First Quarter 2010
Financial Highlights
-
Net sales increased 15% quarter-over-quarter to US$26.0 million
from US$22.5 million in 4Q09
-
Gross margin excluding stock-based compensation increased to
47.1% from 27.0% in 4Q09
-
Operating expenses excluding stock-based compensation,
acquisition-related charges, and other items decreased to US$12.0
million from US$14.0 million in 4Q09
-
Operating margin excluding stock-based compensation,
acquisition-related charges, and other items increased to 0.9% from
-35.1% in 4Q09
-
Diluted loss per ADS excluding stock-based compensation,
acquisition-related charges, foreign exchange gain (loss), and
other items was US$0.01, an improvement from our 4Q09 loss per ADS
of US$0.40
Business Highlights
-
Increased total unit shipments 20% sequentially and 13%
year-over-year to approximately 84 million units
-
Increased storage controller unit shipments 14% sequentially and
5% year-over-year
-
Increased our SSD controller shipments almost 300% compared with
1Q09 and SSD controller revenue continues to account for nearly 10%
of our total revenue
-
Became sole sourced vendor for USB flash drive controllers and
began shipping SD card controllers to the second largest retail
brand for memory products in the U.S.
-
Began shipping our SSD controller to a leading PC vendor for
their ruggedized notebook PC
-
Increased our shipment of 3 bits per cell controllers by over
130% sequentially and now account for over 10% of our controller
shipments in the first quarter
-
Began shipping our ISDB-T solution with LG for the Japanese
mobile TV market
-
Mobile TV IC sales to China, Brazil and Japan exceed Korea T-DMB
sales
-
Began shipping our CDMA transceiver with Samsung for the China
domestic market, as well as expanded our CDMA transceiver shipments
to Nokia for CDMA markets outside of China
Silicon Motion Technology Corporation (Nasdaq:SIMO) (the "Company")
today announced its first quarter of 2010 financial results and
revisions to its previously announced unaudited fourth quarter 2009
results. For the first quarter of 2010, net sales increased
15% quarter-over-quarter to US$26.0 million. Net loss (GAAP) for
the first quarter improved quarter-over-quarter to US$2.2 million
or US$0.08 per diluted ADS from a GAAP net loss of US$58.9 million
or US$2.12 per diluted ADS in the fourth quarter of 2009.
Net income excluding stock-based compensation,
acquisition-related charges, foreign exchange gain, and other items
decreased in the first quarter to a loss of US$0.2 million or
US$0.01 per diluted ADS as compared to a net loss of US$11.1
million or US$0.40 per diluted ADS in the fourth quarter of
2009.
Revised Fourth Quarter 2009 Financial
Review
When we report our quarterly results, we report unaudited
results. Our audited financial statements are included in our
annual report filing on Form 20-F. Following the report of our
fourth quarter 2009 results in February, new material information
regarding the more limited growth prospects of several products,
which are consequences of rapid changes in NAND flash and mobile TV
technologies, came to management's knowledge. After careful
examination and as previously announced, we have revised our fourth
quarter results to account for an increase in obsolete inventory
reserves.
We have now completed our previously reported assessment of
impairment of goodwill and acquisition-related intangible assets
relating to our FCI acquisition. Prior to our evaluation, the net
carrying cost of FCI at the end of 2009 was US$71.7 million.
Because FCI's financial performance was weaker than expected due to
the economic recession in Korea, technology transitions, and the
push-out of growth opportunities, we have determined that goodwill
and certain long-lived assets relating to FCI are impaired and have
taken an impairment charge of US$38.3 million. This is a non-cash
impairment charge to GAAP earnings for our 2009 fiscal year and
with this impairment charge, the net carrying cost of FCI at the
end of fourth quarter 2009 has been reduced to US$32.4 million.
Sales
Revised fourth quarter 2009 net sales decreased from US$22.8
million to US$22.5 million due to product returns in the first
quarter that should be accounted for in fourth quarter 2009.
Gross Margins
Revised gross margins, excluding stock-based compensation,
decreased from 42.2% to 27.0% due to US$3.1 million of additional
reserves for end-of-life and obsolete inventory.
Operating Expenses
Operating expenses excluding stock-based compensation,
acquisition-related charges and other items remain unchanged at
US$14.0 million. GAAP operating expenses increased from US$22.6
million to US$60.9 million as a result of a US$38.3 million
non-cash impairment charge to goodwill and long-lived assets
relating to FCI.
Earnings
Revised net loss (GAAP) was US$58.9 million, or US$2.12 per
diluted ADS, compared with previously reported net loss of US$17.3
million, or US$0.62 per diluted ADS. Revised net loss
excluding stock-based compensation, acquisition-related charges,
foreign exchange gain, and other items was US$11.1 million, or
US$0.40 per diluted ADS, compared with previously reported net loss
of US$7.8 million, or US$0.28 per diluted ADS.
First Quarter 2010 Financial Review
Commenting on the results of the first quarter, Silicon Motion's
President and CEO, Wallace Kou, said:
"We are pleased to put the past behind us and announce the
results of a fantastic first quarter. Our revenue was up 15%
sequentially, much stronger than what we had originally expected.
Our mobile storage business experienced better than expected
strength and has now grown for three consecutive quarters since the
global economic recession. Our mobile communications business has
rebounded according to expectations this quarter, and, we generated
our first operating profit since the third quarter 2008. These are
great achievements in a quarter that has generally been our
seasonally weakest.
"Our mobile storage business outperformed expectations largely
because of greater than anticipated availability to our customers
of 3 bits per cell MLC NAND flash. The NAND flash industry has been
increasing the output of 3 bits per cell MLC because this type of
technology is a capital efficient way for NAND flash manufacturers
to increase capacity without significant capital expenditure. These
new 3 bits per cell MLC NAND flash are very difficult to manage
well and requires significant advanced controller technologies. Our
clear leadership in 3 bits per cell controller technology validates
our strategy of investing in cutting edge R&D in order to bring
new products to market ahead of our competitors. This quarter, with
increased availability of flash to our customers, our mobile
storage controller shipments increased 14% sequentially. Memory
card and USB flash drive controller shipments both increased
solidly. Our SSD controller shipment growth was flat sequentially,
but grew almost 300% compared to a year ago, and revenue from these
products continues to account for almost 10% of our overall
corporate revenue.
"Our mobile communications revenue in the first quarter
increased 67% sequentially as our shipments of mobile TV ICs
tripled compared to the previous quarter. Revenues from our ISDB-T
solutions for Latin America and Japan and from CMMB solutions for
China now exceed sales of our T-DMB solutions in Korea. We are
delighted that our strategy of broadening our mobile TV technology
portfolio and expansion into new mobile TV markets is delivering
positive results. While we remain optimistic about the continued
take-off of mobile TV markets around the world, our mobile
communications business has so far underperformed expectations set
at the time of our FCI acquisition in 2007 and many business
opportunities have been pushed out. We are therefore
recognizing an impairment charge of US$38.3 million, which will
impact our revised fourth quarter 2009 financials."
Sales
Net sales in the first quarter were US$26.0 million, an increase
of 15% compared with the previous quarter. This quarter, mobile
storage products accounted for 65% of net sales, mobile
communications 23% of net sales, and multimedia SoCs 12% of net
sales.
Net sales of mobile storage products, which primarily include
flash memory card controllers, USB flash drive controllers, SSD
controllers, and embedded flash controllers, increased 15% from the
fourth quarter of 2009 to US$17 million this quarter.
Net sales of mobile communication products, which primarily
include mobile TV IC solutions and CDMA RF ICs, increased 67% from
the fourth quarter of 2009 to US$6.1 million this quarter.
Net sales of multimedia SoC products, which primarily include
embedded graphics processors and notebook PC webcam SoCs, decreased
7% from the fourth quarter of 2009 to US$3.1 million this
quarter.
Gross and Operating Margins
Gross margin excluding stock-based compensation was 47.1%
compared with 27.0% in the fourth quarter. GAAP gross margin
increased to 47.0% from 24.9% in the fourth quarter.
Operating expenses excluding stock-based compensation,
acquisition-related charges, and other items were US$12.0 million,
which was lower than the US$14.0 million reported for the fourth
quarter. Research and development expenditures, excluding
stock-based compensation, were US$7.0 million, which were lower
than the US$7.5 million in the previous quarter. Selling and
marketing expenses excluding stock-based compensation were US$2.7
million, which was lower than the US$2.9 million from the previous
quarter. General and administrative expenses excluding stock-based
compensation and litigation expenses were US$2.3 million, a
decrease from the US$3.6 million reported in the previous quarter.
Stock-based compensation was US$1.1 million in the first quarter,
which is lower than the US$7.6 million in the fourth quarter.
Acquisition-related charges were US$0.5 million, lower compared
with the previous quarter charges of US$39.8 million. Litigation
expenses were less than US$0.1 million in the first quarter,
similar to the previous quarter. Sandisk has withdrawn their 2007
complaint against us that alleged patent infringement.
Operating margin excluding stock-based compensation,
acquisition-related charges, and other items was 0.9%, an increase
from negative 35.1% in the previous quarter. GAAP operating margin
was negative 5.7%, an increase from negative 245.4% in the fourth
quarter.
Other Income and Expenses
Net total other income excluding net foreign exchange gain or
loss, and other items was a loss of US$0.05 million, which
decreased from a gain of US$0.1 million in the fourth quarter. GAAP
net total other income was a loss of US$0.3 million, which was
unchanged from the previous quarter.
Earnings
Net loss excluding stock-based compensation, acquisition-related
charges, net foreign exchange loss, and other items was US$0.2
million in this quarter, an improvement from the loss of US$11.1
million in the fourth quarter of 2009. Diluted loss per ADS
excluding stock-based compensation, acquisition-related charges,
net foreign exchange gain (loss), and other items was US$0.01, an
improvement from the loss per ADS of US$0.40 in the previous
quarter.
GAAP net loss was US$2.2 million, a decrease from the net loss
of US$58.9 million in the fourth quarter of 2009. Diluted GAAP loss
per ADS was US$0.08, a decrease from loss per ADS of US$2.12 in the
previous quarter.
Balance Sheet
Cash, cash equivalents, and short-term investments decreased
slightly to US$61.0 million from US$61.2 million at the end of the
fourth quarter of 2009.
20-F
We presently anticipate the filing of our annual report on Form
20-F, which will contain, among other matters, our audited
financial statements from 2009, in late May or early June.
Cash Flow
Our cash flows were as follows:
3 months ended March 31, 2010
|
|
(In US$ millions)
|
Net income (loss)
|
(2.2)
|
Depreciation & amortization
|
1.3
|
Changes in operating assets and liabilities
|
--
|
Stock-based compensation
|
1.1
|
Others
|
1.0
|
Net cash provided by (used in) operating activities
|
1.2
|
Acquisition of property and equipment
|
(0.9)
|
Others
|
(1.4)
|
Net cash provided by (used in) investing activities
|
(2.3)
|
Others
|
(0.1)
|
Net cash provided by (used in) financing activities
|
(0.1)
|
Effects of changes in foreign currency exchange rates on
cash
|
0.2
|
Net decrease in cash and cash equivalents
|
(1.0)
|
Pro-forma adjustment for foreign exchange translation
|
0.8
|
Pro-forma net decrease in cash and cash equivalents
|
(0.2)
|
During the first quarter of 2010, we spent US$0.9 million in
capital expenditures primarily relating to the purchase of software
and equipment. There were no shares repurchased in the first
quarter.
Business Outlook:
Silicon Motion's President and CEO, Wallace Kou, added:
"While we have made great strides in the first quarter and are
optimistic about continued growth in the second quarter as the
availability of 3 bits per cell MLC NAND flash increases further
and the manufacture of 20 nm NAND flash begins, fluctuations in the
availability of NAND flash to our customers could change rapidly.
We are also actively managing the extended lead times at our
foundries. All in all, we continue to believe that 2010 will be a
year of gradual improvement for Silicon Motion."
For the second quarter of 2010, management expects:
-
Revenue to be up 10% to 20% 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$12
to US$14 million
Conference Call & Webcast:
The Company's management team will conduct a conference call at
8:00am Eastern Time on April 30, 2010.
(Speakers)
Wallace Kou, President & CEO
Riyadh Lai, CFO
Jason Tsai, Director of Investor Relations
and Strategy
PRE-REGISTRATION:
https://www.theconferencingservice.com/prereg/key.process?key=PPFHJJF3N
CONFERENCE CALL ACCESS NUMBERS:
USA (Toll Free): 1 888 713 4214
USA (Toll): 1 617 213 4866
Taiwan (Toll Free): 0080 144 4360
Participant Passcode: 6278 3836
REPLAY NUMBERS (for 7 days):
USA (Toll Free):1 888 286 8010
USA (Toll): 1 617 801 6888
Participant Passcode: 4533 3107
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 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.
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 lists, and other
intangibles acquired as part of an acquisition.
-
Impairment of goodwill represents the excess of the
carrying value of goodwill, which arises from an acquisition, over
its implied fair value.
-
Impairment of long-lived assets relates to the amount by
which the carrying amount of the assets exceeds the fair value of
the acquired assets.
Litigation expenses (or income) consist of legal expenses
relating to intellectual property disputes, commercial claims and
other types of litigation, as well as income and expenses from
legal settlements. We consider litigation to be an unusual,
non-recurring activity that does not occur regularly in the normal
course of our business and therefore exclude these types of charges
when presenting non-GAAP financial measures.
Impairment losses on long-term investment 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.
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$. We do not use financial
instruments to manage the impact on our operations from changes in
foreign exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
Silicon Motion Technology Corporation
Consolidated Statements of Income
(in thousands, except percentages and per share data,
unaudited)
|
For the Three Months Ended
|
|
Mar. 31, 2009
(NT$)
|
Dec. 31, 2009
(NT$)
|
Mar. 31,
2010
(NT$)
|
Mar.31,
2009
(US$)
|
Dec. 31,
2009
(US$)
|
Mar. 31,
2010
(US$)
|
Net Sales
|
732,024
|
728,154
|
830,773
|
21,543
|
22,530
|
26,002
|
|
|
|
|
|
|
|
Cost of sales
|
411,162
|
547,039
|
440,273
|
12,100
|
16,926
|
13,780
|
|
|
|
|
|
|
|
Gross profit
|
320,862
|
181,115
|
390,500
|
9,443
|
5,604
|
12,222
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
Research & development
|
219,649
|
359,523
|
239,709
|
6,463
|
11,123
|
7,502
|
Sales & marketing
|
79,740
|
134,060
|
98,934
|
2,347
|
4,148
|
3,097
|
General & administrative
|
95,948
|
189,287
|
81,980
|
2,824
|
5,857
|
2,566
|
Amortization of intangibles assets
|
47,877
|
48,282
|
17,296
|
1,409
|
1,494
|
541
|
Impairment of goodwill
|
--
|
1,019,360
|
--
|
--
|
31,540
|
--
|
Impairment of long-lived assets
|
--
|
217,189
|
--
|
--
|
6,720
|
--
|
Operating income (loss)
|
(122,352)
|
(1,786,586)
|
(47,419)
|
(3,600)
|
(55,278)
|
(1,484)
|
|
|
|
|
|
|
|
Non-operating income (expense)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on sale of investments
|
157
|
10
|
11
|
5
|
--
|
--
|
Interest income (net)
|
5,517
|
3,536
|
2,514
|
161
|
109
|
79
|
Impairment on long-term investment
|
--
|
(2,158)
|
(2,301)
|
--
|
(67)
|
(72)
|
Foreign exchange gain (loss)
|
86,433
|
(10,584)
|
(6,480)
|
2,544
|
(327)
|
(203)
|
Others
|
(148)
|
142
|
(4,054)
|
(4)
|
5
|
(127)
|
Subtotal
|
91,959
|
(9,054)
|
(10,310)
|
2,706
|
(280)
|
(323)
|
Income before tax
|
(30,393)
|
(1,795,640)
|
(57,729)
|
(894)
|
(55,558)
|
(1,807)
|
Income tax expense
|
17,436
|
108,043
|
12,122
|
513
|
3,343
|
379
|
Net income (loss)
|
(47,829)
|
(1,903,683)
|
(69,851)
|
(1,407)
|
(58,901)
|
(2,186)
|
|
|
|
|
|
|
|
Basic earnings (loss) per ADS
|
($1.75)
|
($68.39)
|
($2.45)
|
($0.05)
|
($2.12)
|
($0.08)
|
Diluted earnings (loss) per ADS
|
($1.75)
|
($68.39)
|
($2.45)
|
($0.05)
|
($2.12)
|
($0.08)
|
|
|
|
|
|
|
|
Margin Analysis:
|
|
|
|
|
|
|
Gross margin
|
43.8%
|
24.9%
|
47.0%
|
43.8%
|
24.9%
|
47.0%
|
Operating margin
|
(16.7%)
|
(245.4%)
|
(5.7%)
|
(16.7%)
|
(245.4%)
|
(5.7%)
|
Net margin
|
(6.5%)
|
(261.4%)
|
(8.4%)
|
(6.5%)
|
(261.4%)
|
(8.4%)
|
|
|
|
|
|
|
|
Additional Data:
|
|
|
|
|
|
|
Weighted avg. ADS equivalents1
|
27,354
|
27,836
|
28,457
|
27,354
|
27,836
|
28,457
|
Diluted ADS equivalents
|
27,354
|
27,836
|
28,457
|
27,354
|
27,836
|
28,457
|
|
|
|
|
|
|
|
1 Assumes all outstanding ordinary shares are
represented by ADSs. Each ADS represents four ordinary
shares.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Silicon Motion Technology Corporation
Reconciliation of GAAP to Non-GAAP Operating Results
(in thousands, except percentages and per share data,
unaudited)
|
For the Three Months Ended
|
|
Mar. 31, 2009
(NT$)
|
Dec. 31, 2009
(NT$)
|
Mar. 31, 2010
(NT$)
|
Mar. 31, 2009
(US$)
|
Dec. 31, 2009
(US$)
|
Mar. 31, 2010
(US$)
|
GAAP net income (loss)
|
(47,829)
|
(1,903,683)
|
(69,851)
|
(1,407)
|
(58,901)
|
(2,186)
|
Stock-based compensation:
|
|
|
|
|
|
|
Cost of sales
|
2,118
|
15,699
|
789
|
62
|
486
|
25
|
Research and development
|
28,053
|
117,949
|
14,597
|
826
|
3,649
|
457
|
Sales and marketing
|
11,270
|
41,257
|
12,818
|
332
|
1,277
|
401
|
General and administrative
|
15,105
|
70,358
|
7,353
|
445
|
2,177
|
230
|
Total stock-based compensation
|
56,546
|
245,263
|
35,557
|
1,665
|
7,589
|
1,113
|
|
|
|
|
|
|
|
Acquisition related charges:
|
|
|
|
|
|
|
Amortization of intangible
assets
|
47,877
|
48,282
|
17,296
|
1,409
|
1,494
|
541
|
Impairment of goodwill
|
--
|
1,019,360
|
--
|
--
|
31,540
|
--
|
Impairment of long-lived assets
|
--
|
217,189
|
--
|
--
|
6,720
|
--
|
Litigation expenses
|
1,290
|
1,210
|
2,162
|
38
|
37
|
68
|
Foreign exchange loss (gain)
|
(86,433)
|
10,584
|
6,480
|
(2,544)
|
327
|
203
|
Impairment on long-term investment
|
--
|
2,158
|
2,301
|
--
|
67
|
72
|
|
|
|
|
|
|
|
Non-GAAP net income (loss)
|
(28,549)
|
(359,637)
|
(6,055)
|
(839)
|
(11,127)
|
(189)
|
|
|
|
|
|
|
|
Shares used in computing non-GAAP basic earnings per
ADS
|
27,354
|
27,836
|
28,457
|
27,354
|
27,836
|
28,457
|
Shares used in computing non-GAAP diluted earnings per
ADS
|
27,354
|
27,836
|
28,457
|
27,354
|
27,836
|
28,457
|
|
|
|
|
|
|
|
Non-GAAP basic earnings (loss) per ADS
|
($1.04)
|
($12.92)
|
($0.21)
|
($0.03)
|
($0.40)
|
($0.01)
|
Non-GAAP diluted earnings (loss) per ADS
|
($1.04)
|
($12.92)
|
($0.21)
|
($0.03)
|
($0.40)
|
($0.01)
|
|
|
|
|
|
|
|
Non-GAAP gross margin
|
44.1%
|
27.0%
|
47.1%
|
44.1%
|
27.0%
|
47.1%
|
Non-GAAP operating margin
|
(2.3%)
|
(35.1%)
|
0.9%
|
(2.3%)
|
(35.1%)
|
0.9%
|
Silicon Motion Technology Corporation
Consolidated Balance Sheet
(In thousands)
(unaudited)
|
Mar. 31,
2009
(NT$)
|
Dec. 31,
2009
(NT$)
|
Mar. 31,
2010
(NT$)
|
Mar. 31,
2009
(US$)
|
Dec. 31,
2009
(US$)
|
Mar. 31,
2010
(US$)
|
Cash and cash equivalents
|
1,905,598
|
1,951,584
|
1,917,257
|
55,948
|
60,533
|
60,291
|
Short-term investments
|
54,103
|
21,153
|
21,163
|
1,588
|
656
|
666
|
Accounts receivable (net)
|
755,706
|
467,437
|
453,864
|
22,188
|
14,499
|
14,272
|
Inventories
|
503,343
|
457,736
|
388,573
|
14,778
|
14,198
|
12,219
|
Refundable deposits - current
|
80,555
|
50,689
|
95,797
|
2,365
|
1,572
|
3,012
|
Deferred income tax assets (net)
|
50,112
|
9,097
|
9,522
|
1,471
|
282
|
299
|
Prepaid expenses and other current assets
|
80,357
|
140,324
|
136,734
|
2,360
|
4,352
|
4,301
|
Total current assets
|
3,429,774
|
3,098,020
|
3,022,910
|
100,698
|
96,092
|
95,060
|
|
|
|
|
|
|
|
Long-term investments
|
50,616
|
15,709
|
13,366
|
1,486
|
487
|
420
|
Property and equipment (net)
|
892,317
|
773,218
|
760,875
|
26,198
|
23,983
|
23,927
|
Goodwill and intangible assets(net)
|
2,590,064
|
1,261,160
|
1,243,844
|
76,044
|
39,118
|
39,115
|
Other assets
|
218,452
|
272,011
|
259,032
|
6,414
|
8,437
|
8,146
|
Total assets
|
$7,181,223
|
$5,420,118
|
5,300,027
|
$210,840
|
$168,117
|
$166,668
|
|
|
|
|
|
|
|
Accounts payable
|
340,037
|
324,650
|
266,527
|
9,983
|
10,070
|
8,381
|
Income tax payable
|
159,915
|
38,655
|
38,662
|
4,695
|
1,199
|
1,216
|
Accrued expenses and other current liabilities
|
355,073
|
421,715
|
381,532
|
10,425
|
13,080
|
11,998
|
Total current liabilities
|
855,025
|
785,020
|
686,721
|
25,103
|
24,349
|
21,595
|
Other liabilities
|
99,770
|
120,775
|
124,365
|
2,929
|
3,746
|
3,911
|
Total liabilities
|
954,795
|
905,795
|
811,086
|
28,032
|
28,095
|
25,506
|
Shareholders' equity
|
6,226,428
|
4,514,323
|
4,488,941
|
182,808
|
140,022
|
141,162
|
Total liabilities & shareholders' equity
|
$7,181,223
|
$5,420,118
|
5,300,027
|
$210,840
|
$168,117
|
$166,668
|
|
|
|
|
|
|
|
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$33.98 to US$1 for 1Q09, NT$32.32 to US$1 for 4Q09, and
NT$31.95 to US$1 for 1Q10 based on the average of the historical
exchange rate of the Oanda Corporation. Amounts from the
balance sheet have been translated using the ending exchange rate
for the period. The exchange rate was NT$34.06 to US$1 at the
end of 1Q09, NT$32.24 to US$1 at the end of 4Q09 and NT$31.80 to
US$1 at the end of 1Q10.
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 CDMA RF ICs. Our multimedia
SoCs business is composed primarily of embedded graphics processors
and notebook PC webcam SoCs.
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 second quarter 2010 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 fourth 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 July 14, 2009. We assume no obligation
to update any forward-looking statements, which apply only as of
the date of this press release.
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
Selina Hsieh, Investor Relations
+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
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