SMSC Reports Third Quarter Of Fiscal Year 2012 Financial Results

SMSC (NASDAQ: SMSC) today announced financial results for its third quarter of fiscal 2012, ended November 30, 2011.

Third Quarter Fiscal Year 2012 Highlights:
  • Quarterly revenue of $106.2 million:
    • Record revenue of $23.5 million for Automotive Products
    • Record revenue of $14.4 for Wireless Audio Products
  • Strict operating expense management, resulting in lower than expected non-GAAP operating expenses of $ 42.1 million,
  • Strong cash generation from operations of $15.8 million,
  • Share repurchases of approximately $15 million,
  • Cash and investments of approximately $169 million.

Total revenue for the third quarter of fiscal 2012 was $106.2 million, a decrease of approximately 1 percent when compared to the same prior year period and a decrease of approximately 6 percent sequentially. Third quarter revenue included $11.6 million in sales related to the BridgeCo acquisition. Non-GAAP gross margin was 52.7 percent compared to 55.4 percent for the same prior year period and 54.6 percent in the second quarter of fiscal 2012. GAAP gross margin was 50.1 percent compared to 52.1 percent for the same prior year period and 53.6 percent in the second quarter of fiscal 2012. GAAP and non-GAAP gross margin are lower than expected mainly as a result of a $2.2 million excess inventory reserve for an end of life automotive product. Non-GAAP net income was $4.8 million, or $0.21 per diluted share, compared to non-GAAP net income of $12.0 million, or $0.52 per diluted share in the third quarter of fiscal 2011 and $8.4 million, or $0.36 per diluted share in the second quarter of fiscal 2012. GAAP net loss for the third quarter of fiscal 2012 was $3.3 million, or $0.15 per diluted share, compared to GAAP net loss of $4.6 million, or $0.20 per diluted share for the same prior year period and net income of $11.9 million, or $0.51 per diluted share in the second quarter of fiscal 2012. The lower than expected GAAP and non-GAAP net income and earnings per diluted share are mainly a result of a higher effective tax rate for the third quarter.

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