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And now, I would like to turn the conference over to Mr. Hayes. Mr. Hayes, please go ahead, sir.Perry Hayes Good afternoon and thank you for attending Super Micro’s conference call on financial results for the fourth quarter and full fiscal year 2012, which ended June 30, 2012. Before I begin, I’d like to advise you of upcoming investor conferences in which Super Micro will be participating. On August 28, we will attend the Midwest IDEAS conference in Chicago and on and on September 12, we will attend the ThinkEquity’s Annual Growth Conference in New York, where we will present and participate in one-on-one meetings. By now, you should have received a copy of today’s news release that was distributed at the close of regular trading and is available on company’s website. As a reminder, during today’s call, the company will refer to a presentation that is available to participants in the Investor Relations section of the company’s website under the events and presentation tab. Please turn to slide 2. Before we start, I will remind you that our remarks include forward-looking statements. There are a number of risk factors that could cause Super Micro’s future results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2011, and our other SEC filings. All those documents are available from the Investor Relations page of Super Micro’s website at www.supermicro.com. We assume no obligation to update any forward-looking statements. Most of today’s presentation will refer to non-GAAP financial results and outlooks. For an explanation of our non-GAAP financial measures, please refer to slide 3 of this presentation or to our press release published earlier today. In addition, a reconciliation of GAAP to non-GAAP results is contained in today’s press release and in the supplemental information attached to today’s presentation.
I’ll now turn the call over to Charles Liang, Chairman and Chief Executive Officer.Charles Liang Thank you, Perry, and good afternoon everyone. Please turn to slide four. First let me provide you with the highlights of our first quarter. We’re pleased that our first quarter revenue was $275.9 million or 14.9% higher quarter-over-quarter and 6% higher year-over-year. This result is a record high for Super Micro. Non-GAAP net income was $8.1 million or 7.9% lower quarter-over-quarter and 37.5% lower compared to last year. Super Micro’s non-GAAP earnings per share was $0.18 per diluted share compared to $0.19 last quarter or $0.29 last year. Slide five please. Let me start with our results last quarter as well as our achievement and challenges in the last fiscal year. I will then provide some insights on our plans for upcoming year. Last quarter we achieved record high revenue that sum up to over $1 billion revenue for our fiscal year. We are especially pleased with the strong performance of our complete rack solutions which has grown rapidly over the last year at almost 300% growth quarter-over-quarter. This rack of solutions combined with our server systems contributed to 44.6% of our total revenue last quarter. Furthermore 46.6% of our business last quarter came from OEM and direct customers and especially internet data center which were 15.2% of sales. Geographically, our revenue in North America was 57.4% and stronger than last quarter while Europe was 22.4% and Asia was 17.5% slightly lower from last quarter. Despite the weak global economic conditions that had impacted the rate of our growth, our business have been able to grow overall. Our margins (inaudible) last quarter mainly due to the drop in hard driver price as well as some price drop also happened to our memory team component. However we believe that most of the impact to our margin occurred last quarter and the supply and demand conditions are in process of stabilizing.
For the full fiscal year we are pleased with our top line performance especially our global operation from Beijing instrument, regardless of a challenging period of hard driver shortage, a later than expected technology transition and a weaker global economy.Read the rest of this transcript for free on seekingalpha.com