November 1, 2011 at 6:00 PM EDT
BACK
Silicon Motion Announces Results for the Period Ended September 30, 2011
Nov 1, 2011 (GlobeNewswire via COMTEX) --
Third Quarter 2011
Financial Highlights
-- Net sales increased 25% quarter-over-quarter to US$63.2 million from
US$50.5 million in 2Q11
-- Gross margin excluding stock-based compensation increased to 49.4% from
46.9% in 2Q11
-- Operating expenses excluding stock-based compensation,
acquisition-related charges, and other items increased to US$14.8
million from US$13.1 million in 2Q11
-- Operating margin excluding stock-based compensation, acquisition-related
charges, and other items increased to 26.0% from 21.1% in 2Q11
-- Diluted earnings per ADS excluding stock-based compensation,
acquisition-related charges, net foreign exchange gain (loss), and other
items increased to US$0.40, from US$0.29 in 2Q11
Business Highlights
-- Seventh consecutive quarter of revenue growth
-- Achieved the highest level of quarterly revenue in the Company's history
-- Total storage controller unit shipments increased 23% sequentially and
51% year-over-year
-- Blended storage controller ASPs decreased 7% sequentially but increased
5% year-over-year
-- OEM business was flat sequentially and accounted for 45% of our mobile
storage revenue
-- 3-bits per cell (TLC) controller revenue increased by over 10%
sequentially and remains over 35% of all controller sales
-- LTE transceiver revenue grew over 150% sequentially
-- Began shipping our LTE transceiver for the Samsung Stratosphere at
Verizon Wireless
TAIPEI, Taiwan, Nov. 2, 2011 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (Nasdaq:SIMO) ("Silicon Motion" or the "Company") today announced its financial results for the quarter ending September 30, 2011. For the third quarter of 2011, net sales increased 25% quarter-over-quarter to US$63.2 million from US$50.5 million in the second quarter of 2011. Net income (GAAP) for the third quarter increased quarter-over-quarter to US$18.3 million or US$0.56 per diluted ADS from a net income of US$4.5 million or US$0.14 per diluted ADS in the second quarter of 2011.
Net income excluding stock-based compensation, acquisition-related charges, foreign exchange gain (loss), and other items increased in the third quarter to US$13.6 million or US$0.40 per diluted ADS from a net income of US$9.9 million or US$0.29 per diluted ADS in the second quarter of 2011.
Third Quarter 2011 Financial Review
Commenting on the results of the third quarter, Silicon Motion's President and CEO, Wallace Kou, said:
"We are excited to report that the US$63.2 million revenue this quarter is the highest quarterly revenue in our company's history. We delivered stellar sales while at the same time increasing our gross margins, and are reporting one of the highest quarters of non-GAAP EPS and the highest GAAP EPS in our company's history. Among other factors, this quarter we benefited from substantially better than expected availability of NAND flash and accelerated build of 4G LTE smartphones by Samsung.
NAND flash makers released more NAND flash components into the market and this action led to the 15% sequential growth of our mobile storage business as module makers increased their purchases of both flash and our controllers to build storage devices. Our OEM sales however were flat sequentially, as we expected, because of inventory management decisions by NAND flash makers. Our controller sales to tier-1 OEM device makers were, on the other hand, exceptionally strong. Our sales of advanced controllers supporting TLC flash increased over 10% sequentially during the quarter and continued to account for over 35% of all controller sales. In the second half of 2011, we expect a significant majority of our controllers will be for supporting 2x nm flash. We are on track with our eMMC projects and have three projects that are moving from qualification to production in the fourth quarter of 2011. To meet our customers' schedules we have already begun fabrication of eMMC controllers at our foundry partner.
Our mobile communications business delivered another exceptional quarter, growing 58% sequentially as Samsung accelerated its build of 4G LTE smartphones. For these LTE smartphones, we are supplying both an LTE transceiver and a multi-band CDMA EV-DO transceiver. We believe Samsung's LTE smartphones are experiencing very strong sales in the US because of their superior performance, strong consumer demand, and aggressive roll-out of LTE wireless broadband by US carriers. LTE handsets and tablets which ramped-up in the third quarter include the Samsung Galaxy Tab 10.1 and the new Samsung Stratosphere, both available through Verizon Wireless."
Sales
Net sales in the third quarter were US$63.2 million, an increase of 25% compared with the previous quarter. For the quarter, mobile storage products accounted for 61% of net sales, mobile communications 32% of net sales and multimedia SoCs 6% of net sales.
Net sales of our mobile storage products, which primarily include flash memory cards, USB flash drives, SSD and embedded flash controllers, increased 15% sequentially in the third quarter to US$38.8 million.
Net sales of mobile communication products, which primarily include mobile TV IC solutions and handset transceivers, increased 58% from the second quarter of 2011 to US$20.3 million this quarter.
Net sales of multimedia SoC products, which are primarily embedded graphics processors, increased 9% from the second quarter of 2011 to US$3.8 million in the third quarter.
Gross and Operating Margins
Gross margin excluding stock-based compensation increased to 49.4% in the third quarter from 46.9% in the second quarter of 2011. GAAP gross margin increased to 49.3% from 46.8% in the second quarter of 2011.
Operating expenses excluding stock-based compensation, acquisition-related charges, and other items were US$14.8 million, which was higher than the US$13.1 million expended in the second quarter. Research and development expenditures, excluding stock-based compensation, were US$8.8 million, which was higher than the US$7.7 million in the previous quarter. Selling and marketing expenses excluding stock-based compensation were US$3.3 million, which was higher compared to the US$2.9 million in the previous quarter. General and administrative expenses excluding stock-based compensation and litigation expenses were US$2.7 million, which was higher compared to the US$2.5 million in the previous quarter. Stock-based compensation was US$2.9 million in the third quarter, which was higher than the US$2.4 million in the second quarter. There were no acquisition-related charges in the third quarter compared to US$0.2 million in the second quarter.
Operating margin excluding stock-based compensation, acquisition-related charges, and other items was 26.0%, an increase from 21.1% in the previous quarter. GAAP operating margin was 21.4% during the third quarter, an increase from the 15.9% in the second quarter.
Other Income and Expenses
Net total other income excluding net foreign exchange gain or loss, and other items was US$0.2 million, an increase from US$0.1 million in the second quarter. GAAP net total other income was US$7.8 million, an increase from a loss of US$2.7 million in the second quarter. The increase in the GAAP total other income was primarily due to a foreign exchange gain in the third quarter of US$7.6 million compared to a foreign exchange loss in the second quarter of US$2.8 million.
Earnings
Net income excluding stock-based compensation, acquisition-related charges, net foreign exchange gain or loss, and other items was US$13.6 million this quarter, an increase from US$9.9 million in the second quarter. Diluted earnings per ADS excluding stock-based compensation, acquisition-related charges, net foreign exchange gain or loss, and other items were US$0.40 in the third quarter, an increase from US$0.29 in the second quarter.
GAAP net income was US$18.3 million during the third quarter, an increase from the net income of US$4.5 million in the second quarter. Diluted GAAP earnings per ADS in the third quarter were US$0.56, an increase from US$0.14 in the previous quarter.
Balance Sheet
Cash, cash equivalents, and short-term investments increased to US$69.8 million at the end of the third quarter from US$55.1 million at the end of the second quarter of 2011.
Cash Flow
Our cash flows were as follows:
3 months ended September 30, 2011
-------------------------------------------------------------------
(In US$
millions)
Net income 18.3
Depreciation & amortization 1.4
Changes in operating assets and liabilities (4.7)
Others 4.9
---------
Net cash provided by (used in) operating activities 19.9
=========
Acquisition of property and equipment (0.6)
Others (0.7)
---------
Net cash provided by (used in) investing activities (1.3)
=========
Others 0.3
---------
Net cash provided by (used in) financing activities 0.3
=========
Effects of changes in foreign currency exchange rates on
cash (3.6)
---------
Net increase (decrease) in cash and cash equivalents 15.3
=========
Pro-forma adjustment for foreign exchange translation (3.5)
---------
Pro-forma net increase (decrease) in cash and cash
equivalents 11.8
=========
During the third quarter of 2011, we had US$0.6 million of capital expenditures primarily relating to the purchase of testing equipment, software and design tools.
Business Outlook:
Silicon Motion's President and CEO, Wallace Kou, added:
"Although our third quarter revenue exceeded expectations due to much better than expected availability of NAND flash to module makers together with accelerated build of LTE smartphones, these two factors may soften in the fourth quarter. We believe our sales to module makers could be affected if NAND flash price volatility were to worsen. While we expect our LTE sales to continue growing strongly next year, we also expect orders in the fourth quarter to decline due to our customer's procurement timing. We expect these two factors to be only partially offset by stronger OEM controller sales in the fourth quarter.
All-in-all, we are very happy with our performance year-to-date and believe we are very well positioned for further growth next year as our SSD & embedded products, which include our eMMC controllers, start contributing meaningfully, and our LTE transceiver solutions scale further as LTE availability becomes more wide-spread."
For the fourth quarter of 2011, management expects:
-- Revenue to be flat to down 10% sequentially
-- Gross margin excluding stock-based compensation to be in the 47% to 49%
range
-- Operating expenses excluding stock-based compensation,
acquisition-related charges, and other items of approximately US$15 to
US$17 million
For the full year 2011, management is increasing guidance as previously announced in July and now expects:
-- Revenue to be up 61% to 66% compared with full year 2010
-- Gross margin excluding stock-based compensation to be in the 47% to 48%
range
-- Operating expenses excluding stock-based compensation,
acquisition-related charges, and other items of approximately US$56 to
US$58 million
Conference Call & Webcast:
The Company's management team will conduct a conference call at 8:00 am Eastern Time on November 2, 2011.
(Speakers)
Wallace Kou, President & CEO
Riyadh Lai, CFO
Jason Tsai, Director of Investor Relations and Strategy
CONFERENCE CALL ACCESS NUMBERS:
USA (Toll Free): 1 866 519 4004
USA (Toll): 1 -718 354 1231
Taiwan (Toll Free): 0080 112 6920
Participant Passcode: 1827 4061
REPLAY NUMBERS (for 7 days):
USA (Toll Free): 1 866 214 5335
USA (Toll): 1 718 354 1232
Participant Passcode: 1827 4061
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 other 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 to 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 related 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 of share-based compensation on its operating results.
Acquisition-related charges consist of non-cash charges that can be impacted by the timing and magnitude of our acquisitions. We consider our operating results without these charges when evaluating our ongoing performance and forecasting our earnings trends, and therefore exclude such charges when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding these costs is relevant to our assessment of internal operations and comparisons to the performance of our competitors. Acquisition-related charges include the following:
-- Amortization of intangible assets relates to the amortization of core technology, customer relationship, and other intangibles acquired as part of an acquisition.
Litigation expenses consist of legal expenses relating to intellectual property disputes, commercial claims and other types of litigation. While litigation may arise in the ordinary course of our business, we nevertheless consider litigation to be an unusual, non-recurring and unplanned activity and therefore exclude these types of charges when presenting non-GAAP financial measures.
Gain from settlement of litigation relates to the one-time payment in connection with a favorable settlement of certain litigation with ASE and ANP.
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$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.
Impairment of long-term investments relates to the other-than-temporary, non-operating write down of the Company's minority stake investments. We do not consider these investments which were made before 2007 to be strategic and exclude the performance of these investments when evaluating our ongoing performance and forecasting our earnings trends, and therefore excludes losses (and gains) from the investments when presenting non-GAAP financial measures.
Silicon Motion Technology Corporation
Consolidated Statements of Income
(in thousands, except percentages and per ADS data, unaudited)
For the Three Months Ended
----------------------------------------------------------------
Sep. Jun.
Sep. 30, Jun. 30, Sep. 30, 30, 30, Sep. 30,
2010 2011 2011 2010 2011 2011
(NT$) (NT$) (NT$) (US$) (US$) (US$)
--------- --------- --------- ------- --------------- --------
Net Sales 1,092,485 1,458,150 1,841,507 34,204 50,542 63,217
Cost of sales 565,147 775,744 933,875 17,694 26,888 32,059
--------- --------- --------- ------- ------- -------------
Gross profit 527,338 682,406 907,632 16,510 23,654 31,158
Operating expenses
Research & development 285,238 262,709 306,270 8,930 9,106 10,514
Sales & marketing 106,210 99,853 115,410 3,325 3,461 3,962
General & administrative 87,205 82,620 92,798 2,730 2,864 3,186
Amortization of intangibles
assets 17,316 5,772 -- 542 200 --
Gain from settlement of
litigation 100 -- -- 3 -- --
--------- --------- --------- ------- ------- -------------
Operating income 31,269 231,452 393,154 980 8,023 13,496
Non-operating income
(expense)
Gain on sale of
investments 25 21 78 1 1 3
Interest income, net 1,704 2,307 4,286 53 79 147
Foreign exchange gain
(loss),net (77,862) (79,609) 221,243 (2,438) (2,759) 7,595
Others, net (32) (711) 178 (1) (24) 6
--------- --------- --------- ------- ------- -------------
Subtotal (76,165) (77,992) 225,785 (2,385) (2,703) 7,751
--------- --------- --------- ------- ------- -------------
Income before income tax (44,896) 153,460 618,939 (1,405) 5,320 21,247
Income tax expense (benefit) (55,495) 23,647 86,508 (1,737) 820 2,970
--------- --------- --------- ------- ------- -------------
Net income 10,599 129,813 532,431 332 4,500 18,277
========= ========= ========= ======= ======= =============
Basic earnings per ADS $0.36 $4.20 $17.20 $0.01 $0.15 $0.59
Diluted earnings per ADS $0.35 $4.03 $16.40 $0.01 $0.14 $0.56
Margin Analysis:
Gross margin 48.3% 46.8% 49.3% 48.3% 46.8% 49.3%
Operating margin 2.9% 15.9% 21.4% 2.9% 15.9% 21.4%
Net margin 1.0% 8.9% 28.9% 1.0% 8.9% 28.9%
Additional Data:
Weighted avg. ADS
equivalents[1] 29,226 30,874 30,960 29,226 30,874 30,960
Diluted ADS equivalents
---------------------------- 30,446 32,206 32,456 30,446 32,206 32,456
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ADS
represents four ordinary shares.
Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)
For the Three Months Ended
----------------------------------------------------
Sep. Jun. Sep. Jun. Sep.
30, 30, Sep. 30, 30, 30, 30,
2010 2011 2011 2010 2011 2011
(NT$) (NT$) (NT$) (US$) (US$) (US$)
------- ------- --------- ------ ------ -------
GAAP net income 10,599 129,813 532,431 332 4,500 18,277
Stock-based compensation:
Cost of sales 1,870 1,961 2,354 59 68 81
Research and development 31,909 40,716 48,763 999 1,411 1,674
Sales and marketing 12,024 15,460 20,589 376 536 707
General and administrative 11,140 11,684 13,698 349 405 470
------- ------- --------- ------ ------ -------
Total stock-based compensation 56,943 69, 821 85,404 1,783 2,420 2,932
------- ------- --------- ------ ------ -------
Acquisition related charges:
Amortization of intangible
assets 17,316 5,772 -- 542 200 --
Litigation expenses 1,544 40 833 48 1 29
Gain from settlement of
litigation 100 -- -- 3 -- --
Foreign exchange loss (gain),net 77,862 79,609 (221,243) 2,438 2,759 (7,595)
------- ------- --------- ------ ------ -------
Non-GAAP net income 164,364 285,055 397,425 5,146 9,880 13,643
======= ======= ========= ====== ====== =======
Shares used in computing non-GAAP
basic earnings per ADS 29,226 30,874 30,960 29,226 30,874 30,960
======= ======= ========= ====== ====== =======
Shares used in computing non-GAAP
diluted earnings per ADS 32,237 33,589 33,946 32,237 33,589 33,946
======= ======= ========= ====== ====== =======
Non-GAAP basic earnings per ADS $5.62 $9.23 $12.84 0.18 $0.32 $0.44
======= ======= ========= ====== ====== =======
Non-GAAP diluted earnings per ADS $5.10 $8.50 $11.71 0.16 $0.29 $0.40
======= ======= ========= ====== ====== =======
Non-GAAP gross margin 48.4% 46.9% 49.4% 48.4% 46.9% 49.4%
Non-GAAP operating margin 9.8% 21.1% 26.0% 9.8% 21.1% 26.0%
Silicon Motion Technology Corporation
Consolidated Statements of Income
(in thousands, except percentages, and per ADS data,
unaudited)
For the Nine Months Ended
--------------------------------------
Sep. Sep.
Sep. 30, Sep. 30, 30, 30,
2010 2011 2010 2011
(NT$) (NT$) (US$) (US$)
--------- --------- ------- -------
Net Sales 2,958,655 4,571,583 92,690 157,117
Cost of sales 1,548,871 2,394,223 48,524 82,285
--------- --------- ------- -------
Gross profit 1,409,784 2,177,360 44,166 74,832
Operating
expenses
Research &
development 805,525 819,755 25,236 28,174
Sales &
marketing 308,849 298,078 9,676 10,244
General &
administrativ
e 248,404 254,895 7,782 8,760
Amortization
of intangible
assets 51,928 23,088 1,627 793
Gain from
settlement of
litigation (43,400) -- (1,360) --
--------- --------- ------- -------
Operating
income 38,478 781,544 1,205 26,861
Non-operating
expense
(income)
Gain on sale
of
investments 40 133 1 5
Interest
income, net 6,482 8,624 203 296
Foreign
exchange gain
(loss),net (77,265) 200,050 (2,421) 6,875
Impairment of
long-term
investments (6,401) -- (201) --
Others, net (3,119) 280 (98) 10
--------- --------- ------- -------
Subtotal (80,263) 209,087 (2,516) 7,186
--------- --------- ------- -------
Income before
income tax (41,785) 990,631 (1,311) 34,047
Income tax
expense (54,208) 139,682 (1,700) 4,801
--------- --------- ------- -------
Net income 12,423 850,949 389 29,246
========= ========= ======= =======
Basic earnings
per ADS $0.43 $27.74 $0.01 $0.95
========= ========= ======= =======
Diluted
earnings per
ADS $0.42 $26.58 $0.01 $0.91
========= ========= ======= =======
Margin
Analysis:
Gross margin 47.7% 47.6% 47.7% 47.6%
Operating
margin 1.3% 17.1% 1.3% 17.1%
Weighted
average ADS:
Basic 28,969 30,676 28,969 30,676
Diluted 29,738 32,018 29,738 32,018
Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data,
unaudited)
For the Nine Months Ended
---------------------------
Sep. 30, Sep. Sep.
----------- Sep. 30, 30, 30,
2010 2011 2010 2011
(NT$) (NT$) (US$) (US$)
----------- --------- ------- -------
GAAP net income 12,423 850,949 389 29,246
Stock-based
compensation:
Cost of sales 4,211 5,123 132 176
Research and
development 73,157 101,759 2,292 3,497
Sales and
marketing 34,856 40,090 1,092 1,378
General and
administrative 27,880 30,504 873 1,048
----------- --------- ------- -------
Total stock-based
compensation 140,104 177,476 4,389 6,099
----------- --------- ------- -------
Acquisition
related charges:
Amortization of
intangible assets 51,928 23,088 1,627 793
Litigation
expenses 6,249 1,166 196 40
Gain from
settlement of
litigation (43,400) -- (1,360) --
Impairment of
long-term 201 --
investments 6,401 --
Foreign exchange
loss (gain), net 77,265 (200,050) 2,421 (6,875)
----------- --------- ------- -------
Non-GAAP net
income 250,970 852,629 7,863 29,303
=========== ========= ======= =======
Weighted avg. ADS
(non-GAAP):
Basic 28,969 30,676 28,969 30,676
=========== ========= ======= =======
Diluted 30,907 33,248 30,907 33,248
=========== ========= ======= =======
Non-GAAP basic
earnings per ADS $8.66 $27.79 $0.27 $0.96
=========== ========= ======= =======
Non-GAAP diluted
earnings per ADS $8.12 $25.64 $0.25 $0.88
=========== ========= ======= =======
Non-GAAP gross
margin 47.8% 47.7% 47.8% 47.7%
Non-GAAP
operating margin 6.5% 21.5% 6.5% 21.5%
----------------- ----------- --------- ------- -------
Silicon Motion Technology Corporation
Consolidated Balance Sheet
(In thousands, unaudited)
Sep. Jun. Sep.
Sep. 30, Jun. 30, Sep. 30, 30, 30, 30,
2010 2011 2011 2010 2011 2011
(NT$) (NT$) (NTS$) (US$) (US$) (US$)
--------- --------- --------- ------- ------- -------
Cash and cash
equivalents 1,770,267 1,591,905 2,038,320 56,414 55,064 66,852
Short-term
investments 61,193 -- 90,078 1,950 -- 2,954
Accounts
receivable
(net) 693,236 901,696 1,087,256 22,092 31,190 35,659
Inventories 701,416 994,416 890,579 22,352 34,397 29,209
Refundable
deposits -
current 214,355 439,145 462,625 6,831 15,190 15,173
Deferred
income tax
assets (net) 18,081 114,048 54,902 576 3,945 1,801
Prepaid
expenses and
other current
assets 134,057 111,853 81,498 4,272 3,869 2,673
--------- --------- --------- ------- ------- -------
Total current
assets 3,592,605 4,153,063 4,705,258 114,487 143,655 154,321
Long-term
investments 6,271 5,400 5,400 200 187 177
Property and
equipment
(net) 754,247 743,636 725,981 24,036 25,722 23,810
Goodwill and
intangible
assets(net) 1,209,211 1,168,807 1,168,807 38,535 40,429 38,334
Other assets 303,755 170,283 173,737 9,679 5,890 5,699
--------- --------- --------- ------- ------- -------
Total assets 5,866,089 6,241,189 6,779,183 186,937 215,883 222,341
========= ========= ========= ======= ======= =======
Accounts
payable 580,686 484,177 448,726 18,505 16,748 14,717
Income tax
payable 24,277 30,285 56,181 774 1,048 1,843
Accrued
expenses and
other
current
liabilities 449,007 453,084 468,028 14,308 15,672 15,350
--------- --------- --------- ------- ------- -------
Total current
liabilities 1,053,970 967,546 972,935 33,587 33,468 31,910
Other
liabilities 101,094 80,581 82,546 3,222 2,787 2,707
--------- --------- --------- ------- ------- -------
Total
liabilities 1,155,064 1,048,127 1,055,481 36,809 36,255 34,617
Shareholders'
equity 4,711,025 5,193,062 5,723,702 150,128 179,628 187,724
--------- --------- --------- ------- ------- -------
Total
liabilities &
shareholders'
equity 5,866,089 6,241,189 6,779,183 186,937 215,883 222,341
========= ========= ========= ======= ======= =======
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 NT$31.94 to US$1 for 3Q10,
NT$28.85 to US$1 for 2Q11, and NT$29.13 to
US$1 for 3Q11 based on the average of the historical exchange rates
reported by the Oanda Corporation.
Amounts from the balance sheet have been translated using the ending
exchange rate for the period. The
exchange rate was NT$31.38 to US$1 at the end of 3Q10, NT$28.91 to US$1
at the end of 2Q11 and NT$30.49 to US$1
at the end of 3Q11.
About Silicon Motion:
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, and embedded flash applications. Our mobile communications business is composed primarily of mobile TV IC solutions and handset transceivers. Our multimedia SoCs business is composed primarily of embedded graphics processors.
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 Silicon Motion's expected fourth quarter 2011 revenue, gross margin and operating expenses, all of which reflect management's estimates based on information available at this time of this press release. While Silicon Motion believes these estimates to be meaningful, these amounts could differ materially from actual reported amounts for the third quarter. Forward-looking statements also include, without limitation, statements regarding trends in the multimedia consumer electronics market and our future results of operations, financial condition and business prospects. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," or the negative of these terms or other comparable terminology. Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them. These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward looking statements for a variety of reasons. Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from these customers; general economic conditions or conditions in the semiconductor or consumer electronics markets including any effects of the general global economic slowdown beginning in 2007; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in our customers' products; our customers' sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions, including the general global economic slowdown which began in 2007 as it effects the Company, its customers and consumers; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed on June 30, 2011. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Silicon Motion Technology Corporation
CONTACT: Investor Contact: Jason Tsai Director of IR and Strategy Tel: +1 408 519 7259 Fax: +1 408 519 7101 E-mail: jtsai@siliconmotion.com Media Contact: Sara Hsu Project Manager Tel: +886 2 2219 6688 x3509 Fax: +886 2 2219 6868 E-mail: sara.hsu@siliconmotion.com Investor Contact: Selina Hsieh Investor Relations Tel: +886 3 552 6888 x2311 Fax: +886 3 560 0336 E-mail: ir@siliconmotion.com
