AOSL

Alpha and Omega Semiconductor Limited (AOSL)

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Alpha and Omega Semiconductor Limited (AOSL)

F4Q 2013 Earnings Call

August 13, 2013 05:00 PM ET

Executives

So-YeonJeong - IR

Mary Dotz - Chairman and CEO

Mike Chang - CFO and Corporate Secretary

Analysts

Ross Seymore - Deutsche Bank

Craig Ellis - B Reilly Caris

Jason Butler - JMP Securities

Gus Richard - Piper Jaffray

Presentation

Operator

Good day, ladies and gentlemen, and welcome to your Alpha and Omega Semiconductor fiscal Q4 2013 Earnings Call. At this time, all participants will be in a listen-only mode but later there will be a question-and-answer session, and instructions will be given at that time. (Operator Instructions). As a reminder, this call may be recorded. And now, I would like to turn it over to your first host So-YeonJeong. Please go ahead.

So-YeonJeong

Thank you, good afternoon everyone and welcome to the Alpha and Omega Semiconductor Fourth Fiscal quarter of 2013 Conference Call. This is So-YeonJeong, Investor Relations Representative for the company. I am joined by Dr. Mike Chang, the Chairman and Chief Executive Officer and Mary L. Dotz the Chief Financial Officer & Corporate Secretary of the company.

This call is being recorded and broadcast live over the web and can be accessed for seven days following the call, we have the link in the investor relation section of our website at www.aosmd.com.

The earnings release was distributed by Globe Newswire, August 13, 2013 after the market closed. The release is also posted on our company's website. Our earnings release and its presentation includes certain non-GAAP financial measures. We use non-GAAP measures because we believe they provide useful formation about our operating performance that should be considered by investors in conjunction with the GAAP measures that we provide.

A reconciliation of these non-GAAP measures to comparable GAAP measures is included in our earnings release. We would like to remind you that during the course of this conference call, we will make forward-looking statements including discussions of business outlook and financial projections for calendar 2013 and fiscal 2014. These forward-looking statements are based on management’s current expectations and involve risks and uncertainties that could cause the actual results to differ material from such expectations.

For more detailed description of these risk and uncertainties please grab a report to our recent and subsequent filings with the SEC. We assume no obligations to update that information provided in today’s call, AOS 2013 fiscal year and fourth fiscal quarter ended on June 30th, 2013.

Now, let's hear from Mary who will provide an overview of the fourth fiscal quarter 2013 financial results. Mary?

Mary Dotz

Thanks So-Yeon. Good afternoon and thank you for joining us. Today, on our call, I will discuss the key financial results for the quarter, then I will turn it over to Mike Cheng our CEO who will review the company’s business highlights and I will follow up with our guidance for the next quarter.

Revenue for the June 2013 quarter was 77.2 million an increase of about 3% from the prior quarter and a decrease of about 18% from the same quarter last year.Our MOSFET revenue was 60.5 million, up 3.6% sequentially. Power IC revenue was 13.1 million up 7% from the prior quarter and our service revenue was 3.6 million or a decrease of 18% from the prior quarter. The increase in revenue quarter-over-quarter reflects growth in AOS’ consumer and communications product areas, primarily in television and mobile devices. The largest regional growth for these applications was in Korea and China.

Our GAAP gross margin was 17.1% for the June 2013 quarter, as compared to 7% in the prior quarter and 26.5% for the prior year. The sequential change in GAAP gross margin reflects the non-recurring inventory write down of 7.7 million and that was recorded in March of 2013. Our non-GAAP gross margins were relatively flat quarter over quarter.

For operating expenses, our GAAP expenses were about 16.1 million for the June 2013 quarter as compared to 18.4 million for the prior quarter and 17.3 million for the June quarter last year.

GAAP operating expenses in the March quarter included 2.6 million in asset impairment charges.

Our income tax expense was 1.1 million reflecting the impact of our fix rate tax structure. The March 2013 quarter reflected a retroactive R&D tax credits.

GAAP net loss for the quarter was approximately 4.1 million or $0.16 per share as compared to a GAAP net loss of $0.52 per share for the prior quarter. This reflected the non-recurring item that I mentioned above in the March quarter.

Depreciation and amortization expenses were $7.1 million for the quarter.The non-GAAP loss for the June 2013 quarter was $0.11 as compared to $0.07 for the prior quarter. The change quarter over quarter reflects primarily the benefit we received last quarter for the R&D tax credits.

Now moving on to our balance sheet, we completed the June 2013 quarter and fiscal 2013 year with cash and cash equivalents of approximately 92 million as compared to 104 million at March 31, 2013, and $82 million at June 30 of last year.

Our net trade receivables were 38.3 million compared to 29.8 million last quarter and 38.9 million last year. DSO for the quarter was about 45 days.

Rate inventory was 68.3 million at the quarter end compared to 67.1 millionfor the prior quarter and 65.8 million for the prior year. Average days in inventory were approximately 95 days for the quarter. The channel inventory was also down at the June 2013 quarter end.

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