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

Stocks in this article: SIMO

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:

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