Super Micro Computer, Inc. Announces 1st Quarter 2014 Financial Results

Super Micro Computer, Inc. (NASDAQ:SMCI), a leader in application optimized, high performance server solutions, today announced first quarter fiscal 2014 financial results for the quarter ended September 30, 2013.

Fiscal 1st Quarter Highlights
  • Quarterly net sales of $309.0 million, down 4.1% from the fourth quarter of fiscal year 2013 and up 14.2% from the same quarter of last year.
  • GAAP net income of $7.7 million, down 8.6% from the fourth quarter of fiscal year 2013 and up 756.4% from the same quarter of last year.
  • GAAP gross margin of 15.1%, up from 14.3% in the fourth quarter of fiscal year 2013 and up from 12.9% in the same quarter of last year.
  • Server solutions accounted for 46.4% of net sales compared with 47.4% in the fourth quarter of fiscal year 2013 and 39.5% in the same quarter of last year.

Net sales for the first quarter ended September 30, 2013 totaled $309.0 million, down 4.1% from $322.3 million in the fourth quarter of fiscal year 2013. No customer accounted for more than 10% of net sales during the quarter ended September 30, 2013.

GAAP net income for the first quarter of fiscal year 2014 was $7.7 million or $0.17 per diluted share, an increase of 756.4% from the net income of $0.9 million, or $0.02 per diluted share in the same period a year ago. Included in net income for the quarter is $2.6 million of stock-based compensation expense (pre-tax). Excluding this item and the related tax effect, non-GAAP net income for the first quarter was $9.9 million, or $0.22 per diluted share, compared to non-GAAP net income of $3.1 million, or $0.07 per diluted share, in the same quarter of the prior year. On a sequential basis, non-GAAP net income decreased from the fourth quarter of fiscal year 2013 by $1.4 million or $0.04 per diluted share.

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