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

Third Quarter 2013

Financial Highlights

  • Net sales decreased 2% quarter-over-quarter to US$57.1 million from US$58.3 million in 2Q13
  • Gross margin (non-GAAP 1) increased to 48.8% from 48.4% in 2Q13
  • Operating expenses (non-GAAP) decreased to US$14.9 million from US$16.8 million in 2Q13
  • Operating margin (non-GAAP) increased to 22.7% from 19.7% in 2Q13
  • Diluted earnings per ADS (non-GAAP) increased to US$0.32 from US$0.27 in 2Q13

Business Highlights

  • Introduced our new SM2246EN SATA III client SSD controller targeting PC SSDs, hybrid SSDs and NAND-cache storage solutions
  • Started initial sales of our SATA III client SSD controller to several module maker customers targeting both retail channels and local Chinese notebook OEMs
  • Introduced our new SM3267 ultra high-performance, cost-effective USB3.0 flash drive controller
  • Secured design-wins for SM3267 from most of our existing USB flash drive customers, including many top-tier global OEMs
  • Began production of new long-term Samsung UHS-1 microSD card program using its 19nm TLC NAND flash

TAIPEI, Taiwan, Oct. 25, 2013 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (Nasdaq:SIMO) ("Silicon Motion" or the "Company") today announced its financial results for the quarter ended September 30, 2013. For the third quarter of 2013, net sales decreased 2% quarter-over-quarter to US$57.1 million from US$58.3 million in the second quarter of 2013. Net income (non-GAAP) increased in the third quarter of 2013 to US$10.8 million or US$0.32 per diluted ADS as compared to a net income (non-GAAP) of US$9.2 million or US$0.27 per diluted ADS in the second quarter of 2013.

GAAP net income for the third quarter of 2013 increased quarter-over-quarter to US$9.6 million or US$0.29 per diluted ADS from a GAAP net income of US$7.5 million or US$0.22 per diluted ADS in the second quarter of 2013.

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