SMSC Reports Fourth Quarter And Full Fiscal Year 2012 Financial Results

SMSC (NASDAQ: SMSC) today announced financial results for its fourth quarter and full fiscal year 2012, ended February 29, 2012.

Highlights:
  • Record annual revenue of $412.1 million,
  • Double digit year-over-year growth in sales of consumer electronics and automotive products,
  • Strong annual cash generation from operations of $55.1 million,
  • Share repurchases of $30 million in fiscal 2012,
  • Year-end cash and investments of $172.7 million.

Total revenue for the fourth quarter of fiscal 2012 was $89.9 million, a decrease of approximately 11 percent when compared to the same prior year period and a decrease of approximately 15 percent sequentially. Fourth quarter fiscal 2012 revenue included $7.0 million in sales related to the BridgeCo acquisition. Non-GAAP gross margin was 53.9 percent compared to 52.2 percent for the same prior year period and 52.7 percent in the third quarter of fiscal 2012. GAAP gross margin was 51.6 percent compared to 48.1 percent for the same prior year period and 50.1 percent in the third quarter of fiscal 2012. Non-GAAP net income was $1.1 million, or $0.05 per diluted share, compared to non-GAAP net income of $6.0 million, or $0.26 per diluted share for the same prior year period and $4.8 million, or $0.21 per diluted share in the third quarter of fiscal 2012. GAAP net loss for the fourth quarter of fiscal 2012 was $4.1 million, or $0.19 per diluted share, compared to GAAP net income of $1.7 million, or $0.07 per diluted share for the same prior year period and a GAAP net loss of $3.3 million, or $0.15 per diluted share in the third quarter of fiscal 2012.

Total revenue for fiscal year 2012 was $412.1 million, an increase of approximately 1 percent when compared to the same prior year period. Non-GAAP gross margin was 54.4 percent compared to 55.1 percent for the same prior year period. GAAP gross margin was 52.3 percent compared to 52.5 percent for the same prior year period. Non-GAAP net income was $25.3 million, or $1.09 per diluted share, compared to non-GAAP net income of $37.2 million, or $1.61 per diluted share for the same prior year period. GAAP net income was $10.7 million, or $0.46 per diluted share, compared to $10.6 million, or $0.46 per diluted share for the same prior year period.

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