Alpha and Omega Semiconductor Reports Financial Results for the Fiscal Third Quarter of 2019 Ended March 31, 2019

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, IPM, Power IC products and Digital Power. 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, smart phones, battery packs, consumer and industrial motor controls and power supplies for TVs, computers, servers and telecommunications equipment. For more information, please visit www.aosmd.com.

The following unaudited consolidated financial statements are prepared in accordance with U.S. GAAP.

 
Alpha and Omega Semiconductor Limited
Condensed Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)
(unaudited)
             
Three Months Ended Nine Months Ended
March 31,
2019
December 31,
2018
March 31,
2018
March 31,
2019

March 31,
2018

 
Revenue $ 109,067 $ 114,925 $ 102,902 $ 339,064 $ 311,656
Cost of goods sold 83,438   85,423   75,769   251,322   228,911  
Gross profit 25,629 29,502 27,133 87,742 82,745
Gross margin 23.5 % 25.7 % 26.4 % 25.9 % 26.6 %
 
Operating expenses:
Research and development 11,417 12,600 9,966 35,401 27,393
Selling, general and administrative 17,947   20,104   16,486   58,403   46,857  
Total operating expenses 29,364   32,704   26,452   93,804   74,250  
Operating income (loss) (3,735 ) (3,202 ) 681 (6,062 ) 8,495
 
Interest income and other income (loss), net 124 74 (234 ) 460 (354 )
Interest expense (1,719 ) (1,706 ) (105 ) (4,915 ) (136 )
Income (loss) before income taxes (5,330 ) (4,834 ) 342 (10,517 ) 8,005
 
Income tax expense 625   701   830   1,886   32  
Net income (loss) including noncontrolling interest (5,955 ) (5,535 ) (488 ) (12,403 ) 7,973
Net loss attributable to noncontrolling interest (4,400 ) (3,990 ) (2,139 ) (11,719 ) (5,269 )
Net income (loss) attributable to Alpha and Omega Semiconductor Limited $ (1,555 ) $ (1,545 ) $ 1,651   $ (684 ) $ 13,242  
 
Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited
Basic $ (0.06 ) $ (0.06 ) $ 0.07 $ (0.03 ) $ 0.55
Diluted $ (0.06 ) $ (0.06 ) $ 0.07 $ (0.03 ) $ 0.53
 
Weighted average number of common shares attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share
Basic 24,084 23,887 23,795 23,938 23,914
Diluted 24,084 23,887 24,755 23,938 24,916
 

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