Silicon Motion Announces Increase in Annual Dividend, Payable Quarterly
October 24 2016 - 8:00AM
Silicon Motion Technology Corporation (NasdaqGS: SIMO)(“Silicon
Motion” or the “Company”), a global leader in designing and
marketing NAND flash controllers for solid state storage devices,
announces today its annual cash dividend to be paid in quarterly
installments.
As the Company’s growth and profitability have been strong, the
Board has decided to increase its annual dividend payment to $0.80
per ADS1,2 which will be paid in four quarterly installments
of $0.20 per ADS3 according to the following anticipated
record and payment dates:
Record Date |
|
Payment Date |
November 7, 2016 |
|
November 17, 2016 |
February 13, 2017 |
|
February 23, 2017 |
May 5, 2017 |
|
May 18, 2017 |
August 7, 2017 |
|
August 17, 2017 |
The Company’s depository bank’s DR Books will be closed for
issuance and cancellation on each of the record dates.
“The Board has decided to increase our dividend payment to
further enhance returns to our shareholders,” said Wallace Kou,
President and CEO of Silicon Motion. “We have been paying a
quarterly $0.15 dividend for about four years. Now, with our
expectations of continued strong business outlook and further
improvements in free cash flow, we are confident in increasing our
dividend payment.”
The payment of the annual dividend to be paid in quarterly
installments will be made according to the anticipated record and
payment dates unless subsequently changed by the Board. The
declaration and payment of future cash dividends are subject to the
Board's continuing determination that the payment of dividends are
in the best interests of the Company’s shareholders and are in
compliance with all laws and agreements of the Company applicable
to the declaration and payment of cash dividends.
1 One ADS is equivalent to four ordinary
shares.2 $0.80 per ADS is equivalent to $0.20 per ordinary
share.3 $0.20 per ADS is equivalent to $0.05 per ordinary
share.
About Silicon Motion:We are the
global leader in supplying NAND flash controllers for solid state
storage devices and the merchant leader in supplying SSD
controllers. We have the broadest portfolio of controller
technologies and solutions and ship over 750 million NAND
controllers annually, more than any other company in the
world. Our controllers are widely used in embedded storage
products such as SSDs and eMMCs which are found in smartphones, PCs
and industrial and commercial applications. We also supply
specialized high-performance enterprise and industrial SSD
solutions. Our customers include most of the NAND flash
vendors, storage device module makers and leading OEMs. For
further information on Silicon Motion, visit us at
www.siliconmotion.com.
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. 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;
the payment or non-payment of cash dividends in the future at the
discretion of our board of directors; changes in the relative sales
mix of our products; our ability to successfully integrate Shannon
Systems; 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 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 April 29, 2016. We assume no
obligation to update any forward-looking statements, which apply
only as of the date of this press release.
Investor Contact:
Jason Tsai
Senior 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
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