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Silicon Motion Announces Results For The Period Ended March 31, 2013

First Quarter 2013

Financial Highlights

  • Net sales decreased 19% quarter-over-quarter to US$57.4 million from US$70.6 million in 4Q12
  • Gross margin (non-GAAP 1) excluding one-time expenses and benefits was 44%
  • Gross margin (non-GAAP) decreased to 41% from 45% in 4Q12
  • Operating expenses (non-GAAP) decreased to US$15.6 million from US$17.8 million in 4Q12
  • Operating margin (non-GAAP) decreased to 14% from 20% in 4Q12
  • Diluted earnings per ADS (non-GAAP) decreased to US$0.17 from US$0.36 in 4Q12

Business Highlights

  • Secured design-win for our next-generation 55nm eMMC 4.5 controller from tier-1 smartphone OEM for global flagship and from tier-1Android tablet OEM—both to enter production in 2Q13
  • Began shipping our USB 3.0 controller to three leading OEMs in 1Q13
  • Won two tier-1 Japanese OEMs for our FerriSSD solution
  • Our SD UHS-1 high performance controller reached record high shipments in 1Q13
  • Won new tier-1 Japanese OEM for our SD UHS-1 high performance controller
  • Expect SM2246, our SATA3 SSD controller to enter commercial sampling in 2Q13

TAIPEI, Taiwan, April 26, 2013 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (Nasdaq:SIMO) ("Silicon Motion" or the "Company") today announced its financial results for the quarter ended March 31, 2013. For the first quarter of 2013, net sales decreased 19% quarter-over-quarter to US$57.4 million from US$70.6 million in the fourth quarter of 2012. Net income (non-GAAP) decreased in the first quarter to US$6.0 million or US$0.17 per diluted ADS from a net income of US$12.4 million or US$0.36 per diluted ADS in the fourth quarter of 2012.

Net income (GAAP) for the first quarter of 2013 decreased quarter-over-quarter to US$4.8 million or US$0.14 per diluted ADS as compared to a net income of US$7.9 million or US$0.23 per diluted ADS in the fourth quarter of 2012.

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