share amounts)
(unaudited)
                                                                       
                                Three Months Ended          Six Months Ended
                                December September December December  December
                                31, 2012 30, 2012  31, 2011 31, 2012  31, 2011
                                                                       
U.S. GAAP net income             $ 3,718  $ 7,942   $ 1,474  $ 11,660  $ 3,613
                                                                       
Share-based compensation:                                              
Cost of goods sold               141      198       133      339       214
Research and development         278      393       372      671       631
Selling, general and             494      850       948      1,344     1,830
administrative
Total share-based compensation   913      1,441     1,453    2,354     2,675
                                                                       
U.S. GAAP conversion costs
included in selling, general     —        —         —        —         435
and administrative
                                                                       
Non-GAAP net income              $ 4,631  $ 9,383   $ 2,927  $ 14,014  $ 6,723
                                                                       
Non-GAAP diluted EPS             $ 0.18   $ 0.36    $ 0.12   $ 0.54    $ 0.26
                                                                       
Weighted-average number of
shares used in computing                                               
non-GAAP earnings per share
Diluted shares                   26,101   25,884    25,423   25,992    25,517

CONTACT: Alpha and Omega Semiconductor Limited
         Investor Relations
         So-Yeon Jeong
         408-789-3172
         investors@aosmd.com

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