July 29, 2009 at 6:02 PM EDT
BACK
Silicon Motion Announces Second Quarter Results for the Period Ended June 30, 2009
Second Quarter 2009 Financial Highlights * Net sales decreased 6% quarter-over-quarter toUS$20.3 million * Gross margin excluding stock-based compensation improved to 48.5% compared with our 1Q09 gross margin of 44.1% * Operating expenses excluding stock-based compensation, acquisition-related charges, and one-time items increased from 1Q09 ofUS$10.0 million to US$11.2 million in the second quarter * Net income (loss) excluding stock-based compensation, acquisition-related charges, foreign exchange gain (loss), and one-time items improved from a loss in 1Q09 ofUS$0.8 million to an income ofUS$1.0 million . GAAP net loss increased fromUS$1.4 million in 1Q09 toUS$6.2 million * Diluted earnings per ADS excluding stock-based compensation, acquisition-related charges, foreign exchange gain (loss), and one-time items wereUS$0.03 , an improvement from our 1Q09 loss per ADS ofUS$0.03 . GAAP diluted loss per ADS wasUS$0.22 Business Highlights * Reduced total unit shipments 46% year-over-year and 26% sequentially to approximately 54 million units * Reduced storage controller unit shipments 48% year-over-year and 29% sequentially * Received controller design win fromIntel for its 34nm NAND flash * Received design win with global tier-one handset vendor for our ISDB-T solution for theJapan mobile TV market * Received design win for our CDMA transceiver with global tier-one handset vendor for theChina mobile phone market
Net income (loss) excluding stock-based compensation, acquisition-related charges, foreign exchange gain (loss), and one-time items improved in the second quarter to an income of
Second Quarter 2009 Financial Review [1]
Commenting on the results of the second quarter,
"As we had indicated on our second quarter pre-announcement, our business in the second quarter continued to be negatively affected by the global economic slowdown and the shortage in NAND flash available to our customers. While we had originally anticipated the supply of NAND flash to improve steadily throughout the second quarter, the timing and availability of NAND flash to our customers was challenging. NAND flash vendors continued to limit availability of products to card and UFD device makers and this resulted in less procurement of our controllers. Additionally, consumer demand and unit growth was limited by high prices for flash memory.
While the first half of 2009 was challenging, we are beginning to see the potential for improvement in our operating environment for the second half of 2009. We are seeing an increasing supply of flash, especially 4x and 3x nm components. We continue to offer advanced, best-in-class controller technologies that help our NAND flash partners accelerate market adoption of next generation flash. We announced in July that our controllers have been validated by Micron for its 34nm flash and these controllers are already in mass production. Our controllers have also been selected by
Sales of our mobile communications products this quarter were strong due to increasing sales of T-DMB SoC products for the Korea mobile TV market. We are also showing initial success with our expansion into other markets with our design wins at tier-one global handset OEMs for our ISDB-T SoCs for the
Sales
Net sales in the second quarter totaled
Net sales of mobile storage products, which include flash memory card controllers, USB flash drive controllers, card reader controllers, SSD controllers, and embedded flash controllers, decreased 26% from the first quarter of 2009 to
Net sales of mobile communication products, which include mobile TV IC solutions, CDMA RF ICs, and electronic toll collection (ETC) RF ICs, increased 42% from the first quarter of 2009 to
Net sales of multimedia SoC products, which include embedded graphics processors, PMP and DAB SoCs, and PC camera SoCs, increased 28% from the first quarter of 2009 to
Gross and Operating Margins
Gross margin excluding stock-based compensation improved from 44.1% in the first quarter to 48.5% this quarter. GAAP gross margin increased from 43.8% to 48.0% in the second quarter.
Operating expenses excluding stock-based compensation, acquisition-related charges, and one-time items were
Operating margin excluding stock-based compensation, acquisition-related charges, and one-time items was a negative 6.7%, which was lower compared with the negative 2.3% in the previous quarter. GAAP operating margin was a negative 24.7%, which was lower compared with the negative 16.7% in the previous quarter.
Other Income and Expenses
Net total other income excluding net foreign exchange gain or loss was
Earnings
Net income excluding stock-based compensation, acquisition-related charges, net foreign exchange gain, and one-time items was
GAAP net loss was
Balance Sheet
Cash, cash equivalents, and short-term investments increased from
Cash Flow
Our cash flows were as follows:
3 months ended June 30, 2009
----------------------------
(In US$ millions)
Net income (loss) (6.2)
Depreciation & amortization 2.7
Changes in operating assets and liabilities 3.3
Others 0.1
----
Net cash provided by (used in) operating activities (0.1)
====
Acquisition of property and equipment (0.9)
Others --
----
Net cash provided by (used in) investing activities (0.9)
====
Others --
----
Net cash provided by (used in) financing activities --
====
Effects of changes in foreign currency exchange rates on cash 2.5
----
Net increase in cash and cash equivalents 1.5
====
Pro-forma adjustment for foreign exchange translation 1.9
----
Pro-forma net increase in cash and
cash equivalents 3.4
====
During the second quarter of 2009, we spent
Business Outlook:
"While we are seeing some signs of improving NAND flash supply, flash component sales volume remains constrained, flash prices remain high, and overall consumer demand continues to be lackluster. We are however encouraged by the continuing ramp of next-generation flash and our traction with our NAND flash business partners and customers. We are also encouraged by our recent mobile communications design wins and sales contributions from this product line."
For the third quarter of 2009, management expects:
* Revenue to be flat to up 10% sequentially
* Non-GAAP and GAAP gross margin to be in the 46% to 48%
range
* Operating expenses excluding stock-based compensation,
acquisition-related charges, and one-time items of
approximately US$14 to US$15 million
Conference Call & Webcast:
The Company's management team will conduct a conference call at
(Speakers)Wallace Kou , President & CEO Riyadh Lai, CFOJason Tsai , Director of Investor Relations and Strategy PRE-REGISTRATION: https://www.theconferencingservice.com/prereg/key.process?key=P9WEMMW9N CONFERENCE CALL ACCESS NUMBERS: USA (Toll Free): 1 888 680 0869 USA (Toll): 1 617 213 4854Taiwan (Toll Free): 0080 144 4360 Participant Passcode: 1347 1908 REPLAY NUMBERS (for 7 days): USA (Toll Free):1 888 286 8010 USA (Toll): 1 617 801 6888 Participant Passcode: 8851 0796
A webcast of the call will be available on the Company's website at www.siliconmotion.com.
Discussion of Non-GAAP Financial Measures
To supplement the Company's unaudited selected financial results calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation, acquisition-related charges and one-time items, including non-GAAP cost of sales, non-GAAP gross profit, non-GAAP selling, general, and administrative expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per diluted ADS. These non-GAAP measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.
Our non-GAAP financial measures are provided to enhance the user's overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because it is consistent with the financial models and estimates published by many analysts who follow the Company. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors. Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target's performance and valuation. Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management's perspective in addition to seeing our GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company's GAAP financials, provide useful information to investors by offering:
-- the ability to make more meaningful period-to-period
comparisons of the Company's on-going operating results;
-- the ability to better identify trends in the Company's
underlying business and perform related trend analysis;
-- a better understanding of how management plans and
measures the Company's underlying business; and
-- an easier way to compare the Company's operating
results against analyst financial models and operating
results of our competitors that supplement their GAAP
results with non-GAAP financial measures.
The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures:
Stock-based compensation expense consists of non-cash charges incurred as a result of the Company's adoption of SFAS 123R relating to the fair value of stock options and restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact the application of SFAS 123R has on its operating results.
Intangible amortization consists of non-cash charges that can be impacted by the timing and magnitude of our acquisitions. The Company considers its operating results without these charges when evaluating its ongoing performance and forecasting its earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures. The Company believes that the assessment of its operations excluding these costs is relevant to its assessment of internal operations and comparisons to the performance of its competitors.
Litigation expenses consist of the legal expenses relating to complaints
Foreign exchange gains and losses consists of translation gains and/or losses of non-NT$ denominated current assets and current liabilities, as well as certain other balance sheet items which result from the appreciation or depreciation of non-NT$ currencies against the NT$.
Silicon Motion Technology Corporation
Consolidated Statements of Income
(in thousands, except percentages and per ADS data, unaudited)
For the Three Months Ended
---------------------------------
Jun. 30, Mar. 31, Jun. 30,
2008 2009 2009
(NT$) (NT$) (NT$)
--------- --------- ---------
Net Sales 1,475,747 732,024 673,625
Cost of sales 780,523 411,162 350,159
--------- --------- ---------
Gross profit 695,224 320,862 323,466
Operating expenses
Research & development 305,203 219,649 264,026
Sales & marketing 83,093 79,740 87,984
General & administrative 136,720 95,948 89,528
Amortization of intangibles
assets 48,467 47,877 48,081
--------- --------- ---------
Operating income (loss) 121,741 (122,352) (166,153)
Non-operating income (expense)
Gain on sale of investments 5,816 157 44
Interest income (net) 10,488 5,517 5,220
Dividend income 2,239 -- --
Foreign exchange gain (loss) (7,329) 86,433 (115,396)
Others 24 (148) (1,987)
--------- --------- ---------
Subtotal 11,238 91,959 (112,119)
--------- --------- ---------
Income (loss) before tax 132,979 (30,393) (278,272)
Income tax expense (benefit) 73,161 17,436 (73,723)
--------- --------- ---------
Net income (loss) 59,818 (47,829) (204,549)
========= ========= =========
Basic earnings (loss) per ADS $1.83 ($1.75) ($7.38)
Diluted earnings (loss) per ADS $1.79 ($1.72) ($7.21)
Margin Analysis:
Gross margin 47.1% 43.8% 48.0%
Operating margin 8.2% (16.7%) (24.7%)
Net margin 4.1% (6.5%) (30.4%)
Weighted avg. ADS(2):
Basic 32,775 27,354 27,728
Diluted 33,377 27,783 28,375
For the Three Months Ended
---------------------------------
Jun. 30, Mar. 31, Jun. 30,
2008 2009 2009
(US$) (US$) (US$)
--------- --------- ---------
Net Sales 48,481 21,543 20,314
Cost of sales 25,642 12,100 10,560
--------- --------- ---------
Gross profit 22,839 9,443 9,754
Operating expenses
Research & development 10,027 6,464 7,962
Sales & marketing 2,730 2,346 2,653
General & administrative 4,491 2,824 2,700
Amortization of intangibles
assets 1,592 1,409 1,450
--------- --------- ---------
Operating income (loss) 3,999 (3,600) (5,011)
Non-operating income (expense)
Gain on sale of investments 191 5 1
Interest income (net) 345 161 157
Dividend income 74 -- --
Foreign exchange gain (loss) (241) 2,544 (3,480)
Others 1 (4) (59)
--------- --------- ---------
Subtotal 370 2,706 (3,381)
--------- --------- ---------
Income (loss) before tax 4,369 (894) (8,392)
Income tax expense (benefit) 2,403 513 (2,223)
--------- --------- ---------
Net income (loss) 1,966 (1,407) (6,169)
========= ========= =========
Basic earnings (loss) per ADS $0.06 ($0.05) ($0.22)
Diluted earnings (loss) per ADS $0.06 ($0.05) ($0.22)
Margin Analysis:
Gross margin 47.1% 43.8% 48.0%
Operating margin 8.2% (16.7%) (24.7%)
Net margin 4.1% (6.5%) (30.4%)
Weighted avg. ADS(2):
Basic 32,775 27,354 27,728
Diluted 33,377 27,783 28,375
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(2) Assumes all outstanding ordinary shares are represented by ADSs.
Each ADS represents four ordinary shares.
Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)
For the Three Months Ended
-----------------------------
Jun. 30, Mar. 31, Jun. 30,
2008 2009 2009
(NT$) (NT$) (NT$)
-------- -------- --------
GAAP net income (loss) 59,818 (47,829) (204,549)
Stock-based compensation:
Cost of sales 3,045 2,118 3,406
Research and development 35,410 28,053 38,953
Sales and marketing 12,856 11,270 9,907
General and administrative 16,274 15,105 19,134
-------- -------- --------
Total stock-based compensation 67,585 56,546 71,400
-------- -------- --------
Acquisition related charges:
Amortization of intangible assets 48,467 47,877 48,081
Litigation expenses 20,405 1,290 1,538
Foreign exchange loss (gain) 7,329 (86,433) 115,396
FIN 48 tax charge 64,328 -- --
-------- -------- --------
Non-GAAP net income (loss) 267,932 (28,549) 31,866
======== ======== ========
Weighted avg. ADS (non-GAAP):
Basic 32,775 27,354 27,728
======== ======== ========
Diluted 34,386 28,853 30,710
======== ======== ========
Non-GAAP basic earnings (loss)
per ADS $8.17 ($1.04) $1.15
======== ======== ========
Non-GAAP diluted earnings
(loss) per ADS $7.79 ($0.99) $1.04
======== ======== ========
Non-GAAP gross margin 47.3% 44.1% 48.5%
Non-GAAP operating margin 17.5% (2.3%) 4.7%
For the Three Months Ended
-----------------------------
Jun. 30, Mar. 31, Jun. 30,
2008 2009 2009
(US$) (US$) (US$)
-------- -------- --------
GAAP net income (loss) 1,966 (1,407) (6,169)
Stock-based compensation:
Cost of sales 100 62 103
Research and development 1,163 826 1,175
Sales and marketing 422 332 299
General and administrative 535 445 577
-------- -------- --------
Total stock-based compensation 2,220 1,665 2,154
-------- -------- --------
Acquisition related charges:
Amortization of intangible assets 1,592 1,409 1,450
Litigation expenses 670 38 46
Foreign exchange loss (gain) 241 (2,544) 3,480
FIN 48 tax charge 2,113 -- --
-------- -------- --------
Non-GAAP net income (loss) 8,802 (839) 961
======== ======== ========
Weighted avg. ADS (non-GAAP):
Basic 32,775 27,354 27,728
======== ======== ========
Diluted 34,386 28,853 30,710
======== ======== ========
Non-GAAP basic earnings (loss)
per ADS $0.27 ($0.03) $0.03
======== ======== ========
Non-GAAP diluted earnings
(loss) per ADS $0.26 ($0.03) $0.03
======== ======== ========
Non-GAAP gross margin 47.3% 44.1% 48.5%
Non-GAAP operating margin 17.5% (2.3%) 4.7%
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Silicon Motion Technology Corporation
Consolidated Statements of Income
(in thousands, except percentages, and per ADS data)
(unaudited)
For the Six Months Ended
------------------------------------------
Jun. 30, Jun. 30, Jun. 30, Jun. 30,
2008 2009 2008 2009
(NT$) (NT$) (US$) (US$)
---------- ---------- ------- -------
Net Sales 3,061,821 1,405,649 98,832 41,872
Cost of sales 1,557,468 761,321 50,273 22,679
---------- ---------- ------- -------
Gross profit 1,504,353 644,328 48,559 19,193
Operating expenses
Research & development 531,410 483,675 17,153 14,408
Sales & marketing 164,674 167,724 5,315 4,996
General & administrative 273,229 185,476 8,820 5,525
Amortization of
intangible assets 97,273 95,959 3,140 2,858
---------- ---------- ------- -------
Operating income (loss) 437,767 (288,506) 14,131 (8,594)
Non-operating expense
(income)
Gain on sale of
investments 15,065 201 486 6
Unrealized holding gain
(loss) on marketable
securities (1,122) -- (36) --
Interest income (net) 21,028 10,737 679 319
Dividend income 2,239 -- 72 --
Foreign exchange gain
(loss) (89,274) (28,963) (2,882) (863)
Others 181 (2,135) 6 (63)
---------- ---------- ------- -------
Subtotal (51,883) (20,160) (1,675) (601)
---------- ---------- ------- -------
Income (loss) before tax 385,884 (308,666) 12,456 (9,195)
Income tax expense
(benefit) 75,100 (56,288) 2,424 (1,677)
---------- ---------- ------- -------
Net income (loss) 310,784 (252,378) 10,032 (7,518)
========== ========== ======= =======
Basic earnings (loss)
per ADS $9.41 ($9.16) $0.30 ($0.27)
========== ========== ======= =======
Diluted earnings (loss)
per ADS $9.27 ($8.99) $0.30 ($0.27)
========== ========== ======= =======
Margin Analysis:
Gross margin 49.1% 45.8% 49.1% 45.8%
Operating margin 14.3% (20.5%) 14.3% (20.5%)
Weighted average ADS:
Basic 33,031 27,541 33,031 27,541
Diluted 33,514 28,079 33,514 28,079
Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)
For the Six Months Ended
--------------------------------------
Jun. 30, Jun. 30, Jun. 30, Jun. 30,
2008 2009 2008 2009
(NT$) (NT$) (US$) (US$)
-------- -------- ------- -------
GAAP net income (loss) 310,784 (252,378) 10,032 (7,518)
Stock-based compensation:
Cost of sales 6,131 5,524 198 165
Research and development 70,523 67,006 2,276 1,996
Sales and marketing 25,599 21,177 826 631
General and administrative 32,971 34,239 1,064 1,020
-------- -------- ------- -------
Total stock-based
compensation 135,224 127,946 4,364 3,812
-------- -------- ------- -------
Acquisition related charges:
Amortization of intangible
assets 97,273 95,959 3,140 2,858
Litigation expenses 39,125 2,828 1,263 84
Foreign exchange loss (gain) 89,273 28,963 2,882 863
FIN48 tax charges 64,328 -- 2,076 --
-------- -------- ------- -------
Non-GAAP net income (loss) 736,007 3,318 23,757 99
======== ======== ======= =======
Weighted avg. ADS (non-GAAP):
Basic 32,934 27,541 32,934 27,541
======== ======== ======= =======
Diluted 34,513 29,781 34,513 29,781
======== ======== ======= =======
Non-GAAP basic earnings
per ADS $22.35 $0.12 $0.72 $0.00
======== ======== ======= =======
Non-GAAP diluted earnings
per ADS $21.33 $0.11 $0.69 $0.00
======== ======== ======= =======
Non-GAAP gross margin 49.3% 46.2% 49.3% 46.2%
Non-GAAP operating margin 23.2% (4.4%) 23.2% (4.4%)
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Silicon Motion Technology Corporation
Consolidated Balance Sheet
(In thousands)
(unaudited)
Dec. 31, Mar. 31, Jun. 30,
2008 2009 2009
(NT$) (NT$) (NT$)
---------- ---------- ----------
Cash and cash equivalents 1,586,941 1,905,598 1,955,309
Short-term investments 112,505 54,103 45,136
Accounts receivable (net) 923,717 755,706 569,107
Inventories 638,566 503,343 473,453
Refundable deposits - current 85,368 80,555 81,376
Deferred income tax assets (net) 55,276 50,112 48,226
Prepaid expenses and
other current assets 155,527 80,357 151,904
---------- ---------- ----------
Total current assets 3,557,900 3,429,774 3,324,511
Long-term investments 50,369 50,616 50,371
Property and equipment (net) 911,885 892,317 875,680
Goodwill and intangible
assets(net) 2,641,504 2,590,064 2,544,420
Other assets 282,994 218,452 288,471
---------- ---------- ----------
Total assets $7,444,652 $7,181,223 $7,083,453
========== ========== ==========
Accounts payable 378,624 340,037 276,453
Income tax payable 212,513 159,915 147,029
Accrued expenses and other
current liabilities 456,710 355,073 372,025
---------- ---------- ----------
Total current liabilities 1,047,847 855,025 795,507
Long-term liabilities 60,702 59,554 65,712
Other liabilities 46,511 40,216 41,602
---------- ---------- ----------
Total liabilities 1,155,060 954,795 902,821
Shareholders' equity 6,289,592 6,226,428 6,180,632
---------- ---------- ----------
Total liabilities &
shareholders' equity $7,444,652 $7,181,223 $7,083,453
========== ========== ==========
Dec. 31, Mar. 31, Jun. 30,
2008 2009 2009
(US$) (US$) (US$)
---------- ---------- ----------
Cash and cash equivalents 48,441 55,948 59,306
Short-term investments 3,434 1,588 1,369
Accounts receivable (net) 28,196 22,188 17,261
Inventories 19,492 14,778 14,360
Refundable deposits - current 2,606 2,365 2,468
Deferred income tax assets (net) 1,688 1,471 1,463
Prepaid expenses and other
current assets 4,748 2,360 4,607
---------- ---------- ----------
Total current assets 108,605 100,698 100,834
Long-term investments 1,538 1,486 1,528
Property and equipment (net) 27,835 26,198 26,560
Goodwill and intangible
assets(net) 80,632 76,044 77,174
Other assets 8,638 6,414 8,750
---------- ---------- ----------
Total assets $227,248 $210,840 $214,846
========== ========== ==========
Accounts payable 11,558 9,983 8,385
Income tax payable 6,487 4,695 4,459
Accrued expenses and other
current liabilities 13,940 10,425 11,284
---------- ---------- ----------
Total current liabilities 31,985 25,103 24,128
Long-term liabilities 1,853 1,748 1,993
Other liabilities 1,420 1,181 1,263
---------- ---------- ----------
Total liabilities 35,258 28,032 27,384
Shareholders' equity 191,990 182,808 187,462
---------- ---------- ----------
Total liabilities &
shareholders' equity $227,248 $210,840 $214,846
========== ========== ==========
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Note: The Company maintains its accounts and expresses its financial statements in New Taiwan dollars. For convenience only, U.S. dollar amounts presented in the income statement have been translated from New Taiwan dollars, using an average exchange rate of
About
We are a fabless semiconductor company that designs, develops and markets high performance, low-power semiconductor solutions for the multimedia consumer electronics market. We have three major product lines: mobile storage, mobile communications, and multimedia SoCs. Our mobile storage business is composed of microcontrollers used in NAND flash memory storage products such as flash memory cards, USB flash drives, SSDs, embedded flash applications, and card readers. Our mobile communications business is composed of mobile TV IC solutions, CDMA RF ICs, and electronic toll collection RF ICs. Our multimedia SoCs business is composed of products that support portable multimedia players, DAB systems, PC cameras, and embedded graphics applications.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements about
(1) Unless otherwise stated, all financial information used in this press release is unaudited, consolidated, prepared in accordance with US GAAP and denominated in New Taiwan dollars. US dollar amounts are translated for convenience only. Such financial information is generated internally and has not been subjected to the same review and scrutiny, including internal auditing procedures and audit by independent auditors, to which we subject our audited consolidated financial statements, and may vary materially from the audited consolidated financial information for the same period. Any evaluation of the financial information presented in this press release should also take into account our published audited consolidated financial statements and the notes to those statements. In addition, the financial information presented is not necessarily indicative of our results for any future period.
CONTACT:Silicon Motion Technology Corporation Investor Contact:Jason Tsai , Director of IR and Strategy +1 408 519 7259 Fax: +1 408 519 7101 jtsai@siliconmotion.com Investor RelationsSelina Hsieh +886 3 552 6888 x2311 Fax: +886 3 560 0336 ir@siliconmotion.com Media Contact:Sara Hsu , Project Manager +886 2 2219 6688 x3509 Fax: +886 2 2219 6868 sara.hsu@siliconmotion.com
