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

Business Outlook:

Silicon Motion's President and CEO, Wallace Kou, added:

"For full year 2013, we believe we are well positioned to grow our revenue 10% to 20% led by our New Growth Products. In the first quarter, we expect our eMMC controller sales to grow sequentially and LTE sales to decrease as Samsung's flagship smartphone and tablet models are in transition.   Additionally, while our sales of card and USB flash drive controllers to module maker customers will be seasonally down as expected, our large OEM customer is rebalancing its card and wafer sales, and this will negatively affect our sales temporarily in the first quarter of 2013. In the second quarter, we expect our eMMC controller sales to continue growing, our LTE sales to pick-up, and our card and USB flash drive sales to rebound."

For the first quarter of 2013, management expects:

  • Revenue to be down 15% to 25% sequentially
  • Gross margin (non-GAAP) to be in the 44% to 46% range
  • Operating expenses (non-GAAP) of approximately US$17 to US$18 million

For the full year 2013, management expects:

  • Revenue to be up 10% to 20% compared with full year 2012
  • Gross margin (non-GAAP) to be in the 46% to 48% range
  • Operating expenses (non-GAAP)of approximately US$73 to US$78 million

Conference Call & Webcast:

The Company's management team will conduct a conference call at 8:00 am Eastern Time on February 5, 2013. 

(Speakers)
Wallace Kou, President & CEO
Riyadh Lai, CFO
Jason Tsai, Director of Investor Relations and Strategy
 
CONFERENCE CALL ACCESS NUMBERS:
USA (Toll Free): 1 866 519 4004
USA (Toll): 1 718 354 1231 
Taiwan (Toll Free): 0080 112 6920
Participant Passcode: 8815 6088
 
REPLAY NUMBERS (for 7 days):
USA (Toll Free):
1 855 452 5696
USA (Toll):
1 646 254 3697
Participant Passcode: 8815 6088

A webcast of the call will be available on the Company's website at www.siliconmotion.com

Discussion of Non-GAAP Financial Measures

To supplement the Company's unaudited selected financial results calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation, acquisition-related charges and other items, including non-GAAP cost of sales, non-GAAP gross profit, non-GAAP selling, general, and administrative expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per diluted ADS. These non-GAAP measures are not in accordance with or an alternative to GAAP, and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

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