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, 2012.
Fiscal 4th Quarter Highlights
-
Quarterly net sales of $275.9 million, up 14.9% from the third quarter
of fiscal year 2012 and up 6.0% from the same quarter of last year.
-
Net income of $5.5 million, down 22.1% from the third quarter of
fiscal year 2012 and down 48.7% from the same quarter of last year.
-
Gross margin of 15.4%, down from 17.0% in the third quarter of fiscal
year 2012 and consistent with the same quarter of last year.
-
Server Solutions accounted for 44.6% of net sales compared with 48.5%
in the third quarter of fiscal year 2012 and 40.4% in the same quarter
of last year.
Net sales for the fourth quarter ended June 30, 2012 totaled $275.9
million, up 14.9% from $240.2 million in the third quarter of fiscal
year 2012. No customer accounted for more than 10% of net sales during
the quarter ended June 30, 2012.
Net income for the fourth quarter of fiscal year 2012 was $5.5 million
or $0.12 per diluted share, a decrease of 48.7% from the net income of
$10.7 million, or $0.24 per diluted share in the same period a year ago.
Included in net income for the quarter is $2.8 million of stock-based
compensation expense (pre-tax). Excluding this item and the related tax
effect, non-GAAP net income for the fourth quarter was $8.1 million, or
$0.18 per diluted share, compared to non-GAAP net income of $13.0
million, or $0.29 per diluted share, in the same quarter of the prior
year. On a sequential basis, non-GAAP net income decreased from the
third quarter of fiscal year 2012 by $0.7 million or $0.01 per diluted
share.
Gross margin for the fourth quarter and the same period a year ago was
both 15.4%. Non-GAAP gross margin for the fourth quarter and the same
period a year ago was both 15.5%. Non-GAAP gross margin was 17.0% for
the third quarter of fiscal year 2012.
The Company's cash and cash equivalents and short and long term
investments at June 30, 2012 were $83.8 million compared to $75.2
million at June 30, 2011. Free cash flow for the year ended June 30,
2012 was ($5.5) million primarily due to an increase in inventory
relating to the Sandy Bridge processors launched by Intel in the third
quarter of fiscal year 2012 and investments in property for our
expansion overseas.
Fiscal Year 2012 Summary
Net sales for the fiscal year ended June 30, 2012 were $1.0 billion, up
7.6% from $942.6 million for the fiscal year ended June 30, 2011. Net
income for fiscal year 2012 decreased to $29.9 million, or $0.67 per
diluted share, a decrease of 25.8% from $40.2 million, or $0.93 per
diluted share, for fiscal year 2011. Excluding $10.3 million of stock
based-compensation expense and the related tax effect, non-GAAP net
income for the fiscal year 2012 was $38.6 million or $0.86 per diluted
share, a decrease of 19.2% compared to $47.7 million or $1.10 per
diluted share for fiscal year 2011.
Business Outlook & Management Commentary
The Company expects net sales of $270 million to $290 million for the
first quarter of fiscal year 2013 ending September 30, 2012. The Company
expects non-GAAP earnings per diluted share of approximately $0.18 to
$0.24 for the first quarter.
"We are pleased that we finished this challenging year with record high
revenue for the June quarter and for the full fiscal year. Margins this
quarter were impacted by the big price drop of some key components and
in particular hard drives as well as higher expenses for R&D and
promotions related to new product introductions," said Charles Liang,
CEO of Supermicro. "As we enter fiscal 2013 we are much better
positioned for growth than ever, although we remain concerned regarding
the overall economic environment. With a strong global presence and
production capacity ramping in our Taiwan facility combined with our
industry leading Sandy Bridge platforms including server, networking ,
storage and compete rack solutions, we are prepared not only to meet
customer demand from the IT upgrade cycle but also to gain more market
share. In addition, our unique new Fat Twin architecture promises to
further differentiate our brand as the leading technology innovator in
the server industry today."
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 1-800-263-8506 (international callers dial 1-719-325-2392)
10 minutes prior. A recording of the conference will be available until
11:59 pm ET on Tuesday, August 21, 2012 by dialing 1-877-870-5176
(international callers dial 1-858-384-5517) and entering replay PIN
4481991. 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® (NASDAQ: SMCI), a global leader in
high-performance, high-efficiency server technology innovation is a
premier provider of end-to-end green computing solutions for Enterprise
IT, Datacenter, Cloud Computing, HPC and Embedded Systems worldwide.
Supermicro's advanced server Building Block Solutions® offers
a vast array of modular, interoperable components for building
energy-efficient, application-optimized computing solutions. This broad
line of products includes servers, blades, GPU systems, workstations,
motherboards, chassis, power supplies, storage technologies, networking
solutions and SuperRack® cabinets/accessories. Architecture
innovations include Twin Architecture, SuperServer®,
SuperBlade®, MicroCloud, Super Storage Bridge Bay (SBB),
Double-Sided Storage™, Universal I/O (UIO) and WIO expansion
technology all of which deliver unrivaled performance and value.
Supermicro is committed to protecting the environment through its "We
Keep IT Green®" initiative by providing customers with the
most energy-efficient, environmentally-friendly solutions available on
the market. 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.
Supermicro, Building Block Solutions, SuperServer, SuperBlade,
SuperRack, Double-Sided Storage and We Keep IT Green are trademarks
and/or registered trademarks of Super Micro Computer, Inc.
SUPER MICRO COMPUTER, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In
thousands) (Unaudited)
|
|
|
|
June 30, 2012
|
|
June 30, 2011
|
ASSETS
|
|
|
|
|
Current assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
80,826
|
|
|
$
|
69,943
|
|
Accounts receivable, net
|
|
|
102,014
|
|
|
|
85,005
|
|
Inventory, net
|
|
|
276,599
|
|
|
|
192,711
|
|
Deferred income taxes — current
|
|
|
12,638
|
|
|
|
10,250
|
|
Prepaid income taxes
|
|
|
3,478
|
|
|
|
7,207
|
|
Prepaid expenses and other current assets
|
|
|
6,357
|
|
|
|
4,506
|
|
Total current assets
|
|
|
481,912
|
|
|
|
369,622
|
|
Long-term investments
|
|
|
2,923
|
|
|
|
5,188
|
|
Property, plant and equipment, net
|
|
|
97,419
|
|
|
|
74,438
|
|
Deferred income taxes — noncurrent
|
|
|
3,459
|
|
|
|
2,792
|
|
Other assets
|
|
|
3,390
|
|
|
|
12,580
|
|
Total assets
|
|
$
|
589,103
|
|
|
$
|
464,620
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
Current liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
173,991
|
|
|
$
|
113,340
|
|
Accrued liabilities
|
|
|
30,401
|
|
|
|
25,816
|
|
Income taxes payable
|
|
|
2,754
|
|
|
|
936
|
|
Short-term debt
|
|
|
10,562
|
|
|
|
-
|
|
Current portion of long-term debt
|
|
|
2,800
|
|
|
|
555
|
|
Total current liabilities
|
|
|
220,508
|
|
|
|
140,647
|
|
|
|
|
|
|
Long term debt-net of current portion
|
|
|
19,395
|
|
|
|
27,596
|
|
Other long-term liabilities
|
|
|
10,849
|
|
|
|
9,120
|
|
Total liabilities
|
|
|
250,752
|
|
|
|
177,363
|
|
Stockholders' equity:
|
|
|
|
|
Common stock and additional paid-in capital
|
|
|
143,806
|
|
|
|
122,693
|
|
Treasury stock (at cost)
|
|
|
(2,030
|
)
|
|
|
(2,030
|
)
|
Accumulated other comprehensive loss
|
|
|
(76
|
)
|
|
|
(204
|
)
|
Retained earnings
|
|
|
196,651
|
|
|
|
166,798
|
|
Total stockholders' equity
|
|
|
338,351
|
|
|
|
287,257
|
|
Total liabilities and stockholders' equity
|
|
$
|
589,103
|
|
|
$
|
464,620
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands,
except share and per share amounts) (Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
June 30, 2012
|
|
June 30, 2011
|
|
June 30, 2012
|
|
June 30, 2011
|
Net sales
|
|
$
|
275,896
|
|
|
$
|
260,303
|
|
|
$
|
1,013,874
|
|
|
$
|
942,582
|
|
Cost of sales
|
|
|
233,448
|
|
|
|
220,271
|
|
|
|
848,457
|
|
|
|
791,478
|
|
Gross profit
|
|
|
42,448
|
|
|
|
40,032
|
|
|
|
165,417
|
|
|
|
151,104
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
17,580
|
|
|
|
13,163
|
|
|
|
64,223
|
|
|
|
48,108
|
|
Sales and marketing
|
|
|
9,391
|
|
|
|
7,412
|
|
|
|
33,308
|
|
|
|
26,859
|
|
General and administrative
|
|
|
6,285
|
|
|
|
4,855
|
|
|
|
21,872
|
|
|
|
17,444
|
|
Total operating expenses
|
|
|
33,256
|
|
|
|
25,430
|
|
|
|
119,403
|
|
|
|
92,411
|
|
Income from operations
|
|
|
9,192
|
|
|
|
14,602
|
|
|
|
46,014
|
|
|
|
58,693
|
|
Interest and other income, net
|
|
|
8
|
|
|
|
10
|
|
|
|
54
|
|
|
|
66
|
|
Interest expense
|
|
|
(161
|
)
|
|
|
(197
|
)
|
|
|
(717
|
)
|
|
|
(686
|
)
|
Income before income tax provision
|
|
|
9,039
|
|
|
|
14,415
|
|
|
|
45,351
|
|
|
|
58,073
|
|
Income tax provision
|
|
|
3,529
|
|
|
|
3,684
|
|
|
|
15,498
|
|
|
|
17,860
|
|
Net income
|
|
$
|
5,510
|
|
|
$
|
10,731
|
|
|
$
|
29,853
|
|
|
$
|
40,213
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.13
|
|
|
$
|
0.27
|
|
|
$
|
0.72
|
|
|
$
|
1.04
|
|
Diluted
|
|
$
|
0.12
|
|
|
$
|
0.24
|
|
|
$
|
0.67
|
|
|
$
|
0.93
|
|
Weighted-average shares used in calculation of net income per common
share:
|
|
|
|
|
|
|
|
|
Basic (a)
|
|
|
41,535
|
|
|
|
39,511
|
|
|
|
40,890
|
|
|
|
38,132
|
|
Diluted (b)
|
|
|
44,738
|
|
|
|
43,721
|
|
|
|
44,152
|
|
|
|
42,396
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation is included in the following cost and
expense categories by period (in thousands):
|
|
|
Three Months Ended
|
|
Fiscal Year Ended
|
|
|
June 30, 2012
|
|
June 30, 2011
|
|
June 30, 2012
|
|
June 30, 2011
|
Cost of sales
|
|
$
|
192
|
|
|
$
|
242
|
|
|
$
|
783
|
|
|
$
|
812
|
|
Research and development
|
|
|
1,548
|
|
|
|
1,203
|
|
|
|
5,542
|
|
|
|
4,077
|
|
Sales and marketing
|
|
|
432
|
|
|
|
291
|
|
|
|
1,469
|
|
|
|
1,077
|
|
General and administrative
|
|
|
650
|
|
|
|
598
|
|
|
|
2,458
|
|
|
|
2,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPER MICRO COMPUTER, INC CONDENSED CONSOLIDATED CASH FLOW
STATEMENTS (In thousands) (Unaudited)
|
|
|
Fiscal Year Ended June 30,
|
|
|
2012
|
|
2011
|
OPERATING ACTIVITIES:
|
|
|
|
|
Net income
|
|
$
|
29,853
|
|
|
$
|
40,213
|
|
Reconciliation of net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and amortization
|
|
|
7,071
|
|
|
|
5,453
|
|
Stock-based compensation expense
|
|
|
10,252
|
|
|
|
8,056
|
|
Excess tax benefits from stock-based compensation
|
|
|
(2,047
|
)
|
|
|
(2,401
|
)
|
Allowance for doubtful accounts
|
|
|
217
|
|
|
|
499
|
|
Provision for inventory
|
|
|
8,579
|
|
|
|
3,353
|
|
Loss on disposal of property, plant and equipment
|
|
|
-
|
|
|
|
35
|
|
Deferred income taxes, net
|
|
|
(3,137
|
)
|
|
|
1,539
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
Accounts receivable, net
|
|
|
(17,226
|
)
|
|
|
(12,541
|
)
|
Inventory
|
|
|
(92,467
|
)
|
|
|
(60,480
|
)
|
Prepaid expenses and other assets
|
|
|
(1,656
|
)
|
|
|
(4,144
|
)
|
Accounts payable
|
|
|
61,336
|
|
|
|
16,933
|
|
Income taxes payable/receivable, net
|
|
|
8,968
|
|
|
|
5,687
|
|
Accrued liabilities
|
|
|
4,967
|
|
|
|
5,348
|
|
Other long-term liabilities
|
|
|
1,757
|
|
|
|
930
|
|
Net cash provided by operating activities
|
|
|
16,467
|
|
|
|
8,480
|
|
INVESTING ACTIVITIES:
|
|
|
|
|
Proceeds from investments
|
|
|
2,475
|
|
|
|
1,500
|
|
Purchases of property, plant and equipment
|
|
|
(24,862
|
)
|
|
|
(16,202
|
)
|
Restricted cash
|
|
|
(32
|
)
|
|
|
(123
|
)
|
Investment in a privately held company
|
|
|
(168
|
)
|
|
|
(750
|
)
|
Land payment (refund)
|
|
|
2,868
|
|
|
|
(9,195
|
)
|
Net cash used in investing activities
|
|
|
(19,719
|
)
|
|
|
(24,770
|
)
|
FINANCING ACTIVITIES:
|
|
|
|
|
Proceeds from debt
|
|
|
33,696
|
|
|
|
23,730
|
|
Repayment of debt
|
|
|
(28,949
|
)
|
|
|
(14,132
|
)
|
Proceeds from exercise of stock options
|
|
|
8,549
|
|
|
|
10,271
|
|
Excess tax benefits from stock-based compensation
|
|
|
2,047
|
|
|
|
2,401
|
|
Payment of obligations under capital leases
|
|
|
(35
|
)
|
|
|
(64
|
)
|
Payments under receivable financing arrangements
|
|
|
(382
|
)
|
|
|
(193
|
)
|
Minimum tax withholding paid on behalf of employees for stock
options and restricted stock awards
|
|
|
(1,109
|
)
|
|
|
(8,424
|
)
|
Net cash provided by financing activities
|
|
|
13,817
|
|
|
|
13,589
|
|
Effect of exchange rate fluctuations on cash
|
|
|
318
|
|
|
|
-
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
10,883
|
|
|
|
(2,701
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
69,943
|
|
|
|
72,644
|
|
Cash and cash equivalents at end of period
|
|
$
|
80,826
|
|
|
$
|
69,943
|
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
Cash paid for interest
|
|
$
|
621
|
|
|
$
|
649
|
|
Cash paid for taxes, net of refunds
|
|
|
8,455
|
|
|
|
9,813
|
|
Non-cash investing and financing activities:
|
|
|
|
|
Accrued costs for property, plant and equipment purchases
|
|
|
797
|
|
|
|
1,482
|
|
Deposit applied to property acquisition
|
|
|
5,867
|
|
|
|
-
|
|
Equipment purchased under capital leases
|
|
|
7
|
|
|
|
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, 2012
|
|
June 30, 2011
|
|
June 30, 2012
|
|
June 30, 2011
|
GAAP GROSS PROFIT
|
|
$
|
42,448
|
|
|
$
|
40,032
|
|
|
$
|
165,417
|
|
|
$
|
151,104
|
|
Add back stock-based compensation (c)
|
|
|
192
|
|
|
|
242
|
|
|
|
783
|
|
|
|
812
|
|
Add back customs fee accrual (d)
|
|
|
-
|
|
|
|
178
|
|
|
|
-
|
|
|
|
-
|
|
Non-GAAP GROSS PROFIT
|
|
$
|
42,640
|
|
|
$
|
40,452
|
|
|
$
|
166,200
|
|
|
$
|
151,916
|
|
|
|
|
|
|
|
|
|
|
GAAP GROSS MARGIN
|
|
|
15.4
|
%
|
|
|
15.4
|
%
|
|
|
16.3
|
%
|
|
|
16.0
|
%
|
Add back stock-based compensation (c)
|
|
|
0.1
|
%
|
|
|
0.1
|
%
|
|
|
0.1
|
%
|
|
|
0.1
|
%
|
Non-GAAP GROSS MARGIN
|
|
|
15.5
|
%
|
|
|
15.5
|
%
|
|
|
16.4
|
%
|
|
|
16.1
|
%
|
|
|
|
|
|
|
|
|
|
GAAP INCOME FROM OPERATIONS
|
|
$
|
9,192
|
|
|
$
|
14,602
|
|
|
$
|
46,014
|
|
|
$
|
58,693
|
|
Add back stock-based compensation (c)
|
|
|
2,822
|
|
|
|
2,334
|
|
|
|
10,252
|
|
|
|
8,056
|
|
Add back customs fee accrual (d)
|
|
|
-
|
|
|
|
794
|
|
|
|
-
|
|
|
|
616
|
|
Add back provision for litigation loss (e)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
729
|
|
Non-GAAP INCOME FROM OPERATIONS
|
|
$
|
12,014
|
|
|
$
|
17,730
|
|
|
$
|
56,266
|
|
|
$
|
68,094
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME
|
|
$
|
5,510
|
|
|
$
|
10,731
|
|
|
$
|
29,853
|
|
|
$
|
40,213
|
|
Add back stock-based compensation (c)
|
|
|
2,822
|
|
|
|
2,334
|
|
|
|
10,252
|
|
|
|
8,056
|
|
Add back customs fee accrual (d)
|
|
|
-
|
|
|
|
794
|
|
|
|
-
|
|
|
|
616
|
|
Add back provision for litigation loss (e)
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
729
|
|
Add back adjustments to tax provision (f)
|
|
|
(219
|
)
|
|
|
(872
|
)
|
|
|
(1,532
|
)
|
|
|
(1,896
|
)
|
Non-GAAP NET INCOME
|
|
$
|
8,113
|
|
|
$
|
12,987
|
|
|
$
|
38,573
|
|
|
$
|
47,718
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME PER COMMON SHARE — BASIC (a)
|
|
$
|
0.13
|
|
|
$
|
0.27
|
|
|
$
|
0.72
|
|
|
$
|
1.04
|
|
Add back stock-based compensation, custom fee accrual, provision for
litigation loss and adjustments to tax provision (c) (d) (e) (f)
|
|
|
0.06
|
|
|
|
0.05
|
|
|
|
0.21
|
|
|
|
0.19
|
|
Non-GAAP NET INCOME PER COMMON SHARE — BASIC (g)
|
|
$
|
0.19
|
|
|
$
|
0.32
|
|
|
$
|
0.93
|
|
|
$
|
1.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP NET INCOME PER COMMON SHARE — DILUTED (b)
|
|
$
|
0.12
|
|
|
$
|
0.24
|
|
|
$
|
0.67
|
|
|
$
|
0.93
|
|
|
|
|
0.06
|
|
|
|
0.05
|
|
|
|
0.19
|
|
|
|
0.17
|
|
Non-GAAP NET INCOME PER COMMON SHARE — DILUTED (h)
|
|
$
|
0.18
|
|
|
$
|
0.29
|
|
|
$
|
0.86
|
|
|
$
|
1.10
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED-AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE
|
|
|
|
|
|
|
|
|
BASIC —GAAP (i)
|
|
|
41,535
|
|
|
|
39,511
|
|
|
|
40,890
|
|
|
|
38,132
|
|
BASIC - Non-GAAP (j)
|
|
|
41,896
|
|
|
|
40,050
|
|
|
|
41,278
|
|
|
|
38,754
|
|
|
|
|
|
|
|
|
|
|
DILUTED — GAAP (i)
|
|
|
44,738
|
|
|
|
43,721
|
|
|
|
44,152
|
|
|
|
42,396
|
|
DILUTED - Non-GAAP (j)
|
|
|
45,548
|
|
|
|
44,876
|
|
|
|
45,008
|
|
|
|
43,572
|
|
|
|
|
|
|
|
|
|
|
(a) Approximately $48,000 and $280,000 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 and fiscal year ended June 30, 2012, respectively, and
approximately $144,000 and $645,000 for the three months and fiscal
year ended June 30, 2011, respectively.
|
|
(b) Approximately $44,000 and $260,000 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 and fiscal year ended June 30, 2012, respectively, and
approximately $131,000 and $581,000 for the three months and fiscal
year ended June 30, 2011, 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, 2012 and 2011.
|
|
(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 year ended June 30, 2011
was related to a settlement of a patent litigation in September 2010.
|
|
(f) The provision of income taxes used in arriving at the non-GAAP
net income was computed using an income tax rate of 31.6% and 30.6%
for the three months and fiscal year ended June 30, 2012,
respectively, and 26.0% and 29.3% for the three months and fiscal
year ended June 30, 2011, respectively.
|
|
(g) Approximately $70,000 and $362,000 of undistributed earnings
allocated to participating securities were included in the
determination of Non-GAAP basic net income per common share for the
three months and fiscal year ended June 30, 2012, respectively, and
approximately $175,000 and $768,000 of undistributed earnings
allocated to participating securities were 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 $64,000 and $332,000 of undistributed earnings
allocated to participating securities were included in the
determination of Non-GAAP diluted net income per common share for
the three months and fiscal year ended June 30, 2012, respectively,
and approximately $156,000 and $683,000 of undistributed earnings
allocated to participating securities were 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) 361,936 and 387,428 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, 2012, respectively. 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 30, 2011, respectively.
|
|
(j) 361,936 and 387,428 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,
2012, respectively. 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.
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