GAAP net income was $12.5 million for the third quarter of fiscal 2011, compared to $19.9 million in the prior-year period. GAAP EPS was $0.10 based on 123.8 million weighted average shares outstanding, compared to $0.11 based on 180.5 million weighted average shares outstanding during the same period last year. GAAP net income during the quarter ended December 31, 2010, includes a $3.2 million foreign exchange gain, partly due to the conversion of our U.S. dollar-denominated long-term debt into the company's functional currency of Canadian dollars, compared to an $8.7 million foreign exchange gain during the same period last year.
Adjusted Net Income for the third quarter of fiscal 2011 was $15.9 million, an increase of 26% compared to $12.6 million in the same period last year. Adjusted EPS was $0.13 based on 123.8 million weighted average shares outstanding, compared to $0.07 based on 180.5 million weighted average shares outstanding for the third quarter of fiscal 2010.
As of December 31, SMART had cash and cash equivalents of $130.1 million and $365.1 million of debt outstanding.
Financial Outlook for Fiscal 2011
Total revenue is expected to be in the range of $775 million to $790 million for the fiscal year ended March 31, 2011. Adjusted Net Income per share is expected to be in the range of $0.69 to $0.73.
Conference call information
SMART will host a conference call today, February 8, 2011, at 2:30 p.m. MT (4:30 p.m. ET) to discuss the company's financial results and business outlook. To access this call, dial 877.312.5844 (North America) or 253.237.1152 (outside North America) with conference ID #39487778. A live webcast of the conference call will be accessible from the investor relations page of SMART's website at
, and a replay will be archived and accessible at
. A replay of this conference call may also be accessed through February 18, 2011, by dialing 800.642.1687 (North America) or 706.645.9291 (outside North America). The replay pass code is 39487778.
is a leading provider of collaboration solutions that transform the way the world works and learns. We believe that collaboration and interaction should be easy. As the global leader in interactive whiteboards, we bring more than two decades of collaboration research and development to a broad range of easy-to-use, integrated solutions that free people from their desks and computer screens, so collaborating and learning with digital resources are more natural.
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Certain statements made in this press release are forward-looking statements within the meaning of the U.S. federal and applicable Canadian securities laws. Statements that include the words "expanding," "expect," "increasing," "intend," "plan," "believe," "project," "estimate," "anticipate," "may," "will," "continue," further," "seek," and similar words or statements of a future or forward-looking nature identify forward-looking statements. In particular and without limitation, this press release contains forward-looking statements pertaining to the continuing adoption of our core solutions, the increasing demand for attachment products, the belief that interactive whiteboard products will remain a priority for school districts, the attainment of financial objectives, the execution of our growth strategy, the cross-selling of technology solutions, the expansion of our presence with business and government organizations, the leveraging of our touch technology, and the investment in our sales and research and development activities.