Silicon Motion Announces Results for the Period Ended December 31, 2015

Financial Highlights

  • Net sales increased 3% quarter-over-quarter to US$98.0 million from US$95.4 million in 3Q15
  • Gross margin (non-GAAP1) decreased to 50.1% from 51.6% in 3Q15
  • Operating expenses (non-GAAP) decreased to US$25.3 million from US$25.8 million in 3Q15
  • Operating margin (non-GAAP) decreased to 24.4% from 24.5% in 3Q15
  • Diluted earnings per ADS (non-GAAP) decreased to US$0.55 from US$0.57 in 3Q15

Business Highlights

  • Highest quarterly and full-year revenue in our corporate history
  • Client SSD controller sales increased nearly 20% sequentially and accounted for almost 25% of total revenue
  • Began initial shipments of our client SSD controller to our third NAND flash partner
  • Introduced the world’s first turnkey SATA3 SSD controller solution specifically designed to support 3D NAND
  • Sales of our Shannon enterprise-grade PCIe SSDs nearly doubled in the quarter led by growing shipments to leading e-commerce companies in China

TAIPEI, Taiwan, Jan. 29, 2016 (GLOBE NEWSWIRE) -- Silicon Motion Technology Corporation (NasdaqGS: SIMO) (“Silicon Motion” or the “Company”) today announced its financial results for the quarter ended December 31, 2015.  For the fourth quarter, net sales increased sequentially to $98.0 million from $95.4 million in the third quarter. Net income (non-GAAP) decreased to $19.7 million or $0.55 per diluted ADS from a net income (non-GAAP) of $20.0 million or $0.57 per diluted ADS in the third quarter.

GAAP net income for the fourth quarter increased to $13.4 million or $0.38 per diluted ADS from a GAAP net income of $13.2 million or $0.38 per diluted ADS in the third quarter.

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1
Non-GAAP measures represent GAAP measures excluding the impact of stock-based compensation, amortization of intangibles assets, foreign exchange gain (loss), and other non-recurring items.  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 2015 Review

“Our fourth quarter sales grew by 3% sequentially to achieve record quarterly sales and record full-year results,” said Wallace Kou, President and CEO of Silicon Motion.  “Our client SSD controller sales in the fourth quarter grew by nearly 20% and according to recently released market research data, we are now the world’s largest merchant supplier of SSD controllers.  Sales of our Shannon enterprise SSDs nearly doubled in the quarter and together with stable demand for our eMMC controllers, our overall Embedded Storage sales increased to account for two-thirds of our total revenue.”

Sales

(in millions, except percentages) 4Q 2015 3Q 2015 4Q 2014
  Sales Mix Sales Mix Sales Mix
Mobile Storage*$87.5  89%$80.9  85%$65.5  81%
Sequential growth 8%  14%  -9% 
Mobile Communications**$8.8  9%$12.5  13%$13.3  16%
Others$1.7  2%$2.0  2%$1.8  2%
Total Revenue$98.0  100%$95.4  100%$80.5  100%
Sequential growth  3 %     9 %     -7 %  
                         

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