July 28, 2011 at 6:01 PM EDT
BACK
Silicon Motion Announces Results for the Period Ended June 30, 2011
Jul 28, 2011 (GlobeNewswire via COMTEX) --
Second Quarter 2011
Financial Highlights
-- Net sales increased 16% quarter-over-quarter to US$50.5 million from
US$43.4 million in 1Q11
-- Gross margin excluding stock-based compensation increased to 46.9% from
46.2% in 1Q11
-- Operating expenses excluding stock-based compensation,
acquisition-related charges, and other items decreased to US$13.1
million from US$13.4 million in 1Q11
-- Operating margin excluding stock-based compensation, acquisition-related
charges, and other items increased to 21.1% from 15.5% in 1Q11
-- Diluted earnings per ADS excluding stock-based compensation,
acquisition-related charges, net foreign exchange gain (loss), and other
items increased to US$0.29, from US$0.18 in 1Q11
Business Highlights
-- Sixth consecutive quarter of revenue growth
-- Second highest quarter of revenue in the Company's history
-- Total storage controller unit shipments declined 3% sequentially but
increased 41% year-over-year
-- Blended storage controller ASPs increased 12% sequentially
-- Increased OEM business 40% sequentially to about 50% of mobile storage
revenue
-- Increased 3-bits per cell (TLC) controller revenue 45% sequentially to
over 35% of all controller revenue
-- Won 3 of the top 6 channel vendors for ultra high speed SD UHS-I card
business
-- Over 12 eMMC controller design wins for smartphones and tablets, with
majority for the Android platform
-- Began shipping our 4G LTE transceiver for the world's first Android LTE
tablet
TAIPEI, Taiwan, July 29, 2011 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (Nasdaq:SIMO) ("Silicon Motion" or the "Company") today announced its second quarter of 2011 financial results. For the second quarter of 2011, net sales increased 16% quarter-over-quarter to US$50.5 million from US$43.4 million in the first quarter of 2011. Net income (GAAP) for the second quarter decreased quarter-over-quarter to US$4.5 million or US$0.14 per diluted ADS from a net income of US$6.4 million or US$0.21 per diluted ADS in the first quarter of 2011.
Net income excluding stock-based compensation, acquisition-related charges, foreign exchange gain (loss), and other items increased in the second quarter to US$9.9 million or US$0.29 per diluted ADS from a net income of US$5.8 million or US$0.18 per diluted ADS in the first quarter of 2011.
Second Quarter 2011 Financial Review
Commenting on the results of the second quarter, Silicon Motion's President and CEO, Wallace Kou, said:
"We are excited to report that our US$50.5 million of revenue this quarter represents the second biggest quarter of revenue in our history. For us, the achievement of this milestone demonstrates that the strategies and investments which we have made in the last two years are bearing solid results, whether relating to our mobile storage or mobile communications products.
"Our mobile storage business experienced its sixth consecutive quarter of solid growth momentum as our second quarter revenue increased 9% sequentially. This quarter, our ASPs increased 12% sequentially, and on an annual basis, our ASPs have also been growing for six consecutive quarters. These achievements are the result of our OEM strategy, emphasis on higher value-added products, and focus on new SSD+embedded solutions. Sales to our flash maker customers and other OEMs increased 40% sequentially and accounted for about half of all mobile storage sales, up from about 40% in the prior quarter. Sales of our TLC controllers, which are ideally suited for cards bundled with smartphones, increased 45% and now accounted for over 35% of all our controller sales. Well over 50% of our controllers sold are used in the management of the latest 2x nm NAND flash, whether MLC or TLC--a strong endorsement by customers of our technological excellence. Our SSD+embedded solutions grew 30% sequentially as our sales of controllers for low density industrial and networking storage applications rebounded. For our eMMC solutions, we are currently executing over 12 projects for applications, such as Android smartphones and tablets. We continue to believe in the prospects for significant growth in 2012 from our SSD+embedded business.
"Our mobile communications segment delivered a phenomenal 55% sequential revenue growth, largely as a result of a rebound in mobile TV IC sales relating to Korea T-DMB market share gains and a continued ramp of our 4G LTE transceivers for Samsung Android phones, currently rolling out at Verizon and MetroPCS in the U.S. We have also started shipping our 4G LTE transceiver for the world's first Android LTE tablet."
Sales
Net sales in the second quarter were US$50.5 million, an increase of 16% compared with the previous quarter. For the quarter, mobile storage products accounted for 67% of net sales, mobile communications 25% of net sales, multimedia SoCs 7% of net sales, and others 1% 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 9% sequentially in the second quarter to US$33.9 million.
Net sales of mobile communication products, which primarily include mobile TV IC solutions and handset transceivers, increased 55% from the first quarter of 2011 to US$12.8 million this quarter.
Net sales of multimedia SoC products, which are primarily embedded graphics processors, increased 10% from the first quarter of 2011 to US$3.5 million this quarter.
Gross and Operating Margins
Gross margin excluding stock-based compensation increased to 46.9% in the second quarter from 46.2% in the first quarter of 2011. GAAP gross margin increased to 46.8% from 46.2% in the first quarter of 2011.
Operating expenses excluding stock-based compensation, acquisition-related charges, and other items were US$13.1 million, which was lower than the US$13.4 million expended in the first quarter. Research and development expenditures, excluding stock-based compensation, were US$7.7 million, which was lower than the US$8.1 million in the previous quarter. Selling and marketing expenses excluding stock-based compensation were US$2.9 million, which was higher compared to the US$2.7 million reported in the previous quarter. General and administrative expenses excluding stock-based compensation and litigation expenses were US$2.5 million, which was comparable to our previous quarter. Stock-based compensation was US$2.4 million in the second quarter, which was higher than the US$0.8 million in the first quarter. Acquisition-related charges were US$0.2 million, a decrease from the US$0.6 million in the first quarter.
Operating margin excluding stock-based compensation, acquisition-related charges, and other items was 21.1%, an increase from 15.5% in the previous quarter. GAAP operating margin was 15.9%, an increase from the 12.3% in the first quarter.
Other Income and Expenses
Net total other income excluding net foreign exchange gain or loss, and other items was US$0.1 million, similar to the first quarter. GAAP net total other income was a loss of US$2.7 million, a decrease from a gain of US$2.1 million in the first quarter. The decrease in the GAAP total other income was primarily due to a foreign exchange loss in the second quarter of US$2.8 million compared to a foreign exchange gain in the first quarter of US$2.0 million.
Earnings
Net income excluding stock-based compensation, acquisition-related charges, net foreign exchange gain or loss, and other items was US$9.9 million this quarter, an increase from US$5.8 million in the first quarter. Diluted earnings per ADS excluding stock-based compensation, acquisition-related charges, net foreign exchange gain or loss, and other items were US$0.29, an increase from US$0.18 in the first quarter.
GAAP net income was US$4.5 million, a decrease from the net income of US$6.4 million in the first quarter. Diluted GAAP earnings per ADS were US$0.14, a decrease from US$0.21 in the previous quarter.
Balance Sheet
Cash, cash equivalents, and short-term investments decreased to US$55.1 million from US$57.6 million at the end of the first quarter of 2011.
Cash Flow
Our cash flows were as follows:
3 months ended June 30, 2011
-------------------------------------------------------------------
(In US$
millions)
Net income 4.5
Depreciation & amortization 1.6
Changes in operating assets and liabilities (11.5)
Others 2.5
---------
Net cash provided by (used in) operating activities (2.9)
=========
Acquisition of property and equipment (1.4)
Others 0.3
---------
Net cash provided by (used in) investing activities (1.1)
=========
Others 0.4
---------
Net cash provided by (used in) financing activities 0.4
=========
Effects of changes in foreign currency exchange rates on
cash 0.3
---------
Net increase (decrease) in cash and cash equivalents (3.3)
=========
Pro-forma adjustment for foreign exchange translation 2.1
---------
Pro-forma net increase (decrease) in cash and cash
equivalents (1.2)
=========
During the second quarter of 2011, we spent US$1.2 million in capital expenditures primarily relating to the purchase of testing equipments, software and design tools.
Business Outlook:
Silicon Motion's President and CEO, Wallace Kou, added:
"The second quarter exceeded our expectations as strong OEM sales more than offset weak module maker sales. We continue to believe that while NAND flash industry supply will continue to increase in the second half of 2011, incremental supply of flash could be consumed by growing demand for smartphones, tablets, and SSDs, and less by module makers for the retail market. Our rapidly growing OEM sales currently cater primarily to the increasing demand for cards bundled with smartphones, as well as low density SSD+embedded solutions. Because of the strength of our business year-to-date, we are increasing our full year guidance and believe we are on track to delivering the largest annual revenue in the Company's history."
For the third quarter of 2011, management expects:
-- Revenue to be down 5% to up 5% sequentially
-- Gross margin excluding stock-based compensation to be in the 46% to 48%
range
-- Operating expenses excluding stock-based compensation,
acquisition-related charges, and other items of approximately US$14 to
US$16 million
For the full year 2011, management is increasing guidance as previously announced in April and now expects:
-- Revenue to be up 40% to 50% compared with full year 2010
-- Gross margin excluding stock-based compensation to be in the 46% to 48%
range
-- Operating expenses excluding stock-based compensation,
acquisition-related charges, and other items of approximately US$55 to
US$58 million
Conference Call & Webcast:
The Company's management team will conduct a conference call at 8:00am Eastern Time on July 29, 2011.
(Speakers)
Wallace Kou, President & CEO
Riyadh Lai, CFO
Jason Tsai, Director of Investor
Relations and Strategy
PRE-REGISTRATION:
https://www.theconferencingservic
e.com/prereg/key.process?key=PYT8
TYCT7
CONFERENCE CALL ACCESS NUMBERS:
USA (Toll Free): 1 888 679 8035
USA (Toll): 1 617 213 4848
Taiwan (Toll Free): 0080 144 4360
Participant Passcode: 4094 4862
REPLAY NUMBERS (for 7 days):
USA (Toll Free): 1 888 286 8010
USA (Toll): 1 617 801 6888
Participant Passcode: 4121 5661
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 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 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 excludes 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$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures.
Impairment of long-term investments relates to the other-than-temporary, non-operating write down of the Company's minority stake investments. We do not consider these investments which were made before 2007 to be strategic and exclude the performance of these investments when evaluating our ongoing performance and forecasting our earnings trends, and therefore excludes losses (and gains) from the investments when presenting non-GAAP financial measures.
Silicon Motion Technology Corporation
Consolidated Statements of Income
(in thousands, except percentages and per ADS data, unaudited)
For the Three Months Ended
---------------------------------------------------------
Jun. Mar. Jun.
Jun. 30, Mar. 31, Jun. 30, 30, 31, 30,
2010 2011 2011 2010 2011 2011
(NT$) (NT$) (NT$) (US$) (US$) (US$)
--------- --------- --------- ------- ------ -------
Net Sales 1,035,398 1,271,926 1,458,150 32,488 43,396 50,542
Cost of sales 543,452 684,604 775,744 17,052 23,357 26,888
--------- --------- --------- ------- ------ -------
Gross profit 491,946 587,322 682,406 15,436 20,039 23,654
Operating expenses
Research & development 280,579 250,776 262,709 8,804 8,556 9,106
Sales & marketing 103,705 82,815 99,853 3,254 2,826 3,461
General & administrative 79,219 79,477 82,620 2,486 2,712 2,864
Amortization of
intangibles assets 17,316 17,316 5,772 543 591 200
Gain from settlement of
litigation (43,500) -- -- (1,365) -- --
--------- --------- --------- ------- ------ -------
Operating income 54,627 156,938 231,452 1,714 5,354 8,023
Non-operating income
(expense)
Gain on sale of
investments 5 34 21 -- 1 1
Interest income, net 2,264 2,031 2,307 71 69 79
Impairment of long-term
investments (4,100) -- -- (129) -- --
Foreign exchange gain
(loss), net 7,077 58,416 (79,609) 222 1,993 (2,759)
Others, net 967 813 (711) 31 28 (24)
--------- --------- --------- ------- ------ -------
Subtotal 6,213 61,294 (77,992) 195 2,091 (2,703)
--------- --------- --------- ------- ------ -------
Income before income tax 60,840 218,232 153,460 1,909 7,445 5,320
Income tax expense (benefit) (10,835) 29,526 23,647 (340) 1,007 820
--------- --------- --------- ------- ------ -------
Net income 71,675 188,706 129,813 2,249 6,438 4,500
========= ========= ========= ======= ====== =======
Basic earnings per ADS $2.45 $6.25 $4.20 $0.08 $0.21 $0.15
Diluted earnings per ADS $2.36 $6.01 $4.03 $0.07 $0.21 $0.14
Margin Analysis:
Gross margin 47.5% 46.2% 46.8% 47.5% 46.2% 46.8%
Operating margin 5.3% 12.3% 15.9% 5.3% 12.3% 15.9%
Net margin 6.9% 14.8% 8.9% 6.9% 14.8% 8.9%
Additional Data:
Weighted avg. ADS
equivalents[1] 29,224 30,195 30,874 29,224 30,195 30,874
Diluted ADS equivalents 30,313 31,393 32,207 30,313 31,393 32,207
----------------------------
[1] Assumes all outstanding ordinary shares are represented by ADSs. Each ADS
represents four ordinary shares.
Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)
For the Three Months Ended
-----------------------------------------------------
Jun. Jun. Mar. Jun.
Jun. 30, Mar. 31, 30, 30, 31, 30,
2010 2011 2011 2010 2011 2011
(NT$) (NT$) (NT$) (US$) (US$) (US$)
-------- -------- ------- ------- ------- ------
GAAP net income 71,675 188,706 129,813 2,249 6,438 4,500
Stock-based compensation:
Cost of sales 1,551 808 1,961 49 27 68
Research and development 26,651 12,280 40,716 836 419 1,411
Sales and marketing 10,014 4,041 15,460 314 138 536
General and administrative 9,388 5,122 11,684 295 175 405
-------- -------- ------- ------- ------- ------
Total stock-based compensation 47,604 22,251 69, 821 1,494 759 2,420
-------- -------- ------- ------- ------- ------
Acquisition related charges:
Amortization of intangible assets 17,316 17,316 5,772 543 591 200
Litigation expenses 2,543 293 40 80 10 1
Gain from settlement of litigation (43,500) -- -- (1,365) -- --
Foreign exchange loss (gain),net (7,077) (58,416) 79,609 (222) (1,993) 2,759
Impairment of long-term investments 4,100 -- -- 129 -- --
-------- -------- ------- ------- ------- ------
Non-GAAP net income 92,661 170,150 285,055 2,908 5,805 9,880
======== ======== ======= ======= ======= ======
Shares used in computing non-GAAP
basic earnings per ADS 29,224 30,195 30,874 29,224 30,195 30,874
======== ======== ======= ======= ======= ======
Shares used in computing non-GAAP
diluted earnings per ADS 32,027 32,209 33,530 32,027 32,209 33,530
======== ======== ======= ======= ======= ======
Non-GAAP basic earnings per ADS $3.17 $5.63 $9.23 0.10 $0.19 $0.32
======== ======== ======= ======= ======= ======
Non-GAAP diluted earnings per ADS $2.89 $5.28 $8.50 0.09 $0.18 $0.29
======== ======== ======= ======= ======= ======
Non-GAAP gross margin 47.7% 46.2% 46.9% 47.7% 46.2% 46.9%
Non-GAAP operating margin 7.6% 15.5% 21.1% 7.6% 15.5% 21.1%
-------------------------------------------------------------------------------------------
Silicon Motion Technology Corporation
Consolidated Statements of Income
(in thousands, except percentages, and per ADS data, unaudited)
For the Six Months Ended
-------------------------------------
Jun. Jun.
Jun. 30, Jun. 30, 30, 30,
2010 2011 2010 2011
(NT$) (NT$) (US$) (US$)
--------- --------- ------- ------
Net Sales 1,866,171 2,730,076 58,479 93,882
Cost of sales 983,725 1,460,348 30,826 50,218
--------- --------- ------- ------
Gross profit 882,446 1,269,728 27,653 43,664
Operating expenses
Research & development 520,288 513,485 16,304 17,658
Sales & marketing 202,639 182,668 6,350 6,282
General & administrative 161,199 162,097 5,051 5,574
Amortization of
intangible assets 34,612 23,088 1,085 794
Gain from settlement of
litigation (43,500) -- (1,363) --
--------- --------- ------- ------
Operating income 7,208 388,390 226 13,356
Non-operating expense
(income)
Gain on sale of
investments 15 55 -- 2
Interest income, net 4,779 4,338 149 149
Foreign exchange gain
(loss), net 597 (21,193) 19 (729)
Impairment of long-term
investments (6,401) -- (201) --
Others, net (3,087) 102 (96) 4
--------- --------- ------- ------
Subtotal (4,097) (16,698) (129) (574)
--------- --------- ------- ------
Income before income tax 3,111 371,692 97 12,782
Income tax expense 1,287 53,173 40 1,829
--------- --------- ------- ------
Net income 1,824 318,519 57 10,953
========= ========= ======= ======
Basic earnings per ADS $0.06 $10.43 $0.00 $0.36
========= ========= ======= ======
Diluted earnings per ADS $0.06 $10.02 $0.00 $0.35
========= ========= ======= ======
Margin Analysis:
Gross margin 47.3% 46.5% 47.3% 46.5%
Operating margin 0.4% 14.2% 0.4% 14.2%
Weighted average ADS:
Basic 28,841 30,535 28,841 30,535
Diluted 29,877 31,800 29,877 31,800
Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per ADS data, unaudited)
For the Six Months Ended
----------------------------------
Jun. Jun. Jun.
Jun. 30, 30, 30, 30,
2010 2011 2010 2011
(NT$) (NT$) (US$) (US$)
-------- ------- ------- ------
GAAP net income 1,824 318,519 57 10,953
Stock-based compensation:
Cost of sales 2,340 2,769 73 95
Research and development 41,249 52,996 1,292 1,822
Sales and marketing 22,832 19,501 716 671
General and administrative 16,740 16,806 525 578
-------- ------- ------- ------
Total stock-based
compensation 83,161 92,072 2,606 3,166
-------- ------- ------- ------
Acquisition related charges:
Amortization of intangible
assets 34,612 23,088 1,085 794
Litigation expenses 4,705 333 147 11
Gain from settlement of
litigation (43,500) -- (1,363) --
Impairment of long-term
investments 6,401 -- 201 --
Foreign exchange loss (gain), net (597) 21,193 (19) 729
-------- ------- ------- ------
Non-GAAP net income 86,606 455,205 2,714 15,653
======== ======= ======= ======
Weighted avg. ADS (non-GAAP):
Basic 28,841 30,535 28,841 30,535
======== ======= ======= ======
Diluted 31,705 32,870 31,705 32,870
======== ======= ======= ======
Non-GAAP basic earnings per ADS $3.00 $14.91 $0.09 $0.51
======== ======= ======= ======
Non-GAAP diluted earnings per ADS $2.73 $13.85 $0.09 $0.48
======== ======= ======= ======
Non-GAAP gross margin 47.4% 46.6% 47.4% 46.6%
Non-GAAP operating margin 4.6% 18.5% 4.6% 18.5%
---------------------------------------------------------------------
Silicon Motion Technology Corporation
Consolidated Balance Sheet
(In thousands, unaudited)
Jun. Mar. Jun.
Jun. 30, Mar. 31, Jun. 30, 30, 31, 30,
2010 2011 2011 2010 2011 2011
(NT$) (NT$) (NT$) (US$) (US$) (US$)
--------- --------- --------- ------- ------- -------
Cash and cash equivalents 2,058,362 1,660,280 1,591,905 64,183 56,319 55,064
Short-term investments 11,175 38,097 -- 348 1,292 --
Accounts receivable (net) 625,707 837,402 901,696 19,511 28,406 31,190
Inventories 377,340 745,174 994,416 11,766 25,277 34,397
Refundable deposits - current 138,800 448,482 439,145 4,328 15,213 15,190
Deferred income tax assets
(net) 4,417 115,003 114,048 138 3,901 3,945
Prepaid expenses and other
current assets 132,503 72,672 111,853 4,132 2,465 3,869
--------- --------- --------- ------- ------- -------
Total current assets 3,348,304 3,917,110 4,153,063 104,406 132,873 143,655
Long-term investments 6,271 5,400 5,400 196 183 187
Property and equipment (net) 760,698 742,722 743,636 23,720 25,194 25,722
Goodwill and intangible
assets(net) 1,226,527 1,174,579 1,168,807 38,245 39,843 40,429
Other assets 249,776 170,839 170,283 7,788 5,796 5,890
--------- --------- --------- ------- ------- -------
Total assets 5,591,576 6,010,650 6,241,189 174,355 203,889 215,883
========= ========= ========= ======= ======= =======
Accounts payable 443,066 539,998 484,177 13,816 18,317 16,748
Income tax payable 22,925 38,965 30,285 715 1,322 1,048
Accrued expenses and other
current liabilities 419,659 407,840 453,084 13,085 13,835 15,672
--------- --------- --------- ------- ------- -------
Total current liabilities 885,650 986,803 967,546 27,616 33,474 33,468
Other liabilities 100,324 77,600 80,581 3,128 2,632 2,787
--------- --------- --------- ------- ------- -------
Total liabilities 985,974 1,064,403 1,048,127 30,744 36,106 36,255
Shareholders' equity 4,605,602 4,946,247 5,193,062 143,611 167,783 179,628
--------- --------- --------- ------- ------- -------
Total liabilities &
shareholders' equity 5,591,576 6,010,650 6,241,189 174,355 203,889 215,883
========= ========= ========= ======= ======= =======
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$31.87 to US$1 for 2Q10, NT$29.31 to US$1 for
1Q11, and NT$28.85 to
US$1 for 2Q11 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$32.07 to US$1 at the end of 2Q10, NT$29.48 to US$1 at the end of 1Q11
and NT$28.91 to US$1
at the end of 2Q11.
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 third 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 second 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; 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 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.
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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 Investor Contact: Selina Hsieh Investor Relations Tel: +886 3 552 6888 x2311 Fax: +886 3 560 0336 E-mail: ir@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
