STEC, Inc. (Nasdaq:STEC) announced today the Company's financial
results for the fourth quarter and full-year ended December 31,
2010.
Revenue for the fourth quarter of 2010 was $93.9 million, a
decrease of 11.4% from $106.0 million for the fourth quarter of
2009 and an increase of 9.1% from $86.1 million for the third
quarter of 2010.
GAAP gross profit margin was 45.2% for the fourth quarter of
2010, compared to 50.9% for the fourth quarter of 2009 and 46.4%
for the third quarter of 2010. GAAP diluted earnings per share from
continuing operations was $0.34 for the fourth quarter of 2010,
compared to $0.47 for the fourth quarter of 2009 and $0.26 for the
third quarter of 2010.
Non-GAAP gross profit margin was 45.3% for the fourth quarter of
2010, compared to 51.0% for the fourth quarter of 2009 and 46.5%
for the third quarter of 2010. Non-GAAP diluted earnings per share
from continuing operations was $0.35 for the fourth quarter of
2010, compared to $0.51 for the fourth quarter of 2009 and $0.31
for the third quarter of 2010.
Revenue for full-year 2010 was $280.1 million, a decrease of
20.9% from $354.2 million for 2009. GAAP gross profit margin was
43.4% for 2010, compared to 47.7% for 2009. GAAP full-year 2010
diluted earnings per share from continuing operations was $0.56,
compared to full-year 2009 diluted earnings per share from
continuing operations of $1.41.
Non-GAAP gross profit margin was 43.6% for full-year 2010,
compared to 48.4% for 2009. Non-GAAP diluted earnings per share
from continuing operations was $0.69 for full-year 2010, compared
to $1.61 for 2009.
A reconciliation of GAAP to non-GAAP results is provided in the
tables included in this release.
Business Outlook
"I am very pleased with our fourth quarter 2010 revenue, margin,
and EPS results," said Manouch Moshayedi, STEC's Chairman and Chief
Executive Officer. "We surpassed our guidance for the fourth
quarter and have set the stage for a successful first quarter 2011.
Moreover, we had our best quarter ever for shipments of our
flagship ZeusIOPS® Solid-State drives (SSDs) with ZeusIOPS revenues
for the fourth quarter of 2010 increasing to $74.9 million from
$74.0 million in the fourth quarter of 2009, and from $59.1 million
in the third quarter of 2010.
"During 2010, we expanded our leading position in the
Enterprise-SSD market increasing the number of our
Enterprise-Storage and Enterprise-Server customers that have
qualified our SSDs. In addition, we executed on our strategy to
diversify our customer base by increasing the number of OEM SSD
customers that contributed 10% or more of our revenue to three for
full-year 2010 compared to one such customer for full-year
2009.
"Furthermore, our MLC-based ZeusIOPS SSDs enabled by our
proprietary CellCare™ technology have now been qualified and are
available to our OEM customers on a production-level basis. We
believe this sends an important signal that high-performance
MLC-based SSDs are ready for the Enterprise-Storage market.
"During the fourth quarter of 2010, our mix of ZeusIOPS SAS
interface SSDs grew to 42% of our total ZeusIOPS sales from 20% in
the third quarter of 2010. Furthermore, we believe that sales of
our SAS ZeusIOPS SSDs will exceed that of our Fibre Channel
ZeusIOPS SSDs during the first quarter of 2011. This marks an
important transition of our customers to the highest-performance
technologies and highlights our adaptability to the rapidly
evolving storage industry.
"Ultimately, we believe that these milestones along with the
increasing awareness and knowledge of the benefits of Enterprise
SSDs by our OEM customers and their end-user customers, will
contribute to a strong first quarter 2011."
Guidance
STEC's current expectation for the first quarter of 2011 is as
follows:
- Revenue to range from $90 million to $92 million.
- Diluted non-GAAP income per share to range from $0.32 to
$0.34.
STEC's projected non-GAAP earnings per share results exclude
employee stock compensation expense and other items that the
Company does not consider indicative of its underlying business
performance.
Conference Call
STEC will hold an open conference call to discuss results for
the fourth quarter and full-year 2010. The call will take place
today at 5:30 a.m., Pacific/ 8:30 a.m., Eastern. The call-in
numbers for the conference are (877) 645-6380 (United States and
Canada) and (914) 495-8562 (International).
Webcast
This call will be webcast. The webcast can be accessed by
clicking on the red "Investors" tab at the top of the home page at
www.stec-inc.com. Then click on the "Audio Presentations"
button.
Replay
The webcast will also be archived and available for replay
beginning approximately two hours after the live call
concludes.
About STEC, Inc. (Nasdaq:STEC)
STEC, Inc. is a leading global provider of solid-state drive
technologies and solutions tailored to meet the high-performance,
high-reliability needs of original equipment manufacturers (OEMs).
With headquarters in Santa Ana, California and locations worldwide,
STEC leverages almost two decades of solid-state drive knowledge
and experience to deliver the industry's most comprehensive line of
solid-state drives to the storage industry.
For information about STEC and to subscribe to the Company's
"Email Alerts" service, please visit STEC's web site at
www.stec-inc.com, click on the red "Investors" tab at the top of
the home page and then click "Email Alerts."
The STEC, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1079
STEC, the STEC logo, ZeusIOPS, and CellCare are either
registered trademarks or trademarks of STEC, Inc. in the United
States and certain other countries. All other trademarks referred
to herein are the property of their respective owners.
Use of Non-GAAP Financial Information
To supplement the consolidated financial results prepared in
accordance with Generally Accepted Accounting Principles ("GAAP"),
STEC uses non-GAAP financial measures (non-GAAP gross profit,
non-GAAP gross profit percentage, non-GAAP operating expenses,
non-GAAP operating income, non-GAAP income from continuing
operations and non-GAAP diluted earnings per share from continuing
operations) that exclude Malaysian facility start-up costs,
employee stock compensation, employee severance, intellectual
property litigation costs, securities and derivative action
litigation costs, special charges for restructuring, Malaysia
government incentive grant income and contract termination
settlement proceeds. Management excludes these items because it
believes that the non-GAAP measures enhance an investor's overall
understanding of STEC's financial performance and future prospects
by being more reflective of the Company's core, recurring
operational activities and to be more comparable with the results
of the Company over various periods. Management uses non-GAAP
financial measures internally for strategic decision making,
forecasting future results and evaluating current performance.
Guidance is provided only on a non-GAAP basis due to the inherent
difficulty of forecasting the timing or amount of such items.
Difficulties in forecasting the non-GAAP items include the timing
of issuing employee stock compensation, which could impact the
valuation and related expense, and the timing of receiving
incentive grant income from the Malaysian government. These items
could be materially significant in the Company's GAAP results in
any period. By disclosing non-GAAP financial measures, management
intends to provide investors with a more meaningful, consistent
comparison of the Company's core operating results and trends for
the periods presented. Non-GAAP financial measures are not prepared
in accordance with GAAP; therefore, the information is not
necessarily comparable to other companies' financial information
and should be considered as a supplement to, not a substitute for,
or superior to, the corresponding measures calculated in accordance
with GAAP. A complete reconciliation between GAAP and non-GAAP
information referred to in this release is provided in tables
included in this release. Certain amounts reported in prior
releases may have been reclassified to conform to the current
quarter's non-GAAP presentation.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
This release contains forward-looking statements that involve
risks and uncertainties, including, but not limited to, statements
concerning growing acceptance, adoption and qualification of SSDs
within the Enterprise-Storage and Enterprise-Server markets;
anticipated increased activity from STEC's customers; the benefits
from CellCare and other developing technologies; the capabilities
and performance of STEC's products; anticipated increase in sales
of STEC's ZeusIOPS SSDs; the rapidly evolving storage industry; and
expected first quarter 2011 revenue and earnings per share. Such
forward-looking statements are based on current expectations and
involve inherent risks and uncertainties, including factors that
could delay, divert or change any of them, and could cause actual
outcomes and results to differ materially from current
expectations. Although STEC believes that the forward-looking
statements contained in this release are reasonable, it can give no
assurance that its expectations will be fulfilled. Important
factors which could cause actual results to differ materially from
those expressed or implied in the forward-looking statements are
detailed in filings with the Securities and Exchange Commission
made from time to time by STEC, including its Annual Report on Form
10-K, its Quarterly Reports on Form 10-Q, and its Current Reports
on Form 8-K. Special attention is directed to the portions of those
documents entitled "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of
Operations." The information contained in this press release
is a statement of STEC's present intention, belief or expectation.
STEC may change its intention, belief, or expectation, at any time
and without notice, based upon any changes in such factors, in
STEC's assumptions or otherwise. STEC undertakes no obligation to
release publicly any revisions to any forward-looking statements to
reflect events or circumstances occurring after the date hereof or
to reflect the occurrence of unanticipated events.
STEC,
INC. |
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS |
(in thousands, except
per share amounts) |
|
|
|
|
|
|
|
December 31,
2010 |
December 31,
2009 |
ASSETS: |
|
|
Current Assets: |
|
|
Cash and cash equivalents |
$ 170,457 |
$ 135,658 |
Short-term investments |
-- |
10,000 |
Accounts receivable, net of allowances of
$3,853 at December 31, 2010 and $3,557 at December 31,
2009 |
47,831 |
78,373 |
Inventory |
88,968 |
42,739 |
Other current assets |
4,606 |
2,840 |
Total current
assets |
311,862 |
269,610 |
|
|
|
Leasehold interest in land |
2,596 |
2,543 |
Property, plant and equipment, net |
35,037 |
39,911 |
Goodwill |
1,682 |
1,682 |
Other long-term assets |
5,173 |
5,368 |
Deferred income taxes |
9,304 |
6,448 |
Total
assets |
$ 365,654 |
$ 325,562 |
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY: |
|
|
Current Liabilities: |
|
|
Accounts payable |
$ 25,762 |
$ 29,911 |
Accrued and other
liabilities |
13,470 |
14,070 |
Total current
liabilities |
39,232 |
43,981 |
|
|
|
Long-term income taxes payable |
4,248 |
2,986 |
|
|
|
Commitments and contingencies |
-- |
-- |
Shareholders' Equity: |
|
|
Preferred stock, $0.001 par value, 20,000
shares authorized, no shares outstanding |
-- |
-- |
Common stock, $0.001 par value, 100,000
shares authorized, 51,046 shares issued and outstanding as of
December 31, 2010 and 50,284 shares issued and outstanding as of
December 31, 2009 |
51 |
50 |
Additional paid-in capital |
169,127 |
154,087 |
Retained earnings |
152,996 |
124,458 |
Total shareholders'
equity |
322,174 |
278,595 |
Total liabilities and
shareholders' equity |
$ 365,654 |
$ 325,562 |
|
STEC,
INC. |
UNAUDITED CONDENSED
CONSOLIDATED INCOME STATEMENTS |
(in thousands, except
per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended
December 31, |
Year Ended
December 31, |
|
2010 |
2009 |
2010 |
2009 |
Net revenues |
$ 93,918 |
$ 106,004 |
$ 280,149 |
$ 354,183 |
Cost of revenues |
51,430 |
52,078 |
158,430 |
185,236 |
Gross profit |
42,488 |
53,926 |
121,719 |
168,947 |
|
|
|
|
|
Sales and marketing |
5,703 |
5,387 |
19,396 |
20,352 |
General and administrative |
7,517 |
8,157 |
28,623 |
28,543 |
Research and development |
12,054 |
9,969 |
44,148 |
27,481 |
Special charges |
413 |
(125) |
990 |
3,408 |
Total operating expenses |
25,687 |
23,388 |
93,157 |
79,784 |
Operating income |
16,801 |
30,538 |
28,562 |
89,163 |
Other income (expense) |
1,942 |
(15) |
2,579 |
601 |
Income from continuing operations before
income taxes |
18,743 |
30,523 |
31,141 |
89,764 |
Provision for income taxes |
(1,245) |
(6,015) |
(2,440) |
(18,221) |
Income from continuing
operations |
17,498 |
24,508 |
28,701 |
71,543 |
Discontinued operations: |
|
|
|
|
Income (loss) from operations of Consumer
Division |
-- |
2,194 |
(261) |
1,838 |
(Provision) benefit for income
taxes |
(11) |
(909) |
98 |
(768) |
(Loss) income from discontinued
operations |
(11) |
1,285 |
(163) |
1,070 |
Net income |
$ 17,487 |
$ 25,793 |
$ 28,538 |
$ 72,613 |
|
|
|
|
|
Net income (loss) per share: |
|
|
|
|
Basic: |
|
|
|
|
Continuing operations |
$ 0.34 |
$ 0.49 |
$ 0.57 |
$ 1.45 |
Discontinued operations |
-- |
0.02 |
(0.01) |
0.02 |
Total |
$ 0.34 |
$ 0.51 |
$ 0.56 |
$ 1.47 |
Diluted: |
|
|
|
|
Continuing operations |
$ 0.34 |
$ 0.47 |
$ 0.56 |
$ 1.41 |
Discontinued operations |
-- |
0.03 |
(0.01) |
0.02 |
Total |
$ 0.34 |
$ 0.50 |
$ 0.55 |
$ 1.43 |
|
|
|
|
|
Shares used in per share computation: |
|
|
|
|
Basic |
50,956 |
50,264 |
50,699 |
49,350 |
Diluted |
52,063 |
51,601 |
51,432 |
50,896 |
STEC, INC.
Non-GAAP Reconciliations
The non-GAAP financial measures included in the following tables
are non-GAAP gross profit, non-GAAP gross profit percentage,
non-GAAP operating expenses, non-GAAP operating income, non-GAAP
operating margin percentage, non-GAAP income from continuing
operations and non-GAAP diluted earnings per share from continuing
operations, which adjust for the following items: (a) Malaysian
facility start-up costs, (b) employee stock compensation expense,
(c) employee severance, (d) IP litigation costs, (e) securities and
derivative action litigation costs, (f) special charges related to
restructuring costs, (g) Malaysia government incentive grant income
and (h) contract termination settlement proceeds. Management
believes these non-GAAP financial measures enhance an investor's
overall understanding of the Company's financial performance and
future prospects by being more reflective of the Company's core,
recurring operational activities and are more comparable with the
results of the Company over various periods. Management uses
non-GAAP financial measures internally for strategic decision
making, forecasting future results and evaluating current
performance. Non-GAAP financial measures are not prepared in
accordance with GAAP; therefore, the information is not necessarily
comparable to other companies' financial information and should be
considered as a supplement to, not a substitute for, or superior
to, the corresponding measures calculated in accordance with
GAAP.
Details of the items excluded from GAAP financial results in
calculating non-GAAP financial measures are as follows:
a) The Malaysia facility start-up costs relate primarily to
expenses associated with the Company's manufacturing facility in
Penang, Malaysia in which construction was completed in 2008.
During 2008 and the first quarter of 2009, the Company used this
facility to train production employees, obtain facility
certifications such as ISO certification, install the necessary
accounting and information systems and conduct customer audits to
better prepare for the full-scale transition of the Company's U.S.
operations to Malaysia in 2009. As full-scale production was not
completely transitioned to Malaysia until the second quarter of
2009, management believes excluding Malaysia start-up costs from
the Company's operations for the reporting periods through the
first quarter of 2009 provides investors with a better means of
evaluating the Company's operations during the Malaysia facility
start-up periods.
b) Employee stock compensation costs incurred in connection with
Accounting Standards Codification 718, "Compensation -- Stock
Compensation," have been excluded as management omits these
expenses when evaluating its core operating activities, for
strategic decision making, forecasting future results and
evaluating current performance.
c) Employee severance relates to one-time costs incurred related
to the termination of certain U.S.-based employees. The Company
provides compensation to certain employees as an accommodation upon
termination of employment without cause. Management believes that
excluding severance costs from operating results provides investors
with a better means for measuring current Company performance.
d) Intellectual property litigation costs relate to a patent
infringement suit filed against us by a competitor on April 14,
2008. The Company filed an answer to the lawsuit asserting
affirmative defenses of non-infringement, invalidity and
counter-claimed for a declaratory judgment of non-infringement,
invalidity, and unenforceability for all patents in question plus
legal fees and costs. In February 2009, the lawsuit was mutually
dismissed by both parties and no further costs have been incurred
by the Company related to this matter after the first quarter of
2009. Management believes that legal and consulting fees incurred
in conjunction with this lawsuit for the periods presented should
be excluded when evaluating core operations since management
believes these costs are non-recurring.
e) In the fourth quarter of 2009 and first quarter of 2010,
certain class action securities complaints and shareholder
derivative actions were filed against the Company and certain
officers and directors of the Company. Under the Company's
Directors and Officers insurance policies, the Company was required
to pay a deductible of $500,000 for the initial attorneys' fees and
costs incurred related to these lawsuits. After the first $500,000
of attorneys' fees and costs were incurred in the fourth quarter of
2009, and until the Company's policy limits are exhausted, the
insurance carriers, subject to their reservations of rights to deny
or limit coverage, should be responsible for covering a substantial
portion of the attorneys' fees and costs associated with the
Company's defense of these actions. Management believes the
insurance policy deductible is a non-recurring expense and should
be excluded when evaluating core operations for fourth quarter of
2009.
f) Special charges relate to a restructuring plan that the
Company implemented during the first quarter of 2009. The Company
completed the first phase of the restructuring plan at the end of
the first quarter of 2010 and started the second phase of the
restructuring plan in the second quarter of 2010. These charges
include expenses related to a reduction in the Company's workforce
and asset impairment charges. The special charges primarily
impacted U.S.-based operations and employees as part of the overall
transition of certain operations to the Company's facility in
Penang, Malaysia. Management believes that costs incurred in
connection with the restructuring plan, which were primarily
related to workforce reduction severance costs and consolidation of
facilities expenses are non-recurring in nature and should be
excluded when evaluating core operations.
g) Malaysia government grant incentive income relates to
proceeds received from the Ministry of International Trade and
Industry ("MITI") in Malaysia. The grants are provided by MITI as
incentive for the Company incurring research and development
expenses and employee training costs for its operations in
Malaysia. Since the grants represent reimbursement of expenses that
were previously included by the Company as a non-GAAP item under
Malaysia start-up costs, the Company has reversed the related grant
reimbursement income from its second quarter of 2010 non-GAAP
results.
h) During the fourth quarter of 2010, the Company received
proceeds in conjunction with a settlement received from a customer
related to a termination of a contract. Since the contract
settlement proceeds are non-recurring, management believes that it
should be excluded when evaluating core operations.
STEC,
INC. |
Schedule Reconciling
GAAP Income From Continuing Operations to Non-GAAP Income From
Continuing Operations |
($ in thousands, except
per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
For the Year
Ended |
|
December 31, |
December 31, |
September 30, |
December
31, |
|
2010 |
2009 |
2010 |
2010 |
2009 |
GAAP income from continuing operations |
$ 17,498 |
$ 24,508 |
$ 13,619 |
$ 28,701 |
$ 71,543 |
|
|
|
|
|
|
The non-GAAP amounts have been
adjusted to exclude the following items: |
|
|
|
|
|
|
|
|
|
|
|
Excluded from cost of sales: |
|
|
|
|
|
Malaysian facility start-up
costs (a) |
$ -- |
$ -- |
$ -- |
$ -- |
$ 2,249 |
Employee stock compensation
(b) |
95 |
89 |
59 |
346 |
292 |
|
95 |
89 |
59 |
346 |
2,541 |
Excluded from operating expenses: |
|
|
|
|
|
Malaysian facility start-up
costs (a) |
-- |
-- |
-- |
-- |
1,635 |
Employee stock compensation
(b) |
2,554 |
1,824 |
2,440 |
8,834 |
4,805 |
Employee severance (c) |
-- |
-- |
-- |
84 |
-- |
IP litigation costs (d) |
-- |
-- |
-- |
-- |
1,249 |
Securities and derivative
action litigation costs (e) |
-- |
500 |
-- |
-- |
500 |
Special charges - restructuring
costs (f) |
413 |
(126) |
625 |
990 |
3,408 |
|
2,967 |
2,198 |
3,065 |
9,908 |
11,597 |
Excluded from other income: |
|
|
|
|
|
Malaysia government incentive
grant income (g) |
-- |
-- |
-- |
(327) |
(560) |
Contract termination settlement
proceeds (h) |
(2,000) |
-- |
-- |
(2,000) |
-- |
|
(2,000) |
-- |
-- |
(2,327) |
(560) |
|
|
|
|
|
|
Total non-GAAP adjustments before income
tax |
1,062 |
2,287 |
3,124 |
7,927 |
13,578 |
Income tax effect on non-GAAP
adjustments |
(83) |
(464) |
(425) |
(1,386) |
(3,029) |
|
|
|
|
|
|
Net effect of adjustments to GAAP net
income |
979 |
1,823 |
2,699 |
6,541 |
10,549 |
Non-GAAP income from continuing
operations |
$ 18,477 |
$ 26,331 |
$ 16,318 |
$ 35,242 |
$ 82,092 |
|
|
|
|
|
|
GAAP diluted earnings per share from
continuing operations |
$ 0.34 |
$ 0.47 |
$ 0.26 |
$ 0.56 |
$ 1.41 |
Impact of non-GAAP adjustments on diluted
earnings per share |
0.01 |
0.04 |
0.05 |
0.13 |
0.20 |
Non-GAAP diluted earnings per share from
continuing operations |
$ 0.35 |
$ 0.51 |
$ 0.31 |
$ 0.69 |
$ 1.61 |
|
|
|
|
|
|
(a) - (h) See corresponding
footnotes above. |
|
STEC,
INC. |
Selected Non-GAAP
Financial Information |
($ in
thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarters
Ended |
For the Year
Ended, |
|
December 31, |
December 31, |
September 30, |
December 31, |
December 31, |
|
2010 |
2009 |
2010 |
2010 |
2009 |
|
|
|
|
|
|
GAAP gross profit |
$ 42,488 |
$ 53,926 |
$ 39,923 |
$ 121,719 |
$ 168,947 |
Malaysia facility start-up
costs (a) |
-- |
-- |
-- |
-- |
2,249 |
Employee stock compensation
(b) |
95 |
89 |
59 |
346 |
292 |
Non-GAAP gross profit |
$ 42,583 |
$ 54,015 |
$ 39,982 |
$ 122,065 |
$ 171,488 |
|
|
|
|
|
|
GAAP gross profit % |
45.2% |
50.9% |
46.4% |
43.4% |
47.7% |
Effect of reconciling item on
gross profit % |
0.1% |
0.1% |
0.1% |
0.2% |
0.7% |
Non-GAAP gross profit % |
45.3% |
51.0% |
46.5% |
43.6% |
48.4% |
|
|
|
|
|
|
GAAP operating expenses |
$ 25,687 |
$ 23,388 |
$ 24,857 |
$ 93,157 |
$ 79,784 |
Malaysia facility start-up
costs (a) |
-- |
-- |
-- |
-- |
(1,635) |
Employee stock compensation
(b) |
(2,554) |
(1,824) |
(2,440) |
(8,834) |
(4,805) |
Employee severance (c) |
-- |
-- |
-- |
(84) |
-- |
IP litigation costs (d) |
-- |
-- |
-- |
-- |
(1,249) |
Securities and derivative
action litigation costs (e) |
-- |
(500) |
-- |
-- |
(500) |
Special charges - restructuring
costs (f) |
(413) |
126 |
(625) |
(990) |
(3,408) |
Non-GAAP operating expenses |
$ 22,720 |
$ 21,190 |
$ 21,792 |
$ 83,249 |
$ 68,187 |
|
|
|
|
|
|
GAAP operating income |
$ 16,801 |
$ 30,538 |
$ 15,066 |
$ 28,562 |
$ 89,163 |
Malaysia facility start-up
costs (a) |
-- |
-- |
-- |
-- |
3,884 |
Employee stock compensation
(b) |
2,649 |
1,913 |
2,499 |
9,180 |
5,097 |
Employee severance (c) |
-- |
-- |
-- |
84 |
-- |
IP litigation costs (d) |
|
|
|
|
1,249 |
Securities and derivative
action litigation costs (e) |
-- |
500 |
-- |
-- |
500 |
Special charges - restructuring
costs (f) |
413 |
(126) |
625 |
990 |
3,408 |
Non-GAAP operating income |
$ 19,863 |
$ 32,825 |
$ 18,190 |
$ 38,816 |
$ 103,301 |
|
|
|
|
|
|
GAAP operating margin % |
17.9% |
28.8% |
17.5% |
10.2% |
25.2% |
Effect of reconciling items on
operating margin % |
3.2% |
2.2% |
3.6% |
3.7% |
4.0% |
Non-GAAP operating margin % |
21.1% |
31.0% |
21.1% |
13.9% |
29.2% |
|
|
|
|
|
|
(a) - (f) Refer to the
corresponding footnotes above. |
|
|
|
|
|
|
CONTACT: STEC, Inc.
Mitch Gellman, Vice President of Investor Relations
(949) 260-8328
ir@stec-inc.com
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