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Silicon Motion Announces Results For The Period Ended December 31, 2012

Earnings

Net income (non-GAAP) was US$12.4 million for the fourth quarter of 2012, a decrease from US$18.7 million in the third quarter. Diluted earnings per ADS (non-GAAP) were US$0.36 in the fourth quarter, a decrease from US$0.54 in the third quarter.

GAAP net income was US$7.9 million for the fourth quarter, a decrease from the net income of US$15.6 million in the third quarter. Diluted GAAP earnings per ADS in the fourth quarter were US$0.23, a decrease from US$0.46 in the previous quarter.

Balance Sheet

Cash and cash equivalents, and short-term investments increased to US$169.6 million at the end of the fourth quarter of 2012 from US$146.6 million at the end of the third quarter.

Cash Flow

Our cash flows were as follows:

3 months ended December 31, 2012
  (In US$ millions)
Net income 7.9
Depreciation & amortization 1.5
Changes in operating assets and liabilities (4.3)
Others 3.7
Net cash provided by (used in) operating activities 8.8
Acquisition of property and equipment (1.3)
Others (0.3)
Net cash provided by (used in) investing activities (1.6)
Others 0.1
Net cash provided by (used in) financing activities 0.1
Effects of changes in foreign currency exchange rates on cash 0.9
Net increase (decrease) in cash and cash equivalents 8.2

During the fourth quarter of 2012, we had US$1.3 million of capital expenditures primarily relating to the purchase of testing equipment, software and design tools. 

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