GAAP gross margin for the fourth quarter was 14.3% compared to 15.4% in the same period a year ago. Non-GAAP gross margin for the fourth quarter was 14.4% compared to 15.5% in the same period a year ago. GAAP gross margin and Non-GAAP gross margin for the third quarter of fiscal year 2013 were each 14.0% and 14.1%, respectively.
The Company's cash and cash equivalents and short and long term investments at June 30, 2013 were $95.7 million compared to $83.8 million at June 30, 2012. Free cash flow for the year ended June 30, 2013 was $8.6 million primarily due to a decrease in inventory for hard disk drives.
Fiscal Year 2013 Summary
Net sales for the fiscal year ended June 30, 2013 were $1,162.6 million, up 14.7% from $1,013.9 million for the fiscal year ended June 30, 2012. GAAP net income for fiscal year 2013 decreased to $21.3 million, or $0.48 per diluted share, a decrease of 28.7% from $29.9 million, or $0.67 per diluted share, for fiscal year 2012. Excluding $11.4 million of stock based-compensation expense and related tax effect, non-GAAP net income for the fiscal year 2013 was $32.2 million or $0.73 per diluted share, a decrease of 16.5% compared to $38.6 million or $0.86 per diluted share for fiscal year 2012.Business Outlook & Management Commentary The Company expects net sales of $295 million to $315 million for the first quarter of fiscal year 2014 ending September 30, 2014. The Company expects non-GAAP earnings per diluted share of approximately $0.17 to $0.23 for the first quarter. “The fourth quarter was a record high for Supermicro with growth at 16.8% higher year over year and which again outpaced the industry's growth rate. Virtually all market segments delivered strong growth from our rackmount servers and especially our FatTwin line of servers to our storage, blade, GPU, MicroCloud and switches,” said Charles Liang, CEO and Chairman. “We start a new fiscal year with the strongest product lines in our history and with our global operations ready for growth. We believe that with this strong foundation we will continue our growth trend in fiscal 2014.”
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