Silicon Motion Announces Results for the Period Ended December 31, 2016

Financial Highlights

    4Q 2016 GAAP
  4Q 2016 Non-GAAP
* Net sales  $144.2 million (-9% Q/Q, +47% Y/Y) $144.2 million (-9% Q/Q, +47% Y/Y)
* Gross margin   50.0%
  50.2%
* Operating margin   24.2%
  30.4%
* Earnings per diluted ADS   $0.73 
  $0.95
         
    Full Year 2016 GAAP   Full Year 2016 Non-GAAP 
    
* Net sales  $556.1 million (+54% Y/Y) $556.1 million (+54% Y/Y)      
* Gross margin   49.4%
  49.4% 
* Operating margin   24.7%
  28.2% 
* Earnings per diluted ADS   $3.12
  $3.64 
        

Business Highlights

  • Embedded Storage1 sales decreased approximately 10% Q/Q and accounted for about 80% of total sales, similar to the previous quarter
  • Client SSD controller sales increased over 5% Q/Q
  • eMMC controller sales decreased over 5% Q/Q
  • SSD solutions sales decreased over 40% Q/Q
  • Our flash partner began sampling with leading smartphone OEMs their UFS embedded memory with our controller
  • Introduced our Shannon Systems ultra-high performance 12.8TB PCIe SSD with 3D NAND  for Chinese hyperscalers

TAIPEI, Taiwan and MILPITAS, Calif., Jan. 24, 2017 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”) today announced its financial results for the quarter ended December 31, 2016.  For the fourth quarter, net sales decreased 9% sequentially to $144.2 million from $158.6 million in the third quarter. Net income (GAAP) decreased to $26.2 million or $0.73 per diluted ADS (GAAP) from a net income (GAAP) of $32.7 million or $0.92 per diluted ADS (GAAP) in the third quarter.

Embedded Storage comprises primarily eMMC and client SSD controllers and enterprise and industrial SSD solutions.

For the fourth quarter, net income (non-GAAP) decreased to $33.9 million or $0.95 per diluted ADS (non-GAAP) from a net income (non-GAAP) of $38.3 million or $1.07 per diluted ADS (non-GAAP) in the third quarter.

Fourth Quarter 2016 Review
“Due to continuing strength of our SSD controller business, representing our ninth consecutive quarter of SSD controller growth, we achieved fourth quarter sales that were on the high-end of our expectations,” said Wallace Kou, President and CEO of Silicon Motion. “Strength from our SSD controllers was however  offset by seasonally weak eMMC controller sales and SSD Solutions project transitions.”

Sales

(in millions, except percentages) 4Q 2016 3Q 2016 4Q 2015
  Sales Mix Sales Mix Sales Mix
Mobile Storage*
$
130.3
 90%
$
146.9
 93%
$
87.5
 89%
Q/Q -11%   13%   8 %    
Y/Y   49 %       82 %       34 %    
Mobile Communications** $ 12.5   9 % $ 10.1   6 % $ 8.8   9 %
Others $ 1.4   1 % $ 1.6   1 % $ 1.7   2 %
Total revenue
$
144.2
  100
%
$
158.6
  100
%
$
98.0
  100 %
Q/Q   -9 %       13 %       3 %    
Y/Y   47 %       66 %       22 %    

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