GAAP operating income for the second quarter of 2012 was $20.2 million, or 10.7% of sales, up $16.8 million, or 492.3%, as compared to $3.4 million, or 2.1% of sales, during the same period in 2011 and up $5.7 million, or 39.7%, from $14.5 million, or 8.7% of sales, in the previous quarter.

Reported GAAP net income was $15.1 million, or 8.9 cents per ADS, for the second quarter of 2012 compared to $3.6 million, or 2.0 cents per ADS, in the corresponding quarter a year ago, and up from $11.3 million, or 6.6 cents per ADS, in the previous quarter. GAAP net income improved 316.8% compared to second quarter 2011 and 33.5% versus first quarter of 2012.

Non-GAAP net income in the second quarter was $15.9 million, or 9.3 cents per diluted ADS, up from $5.0 million, or 2.8 cents per ADS, for the same period last year, and up from $12.1 million, or 7.1 cents per ADS, in the previous quarter.  Non-GAAP net income for the second quarter 2012 grew 216.8% over the same period last year and 31.1% over first quarter of 2012.
First Half 2012 Results (USD) (unaudited)
 
  1H 2012 1H 2011 CHANGE
Net Revenues $356.2 million $301.7 million +18.1%
Gross Profit $81.8 million $58.2 million +40.6%
Gross Margin 23.0% 19.3% +3.7%
GAAP Net Income Attributable to Shareholders $26.4 million $6.3 million +316.2%
Non-GAAP Net Income Attributable to Shareholders $28.1 million (1) $9.2 million ( 2 ) +206.6%
GAAP EPS (Per Diluted ADS) $0.154 $0.036 +327.8%
Non-GAAP EPS (Per Diluted ADS) $0.164 (1) $0.051 ( 2) +221.6%
       
(1) Non-GAAP Net income attributable to common shareholders and EPS excludes $0.9 million of share-based compensation expenses, net of tax and $0.8 million non-cash acquisition related charges, net of tax.      
(2) Non-GAAP Net income attributable to common shareholders and EPS excludes $2.0 million of share-based compensation expenses, net of tax and $0.9 million non-cash acquisition related charges, net of tax.      

Revenues were $356.2 million and gross profits were $81.8 million, representing growth of 18.1% and 40.6% over the first half of 2011 respectively. Gross margin increased to 23.0% in the first six months of 2012, up from 19.3% in the same period last year, a 370 basis point improvement.

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