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SGI Reports Second Quarter Fiscal Year 2013 Financial Results

Stocks in this article: SGI

FREMONT, Calif., Jan. 30, 2013 (GLOBE NEWSWIRE) -- SGI (Nasdaq:SGI), the trusted leader in technical computing, today reported financial results for its second fiscal quarter ended Dec. 28, 2012. Total revenue for the second fiscal quarter was $171 million, which compares with $193 million in the previous quarter and $195 million in the second fiscal quarter of 2012.

GAAP net income for the second quarter was $1 million, or $0.03 per share, which compares with a net loss of $9 million, or ($0.27) per share, in the prior quarter, and a net loss of $2 million, or ($0.07) per share, in the second quarter of fiscal 2012. Non-GAAP net income for the quarter was $3 million, or $0.10 per share, which compares with a non-GAAP net loss of $3 million, or ($0.10) per share, in the prior quarter and non-GAAP net income of $1 million, or $0.04 per share, in the year-ago period. GAAP net income includes the impact of a non-cash $4 million tax-related benefit, which is excluded from the non-GAAP results.

"Final results for the quarter were consistent with the preliminary results announced on Jan. 15, 2013, and reflected our significant progress to date in the company's turnaround," said Jorge Titinger, president and chief executive officer. "We are excited about the near-term opportunity to continue to improve profitability as we drive our longer-term strategic product and marketing initiatives in Big Data and HPC that we believe will deliver above-market growth and higher margins over time."

Highlights

  • On Jan. 22, 2013, the company announced an OEM partnership with Scality for a Scale-Out Storage solution, built on the extreme density of the SGI ® Modular InfiniteStorage TM (SGI MIS) platform.
  • SGI announced on Jan. 21, 2013 that it named Cassio Conceicao as Executive Vice President and Chief Operating Officer, a new position at the company.
  • On Jan. 15, 2013, the company announced that its board of directors authorized a $15 million stock repurchase plan.
  • On Nov. 14, 2012, SGI won the HPCwire Readers' Choice Award for "Top Supercomputing Achievement" for its contribution to the NASA Ames Pleiades supercomputer. The company also received the Editor's Choice Award for "Best use of HPC in 'edge HPC' application" for its SGI® UV™ 2000's historical mapping and exploration of Wikipedia.
  • The company announced on Nov. 11, 2012, a win with the Central Research Institute of Electric Power Industry, a joint research institute of electric power companies in Japan, which plans to implement one of the largest and fastest cluster systems with a theoretical computing performance of up to 670 teraflops for scientific calculation.

Outlook for Fiscal Q3 2013

The company provides technical computing solutions to large government, public, and commercial customers. Any given customer deal can include a varying mix of compute and storage hardware, software, and services, and generally will carry terms that result in most of the product revenue associated with the deal being recognized upon final shipment or acceptance of the system. The timing of final delivery or acceptance of large deals is difficult to predict and can cause significant swings in quarterly revenue. Management provides guidance on quarterly revenue and other items based on its current expectations of the timing of revenue and associated costs; however there can be no assurance that revenues and associated costs will be recognized according to expected schedules and management assumes no obligation to update its guidance if the timing of revenues or other circumstances in the business differ from current expectations.

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