Financial Highlights
| GAAP | Non-GAAP | |||||||||||
| Net sales | $158.6 million (13% Q/Q) | $158.6 million (13% Q/Q | ||||||||||
| Gross margin | 48.8 | % | 48.9 | % | ||||||||
| Operating margin | 24.3 | % | 28.7 | % | ||||||||
| Earnings per diluted ADS | $ | 0.92 | $ | 1.07 | ||||||||
Business Highlights
- Embedded Storage1 sales increased over 15% Q/Q and accounted for about 80% of total sales, similar to the previous quarter
- Client SSD controller sales increased 25% Q/Q
- eMMC controller sales increased over 15% Q/Q
- Enterprise and industrial SSD solutions sales increased less than 10% Q/Q
- Started to ship PCIe NVMe SSD controllers to one flash partner and one module maker
- Secured PCIe NVMe SSD controller design-wins with nearly 10 customers
TAIPEI, Taiwan and MILPITAS, Calif., Oct. 27, 2016 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS:SIMO) (“Silicon Motion” or the “Company”) today announced its financial results for the quarter ended September 30, 2016. For the third quarter, net sales increased 13% sequentially to $158.6 million from $140.7 million in the second quarter. Net income (GAAP) increased to $32.7 million or $0.92 per diluted ADS (GAAP) from a net income (GAAP) of $29.0 million or $0.82 per diluted ADS (GAAP) in the second quarter.
For the third quarter, net income (non-GAAP) increased to $38.3 million or $1.07 per diluted ADS (non-GAAP) from a net income (non-GAAP) of $30.7 million or $0.86 per diluted ADS (non-GAAP) in the second quarter.
1 Embedded Storage comprises primarily eMMC and client SSD controllers and enterprise and industrial SSD solutions.
Third Quarter 2016 Review
“Third quarter sales exceeded our original expectations due to continuing strong demand for our client SSD and eMMC controllers, especially from our NAND flash partners,” said Wallace Kou, President and CEO of Silicon Motion. “We are excited that our NAND flash partners have continued to grow their sales of SSDs to PC OEMs and eMMCs to smartphone OEMs. This has led to further expansion of our market shares in both client SSD controllers and eMMC controllers.”
Sales
| (in millions, except percentages) | 3Q 2016 | 2Q 2016 | 3Q 2015 | |||||||||||||||
| Sales | Mix | Sales | Mix | Sales | Mix | |||||||||||||
| Mobile Storage*
Q/Q Y/Y | $
| 146.9
13 82 |
% % | 93
| %
| $ | 129.5
25 83 |
% % | 92
| %
| $ | 80.9
14 12 |
% % | 85 | % | |||
| Mobile Communications** | $ | 10.1 | 6 | % | $ | 9.7 | 7 | % | $ | 12.5 | 13 | % | ||||||
| Others | $ | 1.6 | 1 | % | $ | 1.5 | 1 | % | $ | 2.0 | 2 | % | ||||||
| Total Revenue
Q/Q Y/Y | $ | 158.6
13 66 |
% % | 100
| %
| $ | 140.7
25 61 |
% % | 100
| %
| $ | 95.4
9 10 |
% % | 100 | % | |||
* Mobile Storage products include Embedded Storage products (eMMC and client SSD controllers and enterprise and industrial SSD solutions) and Expandable Storage products (SD and USB flash drive controllers)
