SAN JOSE, Calif.--(BUSINESS WIRE)--
Super Micro Computer, Inc. (NASDAQ:SMCI), a leader in application
optimized, high performance server solutions, today announced fourth
quarter and full-year financial results for the fiscal year ended June
30, 2011.
Fiscal 4th Quarter Highlights
-
Quarterly net sales of $260.3 million, up 11.1% from the third quarter
of fiscal year 2011 and up 29.1% from the same quarter of last year.
-
Net income of $10.7 million, up 0.3% from the third quarter of fiscal
year 2011 and up 39.1% from the same quarter of last year.
-
Gross margin of 15.4%, down from 16.2% in the third quarter of fiscal
year 2011 and up 0.1% from the same quarter of last year.
-
Server Solutions accounted for 40.4% of net sales compared with 31.8%
in the third quarter of fiscal year 2011 and 32.2% in the same quarter
of last year.
Net sales for the fourth quarter ended June 30, 2011 totaled $260.3
million, up 29.1% from $201.7 million in the fourth quarter of fiscal
year 2010. One customer accounted for more than 10% of net sales during
the quarter ended June 30, 2011.
Net income for the fourth quarter of fiscal year 2011 was $10.7 million
or $0.24 per diluted share, an increase of 39.1% from the net income of
$7.7 million, or $0.18 per diluted share in the same period a year ago.
Included in net income for the quarter is $2.3 million of stock-based
compensation expense and $0.8 million of accrued customs fee for prior
periods (pre-tax). Excluding these items and the related tax effect,
non-GAAP net income for the fourth quarter was $13.0 million, or $0.29
per diluted share, compared to non-GAAP net income of $9.1 million, or
$0.21 per diluted share, in the same quarter of the prior year. On a
sequential basis, non-GAAP net income increased from the third quarter
of fiscal year 2011 by $0.7 million or $0.01 per diluted share.
Gross margin for the fourth quarter was 15.4% compared to 15.3% in the
same period a year ago. Non-GAAP gross margin for the fourth quarter was
15.5% compared to 15.4% in the same period a year ago. Non-GAAP gross
margin was 16.2% for the third quarter of fiscal year 2011.
The Company's cash and cash equivalents and short and long term
investments at June 30, 2011 were $75.2 million compared to $79.4
million at June 30, 2010. Free cash flow in the year ended June 30, 2011
was ($16.9) million primarily due to an increase in inventory to support
the growth of the Company and investments in property for our expansion
overseas.
Fiscal Year 2011 Summary
Net sales for the fiscal year ended June 30, 2011 were $942.6 million,
up 30.7% from $721.4 million for the fiscal year ended June 30, 2010.
Net income for fiscal year 2011 increased to $40.2 million, or $0.93 per
diluted share, an increase of 49.4% from $26.9 million, or $0.65 per
diluted share, for fiscal year 2010. Excluding $8.1 million of stock
based-compensation expense, $0.7 million of litigation related expense,
$0.6 million of accrued customs fee for prior periods and related tax
effect, non-GAAP net income for the fiscal year 2011 was $47.7 million
or $1.10 per diluted share, an increase of 44.3% compared to $33.1
million or $0.78 per diluted share for fiscal year 2010.
Business Outlook & Management Commentary
The Company expects net sales of $240 million to $260 million for the
first quarter of fiscal year 2012 ending September 30, 2011. The Company
expects non-GAAP earnings per diluted share of approximately $0.23 to
$0.27 for the first quarter.
"Supermicro achieved record revenues of $260 million in our fourth
quarter and finished the fourth quarter 29% higher than last year. We
had strong growth across our product lines last year, especially our
Storage, Blade and Rackmount products, and we continued to build market
share with our channel, OEM and direct customers," said Charles Liang,
Chairman and CEO. "While last year was a year of strong growth at
Supermicro, continued aggressive R&D investment in our products, our
leadership for upcoming technology launches, and the development of our
Asia facility give us confidence that fiscal 2012 will continue our
strong momentum and growth."
It is currently expected that the outlook will not be updated until the
Company's next quarterly earnings announcement, notwithstanding
subsequent developments. However, the Company may update the outlook or
any portion thereof at any time. Such updates will take place only by
way of a news release or other broadly disseminated disclosure available
to all interested parties in accordance with Regulation FD.
Conference Call Information
Super Micro Computer will discuss these financial results in a
conference call at 2:00 p.m. PT, today. To participate the conference,
please call 1-888-599-8693 (international callers dial 1-913-312-1427)
10 minutes prior. A recording of the conference will be available until
11:59 pm ET on Wednesday, August 17, 2011 by dialing 877-870-5176
(international callers dial 1-858-384-5517) and entering replay PIN
5091441. The live web cast and recording of the call will be available
on the Investor Relations section at www.supermicro.com
two hours after the conference conclusion. They will remain available
until the Company's next earnings call.
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this press release that are not historical fact
may be forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements may relate, among other
things, to our expected financial and operating results, our ability to
build and grow Super Micro Computer, the benefits of our products and
our ability to achieve our goals, plans and objectives. Such
forward-looking statements do not constitute guarantees of future
performance and are subject to a variety of risks and uncertainties that
could cause our actual results to differ materially from those
anticipated. These include, but are not limited to: our dependence on
continued growth in the markets for X86, blade servers and embedded
applications, increased competition, difficulties of predicting timing,
introduction and customer acceptance of new products, poor product
sales, difficulties in establishing and maintaining successful
relationships with our distributors and vendors, shortages or price
fluctuations in our supply chain, our ability to protect our
intellectual property rights, our ability to control the rate of
expansion domestically and internationally, difficulty managing rapid
growth and general political, economic and market conditions and events.
Additional factors that could cause actual results to differ materially
from those projected or suggested in any forward-looking statements are
contained in our filings with the Securities and Exchange Commission,
including those factors discussed under the caption "Risk Factors" in
such filings.
Use of Non-GAAP Financial Measures
Non-GAAP gross margin discussed in this press release excludes
stock-based compensation expense and accrued customs fee for prior
periods. Non-GAAP net income and net income per share discussed in this
press release exclude stock-based compensation expense, accrued customs
fee for prior periods, a provision for litigation costs and the related
tax effect of the applicable items. Management presents non-GAAP
financial measures because it considers them to be important
supplemental measures of performance. Management uses the non-GAAP
financial measures for planning purposes, including analysis of the
Company's performance against prior periods, the preparation of
operating budgets and to determine appropriate levels of operating and
capital investments. Management also believes that the non-GAAP
financial measures provide additional insight for analysts and investors
in evaluating the Company's financial and operational performance.
However, these non-GAAP financial measures have limitations as an
analytical tool, and are not intended to be an alternative to financial
measures prepared in accordance with GAAP. Pursuant to the requirements
of SEC Regulation G, detailed reconciliations between the Company's GAAP
and non-GAAP financial results is provided at the end of this press
release. Investors are advised to carefully review and consider this
information as well as the GAAP financial results that are disclosed in
the Company's SEC filings.
About Super Micro Computer, Inc.
Supermicro, the leader in server technology innovation and green
computing, provides customers around the world with
application-optimized server, workstation, blade, storage and GPU
systems. Based on its advanced Server Building Block Solutions,
Supermicro offers the most optimized selection for IT, datacenter and
HPC deployments. The company's system architecture innovations include
the Twin server, double-sided storage and SuperBlade® product families.
Offering the most comprehensive product lines in the industry,
Supermicro provides businesses of all sizes with energy-efficient,
earth-friendly solutions that deliver unmatched performance and value.
Founded in 1993, Supermicro is headquartered in Silicon Valley with
worldwide operations and manufacturing centers in Europe and Asia. For
more information, visit www.supermicro.com.
|
|
|
SUPER MICRO COMPUTER, INC.
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
|
|
2011
|
|
2010
|
|
ASSETS
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
69,943
|
|
$
|
72,644
|
|
|
Short-term investments
|
|
|
59
|
|
|
845
|
|
|
Accounts receivable, net
|
|
|
85,005
|
|
|
72,963
|
|
|
Inventory, net
|
|
|
192,711
|
|
|
135,584
|
|
|
Deferred income taxes — current
|
|
|
10,250
|
|
|
9,756
|
|
|
Prepaid income taxes
|
|
|
7,207
|
|
|
2,737
|
|
|
Prepaid expenses and other current assets
|
|
|
4,447
|
|
|
2,328
|
|
|
|
Total current assets
|
|
|
369,622
|
|
|
296,857
|
|
Long-term investments
|
|
|
5,188
|
|
|
5,901
|
|
Property, plant and equipment, net
|
|
|
74,438
|
|
|
62,691
|
|
Deferred income taxes — noncurrent
|
|
|
2,792
|
|
|
4,825
|
|
Restricted cash
|
|
|
409
|
|
|
286
|
|
Other assets
|
|
|
|
12,171
|
|
|
202
|
|
|
|
Total assets
|
|
$
|
464,620
|
|
$
|
370,762
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
113,340
|
|
$
|
95,416
|
|
|
Accrued liabilities
|
|
|
24,780
|
|
|
19,432
|
|
|
Income taxes payable
|
|
|
936
|
|
|
3,219
|
|
|
Advances from receivable financing arrangements
|
|
|
1,000
|
|
|
1,193
|
|
|
Short-term debt
|
|
|
-
|
|
|
18,553
|
|
|
Current portion of long-term debt
|
|
|
555
|
|
|
-
|
|
|
Current portion of capital lease obligations
|
|
|
36
|
|
|
62
|
|
|
|
Total current liabilities
|
|
|
140,647
|
|
|
137,875
|
|
|
|
|
|
|
|
|
|
Long-term capital lease obligations-net of current portion
|
|
|
50
|
|
|
46
|
|
Long term debt-net of current portion
|
|
|
27,596
|
|
|
-
|
|
Other long-term liabilities
|
|
|
9,070
|
|
|
8,140
|
|
|
|
Total liabilities
|
|
|
177,363
|
|
|
146,061
|
|
Stockholders' equity:
|
|
|
|
|
|
|
Common stock and additional paid-in capital
|
|
|
122,693
|
|
|
100,350
|
|
|
Treasury stock (at cost)
|
|
|
(2,030)
|
|
|
(2,030)
|
|
|
Accumulated other comprehensive loss
|
|
|
(204)
|
|
|
(204)
|
|
|
Retained earnings
|
|
|
166,798
|
|
|
126,585
|
|
|
|
Total stockholders' equity
|
|
|
287,257
|
|
|
224,701
|
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
464,620
|
|
$
|
370,762
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(In thousands, except share and per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Net sales
|
|
$
|
260,303
|
|
$
|
201,664
|
|
$
|
942,582
|
|
$
|
721,438
|
|
Cost of sales
|
|
|
220,271
|
|
|
170,755
|
|
|
791,478
|
|
|
606,446
|
|
Gross profit
|
|
|
40,032
|
|
|
30,909
|
|
|
151,104
|
|
|
114,992
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
13,163
|
|
|
10,244
|
|
|
48,108
|
|
|
37,382
|
|
Sales and marketing
|
|
|
7,412
|
|
|
5,273
|
|
|
26,859
|
|
|
20,458
|
|
General and administrative
|
|
|
4,855
|
|
|
4,008
|
|
|
17,444
|
|
|
15,318
|
|
Provision for litigation loss
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,089
|
|
Total operating expenses
|
|
|
25,430
|
|
|
19,525
|
|
|
92,411
|
|
|
74,247
|
|
Income from operations
|
|
|
14,602
|
|
|
11,384
|
|
|
58,693
|
|
|
40,745
|
|
Interest and other income, net
|
|
|
10
|
|
|
26
|
|
|
66
|
|
|
103
|
|
Interest expense
|
|
|
(197)
|
|
|
(94)
|
|
|
(686)
|
|
|
(383)
|
|
Income before income tax provision
|
|
|
14,415
|
|
|
11,316
|
|
|
58,073
|
|
|
40,465
|
|
Income tax provision
|
|
|
3,684
|
|
|
3,601
|
|
|
17,860
|
|
|
13,550
|
|
Net income
|
|
$
|
10,731
|
|
$
|
7,715
|
|
$
|
40,213
|
|
$
|
26,915
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
Basic (a)
|
|
$
|
0.27
|
|
$
|
0.20
|
|
$
|
1.04
|
|
$
|
0.73
|
|
Diluted (b)
|
|
$
|
0.24
|
|
$
|
0.18
|
|
$
|
0.93
|
|
$
|
0.65
|
|
Weighted-average shares used in calculation of net income per common
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
39,510,670
|
|
|
36,848,521
|
|
|
38,132,114
|
|
|
35,883,640
|
|
Diluted
|
|
|
43,721,303
|
|
|
42,219,333
|
|
|
42,395,970
|
|
|
40,735,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation is included in the following cost and
expense categories by period (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
Cost of sales
|
|
$
|
242
|
|
$
|
163
|
|
$
|
812
|
|
$
|
573
|
|
Research and development
|
|
|
1,203
|
|
|
779
|
|
|
4,077
|
|
|
3,106
|
|
Sales and marketing
|
|
|
291
|
|
|
255
|
|
|
1,077
|
|
|
880
|
|
General and administrative
|
|
|
598
|
|
|
482
|
|
|
2,090
|
|
|
1,898
|
|
|
|
|
|
|
|
|
|
|
|
SUPER MICRO COMPUTER, INC
|
|
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
Fiscal Year Ended June 30,
|
|
|
|
2011
|
|
2010
|
|
OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
|
$
|
40,213
|
|
$
|
26,915
|
|
Reconciliation of net income to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
5,453
|
|
|
4,619
|
|
Stock-based compensation expense
|
|
|
8,056
|
|
|
6,457
|
|
Excess tax benefits from stock-based compensation
|
|
|
(2,401)
|
|
|
(1,484)
|
|
Allowance for doubtful accounts
|
|
|
499
|
|
|
772
|
|
Allowance for sales returns
|
|
|
6,624
|
|
|
5,310
|
|
Provision for inventory
|
|
|
3,353
|
|
|
2,614
|
|
Loss on disposal of property, plant and equipment
|
|
|
35
|
|
|
63
|
|
Deferred income taxes
|
|
|
1,539
|
|
|
(4,407)
|
|
Gain on short-term investments
|
|
|
-
|
|
|
(1)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable, net
|
|
|
(19,165)
|
|
|
(33,336)
|
|
Inventory
|
|
|
(60,480)
|
|
|
(48,154)
|
|
Prepaid expenses and other assets
|
|
|
(4,144)
|
|
|
(792)
|
|
Accounts payable
|
|
|
16,933
|
|
|
21,840
|
|
Income taxes payable, net
|
|
|
5,687
|
|
|
9,497
|
|
Accrued liabilities
|
|
|
5,348
|
|
|
5,514
|
|
Other long-term liabilities
|
|
|
930
|
|
|
2,399
|
|
Net cash provided by (used in) operating activities
|
|
|
8,480
|
|
|
(2,174)
|
|
INVESTING ACTIVITIES:
|
|
|
|
|
|
Proceeds from investments
|
|
|
1,500
|
|
|
8,999
|
|
Purchase of investments
|
|
|
-
|
|
|
(58)
|
|
Purchases of property, plant and equipment
|
|
|
(16,202)
|
|
|
(22,223)
|
|
Restricted cash
|
|
|
(123)
|
|
|
1,480
|
|
Investment in a privately held company
|
|
|
(750)
|
|
|
-
|
|
Land deposit
|
|
|
(9,195)
|
|
|
-
|
|
Net cash used in investing activities
|
|
|
(24,770)
|
|
|
(11,802)
|
|
FINANCING ACTIVITIES:
|
|
|
|
|
|
Proceeds from debt
|
|
|
23,730
|
|
|
18,553
|
|
Repayment of debt
|
|
|
(14,132)
|
|
|
(9,994)
|
|
Proceeds from exercise of stock options
|
|
|
10,271
|
|
|
6,351
|
|
Excess tax benefits from stock-based compensation
|
|
|
2,401
|
|
|
1,484
|
|
Payment of obligations under capital leases
|
|
|
(64)
|
|
|
(42)
|
|
Payment under receivable financing arrangements
|
|
|
(193)
|
|
|
(27)
|
|
Minimum tax withholding paid on behalf of employees for stock
options and restricted stock awards
|
|
|
(8,424)
|
|
|
-
|
|
Net cash provided by financing activities
|
|
|
13,589
|
|
|
16,325
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(2,701)
|
|
|
2,349
|
|
Cash and cash equivalents at beginning of year
|
|
|
72,644
|
|
|
70,295
|
|
Cash and cash equivalents at end of year
|
|
$
|
69,943
|
|
$
|
72,644
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
Cash paid for interest
|
|
$
|
649
|
|
$
|
371
|
|
Cash paid for taxes, net of refunds
|
|
|
9,813
|
|
|
6,542
|
|
Non-cash investing and financing activities:
|
|
|
|
|
|
Accrued costs for property, plant and equipment purchases
|
|
|
1,482
|
|
|
491
|
|
Changes in fair values of investments
|
|
|
-
|
|
|
984
|
|
Equipment purchased under capital leases
|
|
|
42
|
|
|
42
|
|
|
|
|
|
|
|
SUPER MICRO COMPUTER, INC
|
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
|
(In thousands, except share and per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2011
|
|
2010
|
|
2011
|
|
2010
|
|
GAAP GROSS PROFIT
|
|
$
|
40,032
|
|
$
|
30,909
|
|
$
|
151,104
|
|
$
|
114,992
|
|
|
Add back stock-based compensation (c)
|
|
|
242
|
|
|
163
|
|
|
812
|
|
|
573
|
|
|
Add back customs fee accrual (d)
|
|
|
178
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Non-GAAP GROSS PROFIT
|
|
$
|
40,452
|
|
$
|
31,072
|
|
$
|
151,916
|
|
$
|
115,565
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP GROSS MARGIN
|
|
|
15.4%
|
|
|
15.3%
|
|
|
16.0%
|
|
|
15.9%
|
|
|
Add back stock-based compensation (c)
|
|
|
0.1%
|
|
|
0.1%
|
|
|
0.1%
|
|
|
0.1%
|
|
|
Add back customs fee accrual (d)
|
|
|
-
|
|
|
-
|
|
|
-
|
|
|
-
|
|
Non-GAAP GROSS MARGIN
|
|
|
15.5%
|
|
|
15.4%
|
|
|
16.1%
|
|
|
16.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP INCOME FROM OPERATIONS
|
|
$
|
14,602
|
|
$
|
11,384
|
|
$
|
58,693
|
|
$
|
40,745
|
|
|
Add back stock-based compensation (c)
|
|
|
2,334
|
|
|
1,679
|
|
|
8,056
|
|
|
6,457
|
|
|
Add back customs fee accrual (d)
|
|
|
794
|
|
|
-
|
|
|
616
|
|
|
-
|
|
|
Add back provision for litigation costs (e)
|
|
|
-
|
|
|
-
|
|
|
729
|
|
|
1,089
|
|
Non-GAAP INCOME FROM OPERATIONS
|
|
$
|
17,730
|
|
$
|
13,063
|
|
$
|
68,094
|
|
$
|
48,291
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME
|
|
$
|
10,731
|
|
$
|
7,715
|
|
$
|
40,213
|
|
$
|
26,915
|
|
|
Add back stock-based compensation (c)
|
|
|
2,334
|
|
|
1,679
|
|
|
8,056
|
|
|
6,457
|
|
|
Add back customs fee accrual (d)
|
|
|
794
|
|
|
-
|
|
|
616
|
|
|
-
|
|
|
Add back provision for litigation costs (e)
|
|
|
-
|
|
|
-
|
|
|
729
|
|
|
1,089
|
|
|
Add back adjustments to tax provision (f)
|
|
|
(872)
|
|
|
(317)
|
|
|
(1,896)
|
|
|
(1,390)
|
|
Non-GAAP NET INCOME
|
|
$
|
12,987
|
|
$
|
9,077
|
|
$
|
47,718
|
|
$
|
33,071
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME PER COMMON SHARE — BASIC (a)
|
|
$
|
0.27
|
|
$
|
0.20
|
|
$
|
1.04
|
|
$
|
0.73
|
|
|
Add back stock-based compensation, customs fee accrual, provision
for litigation costs and adjustments to tax provision (c) (d) (e) (f)
|
|
|
0.05
|
|
|
0.04
|
|
|
0.19
|
|
|
0.17
|
|
Non-GAAP NET INCOME PER COMMON SHARE — BASIC (g)
|
|
$
|
0.32
|
|
$
|
0.24
|
|
$
|
1.23
|
|
$
|
0.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME PER COMMON SHARE — DILUTED (b)
|
|
$
|
0.24
|
|
$
|
0.18
|
|
$
|
0.93
|
|
$
|
0.65
|
|
|
Add back stock-based compensation, customs fee accrual, provision
for litigation costs and adjustments to tax provision (c) (d) (e) (f)
|
|
|
0.05
|
|
|
0.03
|
|
|
0.17
|
|
|
0.13
|
|
Non-GAAP NET INCOME PER COMMON SHARE — DILUTED (h)
|
|
$
|
0.29
|
|
$
|
0.21
|
|
$
|
1.10
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|
BASIC — GAAP (i)
|
|
|
39,510,670
|
|
|
36,848,521
|
|
|
38,132,114
|
|
|
35,883,640
|
|
|
BASIC - Non-GAAP (j)
|
|
|
40,049,593
|
|
|
37,704,044
|
|
|
38,754,132
|
|
|
36,822,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED — GAAP (i)
|
|
|
43,721,303
|
|
|
42,219,333
|
|
|
42,395,970
|
|
|
40,735,336
|
|
|
DILUTED - Non-GAAP (j)
|
|
|
44,875,928
|
|
|
43,682,579
|
|
|
43,572,260
|
|
|
42,363,543
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Approximately $144,000 and $175,000 of undistributed earnings
allocated to participating securities were not included in the
determination of GAAP basic net income per common share for the
three months ended June 30, 2011 and 2010, respectively, and
approximately $645,000 and $686,000 for the year ended June 30, 2011
and 2010, respectively.
|
|
|
|
(b) Approximately $131,000 and $153,000 of undistributed earnings
allocated to participating securities were not included in the
determination of GAAP diluted net income per common share for the
three months ended June 30, 2011 and 2010, respectively, and
approximately $581,000 and $606,000 for the year ended June 30, 2011
and 2010, respectively.
|
|
|
|
(c) Amortization of ASC Topic 718 (SFAS No. 123R, APB 25 and SFAS
No. 123) stock-based compensation for the three months and fiscal
year ended June 30, 2011 and 2010.
|
|
|
|
(d) Customs fee accrual for the three months and fiscal year ended
June 30, 2011 was related to an accrual of customs fee for prior
periods.
|
|
|
|
(e) Provision for litigation costs for the fiscal year ended June
30, 2011 was related to a settlement of a patent litigation in
September 2010. Provision for litigation costs for the fiscal year
ended June 30, 2010 was related to a commercial lawsuit filed in
1999.
|
|
|
|
(f) The provision of income taxes used in arriving at the non-GAAP
net income was computed using an income tax rate of 26.0% and 30.2%
for the three months ended June 30, 2011 and 2010, respectively, and
29.3% and 31.1% for the fiscal year ended June 30, 2011 and 2010,
respectively.
|
|
|
|
(g) Approximately $175,000 and $768,000 of undistributed earnings
allocated to participating securities were not included in the
determination of Non-GAAP basic net income per common share for the
three months and fiscal year ended June 30, 2011, respectively.
|
|
|
|
(h) Approximately $156,000 and $683,000 of undistributed earnings
allocated to participating securities were not included in the
determination of Non-GAAP diluted net income per common share for
the three months and fiscal year ended June 30, 2011, respectively.
|
|
|
|
(i) 538,923 and 622,018 shares of unvested restricted stock awards
were not included in the determination of GAAP basic and diluted net
income per common share for the three months and fiscal year ended
June, 2011, respectively. 855,523 and 938,618 shares of unvested
restricted stock awards were not included in the determination of
GAAP basic and diluted net income per common share for the three
months and fiscal year ended June 30, 2010, respectively.
|
|
|
|
(j) 538,923 and 622,018 shares of unvested restricted stock awards
were included in the determination of Non-GAAP basic and diluted net
income per share for the three months and fiscal year ended June 30,
2011, respectively.
|
SMCI-F
Super Micro Computer, Inc.
Howard Hideshima, 408-503-8000
Chief
Financial Officer
ir@supermicro.com
or
Perry
G. Hayes
SVP, Investor Relations
ir@supermicro.com
Source: Super Micro Computer, Inc.
News Provided by Acquire Media