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SGI Reports Third Quarter Fiscal Year 2013 Financial Results

Stocks in this article: SGI

FREMONT, Calif., April 30, 2013 (GLOBE NEWSWIRE) -- SGI (Nasdaq:SGI), the trusted leader in technical computing, today reported financial results for its third fiscal quarter ended Mar. 29, 2013. Total revenue for the third fiscal quarter was $233 million, which compares with $171 million in the previous quarter and $199 million in the third fiscal quarter of 2012.

GAAP net income for the third quarter was $9 million, or $0.27 per diluted share, which compares with net income of $1 million, or $0.03 per diluted share, in the prior quarter, and a net loss of $1 million, or $(0.04) per diluted share, in the third quarter of fiscal 2012. Non-GAAP net income for the quarter was $6 million, or $0.18 per diluted share, which compares with non-GAAP net income of $3 million, or $0.10 per diluted share, in the prior quarter and non-GAAP net income of $4 million, or $0.11 per diluted share, in the year-ago period. GAAP net income includes the impact of an $8 million tax-related benefit, which is excluded from the non-GAAP results.

"We achieved another solid financial quarter with both revenue and non-GAAP net income at the high end of our guidance, while improving our net cash position by $25 million," said Jorge Titinger, president and CEO of SGI. "As expected, in the third fiscal quarter we completed the last of the low-margin deals (LMDs), which represented approximately $50 million of revenue in the quarter and $65 million of revenue in the current fiscal year. With our emphasis on improved deal quality as well as cost reductions, we are now positioned to achieve consistent quarterly non-GAAP profitability and steady progress toward our medium-term non-GAAP operating margin target of at least 5% exiting calendar year 2013. In addition, although we still see near-term macro uncertainty related to both government and enterprise IT spending, we are investing to enhance our total solution in high-growth markets such as Big Data and high-performance Tier-2 storage, which positions SGI to grow profitably off of its current non-LMD baseline."

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