Fourth Quarter 2012
Financial Highlights
- Net sales decreased 8% quarter-over-quarter to US$70.6 million
from US$77.1 million in 3Q12
- Gross margin (non-GAAP1) decreased to 44.6% from 46.4% in
3Q12
- Operating expenses (non-GAAP) increased to US$17.8 million from
US$15.8 million in 3Q12
- Operating margin (non-GAAP) decreased to 19.5% from 25.9% in
3Q12
- Diluted earnings per ADS (non-GAAP) decreased to US$0.36 from
US$0.54 in 3Q12
Business Highlights
- Achieved US$281.4 million annual revenue and US$1.73 EPS
(non-GAAP), both highest in our history
- Began sampling our next generation, 55nm eMMC 4.5 controller
and expect to enter mass production in the first quarter of
2013
- Began sampling our fifth generation, single die
GSM/EDGE/HSPA/LTE transceiver incorporating better performance and
lower cost
- Began shipping our LTE transceivers to support four new Samsung
LTE smartphones launched in the Korean market in the first quarter
of 2013
- Expanded our eMMC wins beyond smartphones and tablets with new
wins with two leading gaming consoles, as well as smart TVs and
set-top boxes
Silicon Motion Technology Corporation (Nasdaq:SIMO) ("Silicon
Motion" or the "Company") today announced its financial results for
the quarter ended December 31, 2012. For the fourth quarter of
2012, net sales decreased 8% quarter-over-quarter to US$70.6
million from US$77.1 million in the third quarter of 2012. Net
income (non-GAAP) decreased in the fourth quarter to US$12.4
million or US$0.36 per diluted ADS from a net income of US$18.7
million or US$0.54 per diluted ADS in the third quarter of
2012.
Net income (GAAP) for the fourth quarter of 2012 decreased
quarter-over-quarter to US$7.9 million or US$0.23 per diluted ADS
from a net income of US$15.6 million or US$0.46 per diluted ADS in
the third quarter of 2012.
1Non-GAAP measures represent GAAP measures excluding the impact
of stock-based compensation, acquisition-related charges, foreign
exchange gain (loss), litigation expenses, gains from settlement of
litigation, and impairment of long-term assets. For reconciliation
of non-GAAP to GAAP results and further discussion, see
accompanying financial tables and the note "Discussion of Non-GAAP
Financial Measures" at the end of this press release.
Fourth Quarter 2012 Financial Review
Commenting on the results of the fourth quarter, Silicon
Motion's President and CEO, Wallace Kou, said:
"2012 was a record year for us. We delivered our highest annual
revenue and EPS in our Company's history. We had a solid finish to
the year and executed well in transitioning our growth to our New
Growth Products, primarily our eMMC controllers and LTE
transceivers. In 2012, our New Growth Product sales grew almost
140% from the prior year and accounted for 31% of our total
revenue.
"Our fourth quarter results were largely as expected and as
communicated. Our overall quarterly revenue fell slightly,
primarily due to third quarter's accelerated sales of LTE
transceivers to Samsung for its Galaxy S3 LTE smartphone—sales that
we had originally planned for the fourth quarter. Our eMMC
controller sales were flat sequentially due to strong pre-holiday
sales build in the third quarter. Controllers for our bundled card
sales increased sequentially while our retail card controller sales
declined. USB flash drive controller sales were up modestly.
"We believe that our business remains very well positioned for
further growth led by our New Growth Products. We anticipate that
sales of our eMMC 4.41 controllers, with which we have had
tremendous success and are shipping to both Samsung and SK Hynix,
will continue to grow strongly this year. Additionally, I am
pleased to announce that our new eMMC 4.5 controller, an even
higher performance and more cost competitive 55nm solution, has
successfully taped out and is currently being sampled by our flash
partners; we expect this product to enter mass production in the
first quarter of 2013. Also, our new fifth generation LTE
transceiver, a single die 55nm GSM/EDGE/HSPA/LTE solution that is
higher performance and lower cost, is in final qualification with
Samsung. We are honored to be Samsung's LTE transceiver partner and
are pleased with Samsung's phenomenal success in bringing
successive generations of world-class LTE smartphones and tablets
to market."
Sales
Net sales in the fourth quarter of 2012 were US$70.6 million, a
decrease of 8% compared with the previous quarter. For the quarter,
mobile storage products accounted for 75% of net sales and mobile
communications 21% 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 slightly sequentially in the fourth
quarter to US$52.9 million.
Net sales of mobile communication products, which primarily
include handset transceivers and mobile TV IC solutions, decreased
32% from the third quarter to US$14.9 million in the fourth quarter
of 2012.
Gross and Operating Margins
Gross margin (non-GAAP) decreased to 44.6% in the fourth quarter
from 46.4% in the third quarter of 2012. GAAP gross margin
decreased to 43.0% in the fourth quarter from 46.3% in the third
quarter of 2012.
Operating expenses (non-GAAP) were US$17.8 million, which was
higher than the US$15.8 million expended in the third quarter.
Research and development expenditures (non-GAAP) were US$12.3
million, which was higher than the US$10.0 million in the previous
quarter. Selling and marketing expenses (non-GAAP) were US$3.1
million, which was lower compared to the US$3.6 million in the
previous quarter. General and administrative expenses (non-GAAP)
were US$2.4 million, which was higher compared to the US$2.2
million in the previous quarter. Stock-based compensation was
US$3.4 million in the fourth quarter, unchanged compared to the
third quarter. There were no acquisition-related charges in the
fourth quarter of 2012.
Operating margin (non-GAAP) was 19.5%, a decrease from 25.9% in
the previous quarter. GAAP operating margin was 13.2% for the
fourth quarter, a decrease from 21.5% in the third quarter.
Other Income and Expenses
Net total other income (non-GAAP) was US$0.3 million, a slight
decrease from US$0.4 million in the third quarter. GAAP net total
other income was US$0.2 million, a decrease from a net total other
income of US$0.8 million in the third quarter. The increase in GAAP
net total other income was primarily due to a foreign exchange gain
in the third quarter of US$0.4 million compared to a foreign
exchange loss in the fourth quarter of less than US$0.1
million.
Earnings
Net income (non-GAAP) was US$12.4 million for the fourth quarter
of 2012, a decrease from US$18.7 million in the third quarter.
Diluted earnings per ADS (non-GAAP) were US$0.36 in the fourth
quarter, a decrease from US$0.54 in the third quarter.
GAAP net income was US$7.9 million for the fourth quarter, a
decrease from the net income of US$15.6 million in the third
quarter. Diluted GAAP earnings per ADS in the fourth quarter were
US$0.23, a decrease from US$0.46 in the previous quarter.
Balance Sheet
Cash and cash equivalents, and short-term investments increased
to US$169.6 million at the end of the fourth quarter of 2012 from
US$146.6 million at the end of the third quarter.
Cash Flow
Our cash flows were as follows:
3 months ended December 31, 2012 |
|
(In US$ millions) |
Net income |
7.9 |
Depreciation & amortization |
1.5 |
Changes in operating assets and
liabilities |
(4.3) |
Others |
3.7 |
Net cash provided by (used in)
operating activities |
8.8 |
Acquisition of property and equipment |
(1.3) |
Others |
(0.3) |
Net cash provided by (used in)
investing activities |
(1.6) |
Others |
0.1 |
Net cash provided by (used in)
financing activities |
0.1 |
Effects of changes in foreign currency
exchange rates on cash |
0.9 |
Net increase (decrease) in cash
and cash equivalents |
8.2 |
During the fourth quarter of 2012, we had US$1.3 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:
"For full year 2013, we believe we are well positioned to grow
our revenue 10% to 20% led by our New Growth Products. In the
first quarter, we expect our eMMC controller sales to grow
sequentially and LTE sales to decrease as Samsung's flagship
smartphone and tablet models are in transition.
Additionally, while our sales of card and USB flash drive
controllers to module maker customers will be seasonally down as
expected, our large OEM customer is rebalancing its card and wafer
sales, and this will negatively affect our sales temporarily in the
first quarter of 2013. In the second quarter, we expect our
eMMC controller sales to continue growing, our LTE sales to
pick-up, and our card and USB flash drive sales to rebound."
For the first quarter of 2013, management expects:
- Revenue to be down 15% to 25% sequentially
- Gross margin (non-GAAP) to be in the 44% to 46% range
- Operating expenses (non-GAAP) of approximately US$17 to US$18
million
For the full year 2013, management expects:
- Revenue to be up 10% to 20% compared with full year 2012
- Gross margin (non-GAAP) to be in the 46% to 48% range
- Operating expenses (non-GAAP)of approximately US$73 to US$78
million
Conference Call & Webcast:
The Company's management team will conduct a conference call at
8:00 am Eastern Time on February 5, 2013.
(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: 8815 6088 |
|
REPLAY NUMBERS (for 7 days): |
USA (Toll Free): |
1 855 452 5696 |
USA (Toll): |
1 646 254 3697 |
Participant Passcode: 8815 6088 |
|
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.
Foreign exchange gains and losses prior to January 1, 2012,
consist 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$. Beginning
January 1, 2012, due to a change in functional currency of our
largest operating subsidiary, we changed our reporting currency
from the NT$ to US$ and subsequently our foreign exchange gains and
losses now consist of translation gains and/or losses of non-US$
denominated current assets and current liabilities, as well as
certain other balance sheet items which result from the
appreciation or depreciation of non-US$ currencies against the
US$. We do not use financial instruments to
manage the impact on our operations from changes in foreign
exchange rates, and because our operations are subject to
fluctuations in foreign exchange rates, we therefore exclude
foreign exchange gains and losses when presenting non-GAAP
financial measures.
Other non-recurring items:
– Litigation expenses consist of legal expenses relating
to intellectual property disputes, commercial claims and other
types of litigation. While litigation may arise in the ordinary
course of our business, we nevertheless consider litigation to be
an unusual, non-recurring and unplanned activity and therefore
exclude this charge when presenting non-GAAP financial
measures.
– Vendor dispute charges relate to the write down of
certain unsalable inventory due to defects in the components
provided by our vendor. These parts were supplied to us at a
quality below levels previously specified and agreed. All
parts known to be defective have been identified and are within our
control. We have resolved this matter with our vendor and
recovered in 1Q 2013 the full value of the inventory being written
off. This charge (as well as the amount recovered) has been
excluded from our non-GAAP results as we believe this is an
unusual, non-recurring and unplanned activity.
Silicon Motion
Technology Corporation Consolidated Statements of Income (in
thousands, except percentages and per ADS data, unaudited) |
|
|
|
|
For the Three Months
Ended |
|
Dec. 31, 2011
(US$) |
Sep. 30, 2012
(US$) |
Dec. 31, 2012
(US$) |
|
Net Sales |
67,146 |
77,066 |
70,605 |
|
Cost of sales |
33,762 |
41,424 |
40,251 |
|
Gross profit |
33,384 |
35,642 |
30,354 |
|
Operating expenses |
|
|
|
|
Research & development |
12,389 |
12,076 |
14,296 |
|
Sales & marketing |
4,312 |
4,234 |
3,799 |
|
General &
administrative |
2,604 |
2,776 |
2,968 |
|
Operating income |
14,079 |
16,556 |
9,291 |
|
|
|
|
|
|
Non-operating income (expense) |
|
|
|
|
Gain on sale of
investments |
5 |
1 |
-- |
|
Interest income, net |
226 |
378 |
400 |
|
Foreign exchange gain
(loss),net |
(1,079) |
362 |
(49) |
|
Others, net |
4 |
17 |
(118) |
|
Subtotal |
(844) |
758 |
233 |
|
Income before income tax |
13,235 |
17,314 |
9,524 |
|
Income tax expense (benefit) |
992 |
1,692 |
1,595 |
|
Net income |
12,243 |
15,622 |
7,929 |
|
|
|
|
|
|
Basic earnings per ADS |
$0.39 |
$0.48 |
$0.24 |
|
Diluted earnings per ADS |
$0.37 |
$0.46 |
$0.23 |
|
|
|
|
|
|
Margin Analysis: |
|
|
|
|
Gross margin |
49.7% |
46.3% |
43.0% |
|
Operating margin |
21.0% |
21.5% |
13.2% |
|
Net margin |
18.2% |
20.3% |
11.2% |
|
|
|
|
|
|
Additional Data: |
|
|
|
|
Weighted avg. ADS equivalents2 |
31,053 |
32,428 |
32,468 |
|
Diluted ADS equivalents |
33,315 |
33,647 |
33,820 |
|
|
|
|
|
|
2Assumes all
outstanding ordinary shares are represented by ADSs. Each ADS
represents four ordinary shares. |
|
|
|
|
|
|
Silicon Motion
Technology Corporation Reconciliation of GAAP to Non-GAAP Operating
Results (in thousands, except percentages and per ADS data,
unaudited) |
|
|
|
|
|
|
|
|
|
For
the Three Months Ended |
|
|
|
|
|
Dec. 31, 2011
(US$) |
Sep. 30, 2012
(US$) |
Dec. 31, 2012
(US$) |
|
GAAP net income |
|
12,243 |
15,622 |
7,929 |
|
Stock-based
compensation: |
|
|
|
|
|
Cost of sales |
|
78 |
114 |
107 |
|
Research and development |
|
1,541 |
2,092 |
2,030 |
|
Sales and marketing |
|
679 |
679 |
688 |
|
General and administrative |
|
463 |
543 |
532 |
|
Total stock-based
compensation |
|
2,761 |
3,428 |
3,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-recurring items: |
|
|
|
|
|
Vendor dispute |
|
-- |
-- |
1,057 |
|
Litigation expenses |
|
(19) |
-- |
31 |
|
Foreign exchange loss (gain),
net |
|
1,079 |
(362) |
49 |
|
Non-GAAP net income |
|
16,064 |
18,688 |
12,423 |
|
|
|
|
|
|
|
Shares used in computing non-GAAP
diluted earnings per ADS |
|
34,210 |
34,547 |
34,518 |
|
|
|
|
|
|
|
Non-GAAP diluted earnings per
ADS |
|
$0.47 |
$0.54 |
$0.36 |
|
|
|
|
|
|
|
Non-GAAP gross margin |
|
49.8% |
46.4% |
44.6% |
|
Non-GAAP operating margin |
|
25.1% |
25.9% |
19.5% |
|
|
|
|
|
|
|
|
|
Silicon Motion
Technology Corporation Consolidated Statements of Income (in
thousands, except percentages, and per ADS data, unaudited) |
|
|
|
|
For the Year
Ended |
|
Dec. 31,
2011
(US$) |
Dec. 31,
2012
(US$) |
|
Net Sales |
224,301 |
281,371 |
|
Cost of sales |
116,067 |
149,650 |
|
Gross profit |
108,234 |
131,721 |
|
Operating expenses |
|
|
|
Research & development |
40,565 |
50,975 |
|
Sales & marketing |
14,561 |
15,919 |
|
General &
administrative |
11,365 |
12,157 |
|
Amortization of intangible
assets |
791 |
-- |
|
Operating income |
40,952 |
52,670 |
|
|
|
|
|
Non-operating income ( expense ) |
|
|
|
Gain on sale of
investments |
10 |
2 |
|
Interest income, net |
522 |
1,372 |
|
Foreign exchange gain
(loss),net |
5,749 |
390 |
|
Others, net |
14 |
(100) |
|
Subtotal |
6,295 |
1,664 |
|
Income before income tax |
47,247 |
54,334 |
|
Income tax expense |
5,789 |
7,117 |
|
Net income |
41,458 |
47,217 |
|
|
|
|
|
Basic earnings per ADS |
$1.34 |
$1.46 |
|
Diluted earnings per ADS |
$1.28 |
$1.40 |
|
|
|
|
|
Margin Analysis: |
|
|
|
Gross margin |
48.3% |
46.8% |
|
Operating margin |
18.3% |
18.7% |
|
|
|
|
|
Weighted average ADS: |
|
|
|
Basic |
30,771 |
32,315 |
|
Diluted |
32,343 |
33,626 |
|
|
|
|
|
Silicon Motion
Technology Corporation Reconciliation of GAAP to Non-GAAP Operating
Results (in thousands, except percentages and per ADS data,
unaudited) |
|
|
|
|
|
|
|
|
|
For the Year
Ended |
|
|
Dec. 31,
2011
(US$) |
Dec. 31,
2012
(US$) |
GAAP net
income |
41,458 |
47,217 |
Stock-based
compensation: |
|
|
Cost of sales |
254 |
375 |
Research and
development |
5,046 |
7,055 |
Sales and
marketing |
2,059 |
2,494 |
General and
administrative |
1,513 |
1,878 |
Total
stock-based compensation |
8,872 |
11,802 |
|
|
|
Acquisition related
charges: |
|
|
Amortization of
intangible assets |
791 |
-- |
Non-recurring
items: |
|
|
Vendor dispute |
-- |
1,057 |
Litigation
expenses |
20 |
31 |
Foreign exchange loss
(gain), net |
(5,749) |
(390) |
|
|
|
Non-GAAP net
income |
45,392 |
59,717 |
|
|
|
Shares used in computing
non-GAAP diluted earnings per ADS |
33,489 |
34,459 |
|
|
|
Non-GAAP diluted earnings
per ADS |
$1.35 |
$1.73 |
|
|
|
Non-GAAP gross margin |
48.4% |
47.3% |
Non-GAAP operating margin |
22.6% |
23.3% |
|
|
|
|
Silicon Motion Technology
Corporation |
Consolidated Balance
Sheet |
(In thousands, unaudited) |
|
|
|
|
|
Dec. 31, 2011
(US$) |
Sep. 30, 2012
(US$) |
Dec. 31, 2012
(US$) |
Cash and cash equivalents |
88,763 |
146,570 |
154,734 |
Short-term investments |
2,980 |
-- |
14,882 |
Accounts receivable (net) |
38,222 |
37,593 |
35,983 |
Inventories |
30,315 |
36,801 |
32,143 |
Refundable deposits - current |
15,193 |
15,240 |
15,283 |
Deferred income tax assets (net) |
1,078 |
2,565 |
2,369 |
Prepaid expenses and other
current assets |
3,012 |
3,248 |
3,018 |
Total current assets |
179,563 |
242,017 |
258,412 |
|
|
Long-term investments |
178 |
178 |
178 |
Property and equipment (net) |
24,728 |
23,490 |
23,386 |
Goodwill and intangible assets (net) |
38,756 |
35,465 |
35,472 |
Other assets |
7,382 |
4,835 |
5,339 |
Total assets |
250,607 |
305,985 |
322,787 |
|
|
|
|
Accounts payable |
20,997 |
27,502 |
26,642 |
Income tax payable |
3,306 |
3,506 |
4,668 |
Accrued expenses and other current
liabilities |
18,420 |
21,216 |
25,087 |
Total current liabilities |
42,723 |
52,224 |
56,397 |
Other liabilities |
3,103 |
3,922 |
4,124 |
Total liabilities |
45,826 |
56,146 |
60,521 |
Shareholders' equity |
204,781 |
249,839 |
262,266 |
Total liabilities & shareholders'
equity |
250,607 |
305,985 |
322,787 |
|
|
|
|
Note: Our 2011 US$
financial numbers are translated from NT$, as previously
disclosed. Beginning January 1, 2012, our reporting currency
is the US$. |
|
|
|
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 two major
product lines, mobile storage and mobile communications. 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 handset
transceivers and mobile TV IC solutions.
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 2013 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; the payment, or
non-payment, of cash dividends in the future at the discretion of
our board of directors; demand, adoption and sales of our New
Growth Products; the effect, if any, on the price of our ADS as a
result of the implementation, if at all, of the announced share
repurchase program; 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 30, 2012, as amended on May 15,
2012. We assume no obligation to update any forward-looking
statements, which apply only as of the date of this press release.
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
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