Silicon Motion Announces 50% Annual Dividend Increase
October 24 2017 - 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 of $1.20 per ADS, a 50%
increase from the $0.80 per ADS declared last year.
As the Company’s growth and profitability have
been strong, the Board has decided to increase its annual dividend
payment to $1.20 per ADS1,2 which will be paid in four
quarterly installments of $0.30 per ADS3 according to the following
anticipated record and payment dates:
Record Date |
|
|
Payment Date |
November 9, 2017 |
|
|
November 23, 2017 |
February 12, 2018 |
|
|
February 27, 2018 |
May 10, 2018 |
|
|
May 23, 2018 |
August 9, 2018 |
|
|
August 22, 2018 |
1 One ADS is equivalent to four ordinary shares.2 $1.20 per ADS
is equivalent to $0.30 per ordinary share.3 $0.30 per ADS is
equivalent to $0.075 per ordinary share.
The Company’s depository bank’s DR books will be
closed for issuance and cancellation on each of the record
dates.
“Our Board has decided to increase the Company’s
annual dividend to further enhance shareholder returns,” said
Wallace Kou, President and CEO of Silicon Motion. “We have a
business that continues to generate strong free cash flow and
remain excited about our business outlook.”
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.
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 hyperscale datacenter 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 and any announced planned
increases in such dividends; 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 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 28, 2017, as amended on May 2, 2017. We
assume no obligation to update any forward-looking statements,
which apply only as of the date of this press release.
Investor Contacts:Jason TsaiSenior Director of
IR and StrategyE-mail: ir@siliconmotion.com
Selina HsiehInvestor RelationsE-mail: ir@siliconmotion.com
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