This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Silicon Motion Announces Results For The Period Ended June 30, 2013

Second Quarter 2013

Financial Highlights
  • Net sales increased 2% quarter-over-quarter to US$58.3 million from US$57.4 million in 1Q13
  • Gross margin (non-GAAP 1) increased to 48.4% from 41.0% in 1Q13
  • Operating expenses (non-GAAP) increased to US$16.8 million from US$15.6 million in 1Q13
  • Operating margin (non-GAAP) increased to 19.7% from 13.7% in 1Q13
  • Diluted earnings per ADS (non-GAAP) increased to US$0.27 from US$0.17 in 1Q13

Business Highlights
  • Entered mass production for our new 55nm eMMC 4.5 controller and secured nine design wins, including several global Android and Windows 8.1 flagship smartphone and tablets
  • Began mass production of our new 55nm UHS-1 SD controller supporting TLC flash, enabling high-performance, low-cost UHS-1 SD cards
  • Secured two tier-one Japanese OEMs for our FerriSSD solution for multifunction printers
  • Entered mass production for our high-performance CompactFlash 5.0 professional-grade controller with a Japanese and a US-based flash OEM

TAIPEI, Taiwan, July 30, 2013 (GLOBE NEWSWIRE) – Silicon Motion Technology Corporation (Nasdaq:SIMO) ("Silicon Motion" or the "Company") today announced its financial results for the quarter ended June 30, 2013. For the second quarter of 2013, net sales increased 2% quarter-over-quarter to US$58.3 million from US$57.4 million in the first quarter of 2013. Net income (non-GAAP) increased in the second quarter to US$9.2 million or US$0.27 per diluted ADS from a net income of US$6.0 million or US$0.17 per diluted ADS in the first quarter of 2013.

Net income (GAAP) for the second quarter of 2013 increased quarter-over-quarter to US$7.5 million or US$0.22 per diluted ADS from a net income of US$4.8 million or US$0.14 per diluted ADS in the first quarter of 2013.

1 Non-GAAP measures represent GAAP measures excluding the impact of stock-based compensation, acquisition-related charges, foreign exchange gain (loss), litigation expenses, gains from settlement of litigation, impairment of long-term assets, and other non-recurring items. For reconciliation of non-GAAP to GAAP results and further discussion, see accompanying financial tables and the note "Discussion of Non-GAAP Financial Measures" at the end of this press release.

Second Quarter 2013 Financial Review

Commenting on the results of the second quarter, Silicon Motion's President and CEO, Wallace Kou, said:

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs