Silicon Graphics International Corp.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 28, June 29,
2013 2012
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 175,181 $ 104,851
Current portion of restricted cash 531 980
Accounts receivable, net 59,842 98,293
Inventories 61,770 123,391
Deferred cost of revenue 21,204 49,407
Prepaid expenses and other current assets 14,094 18,443
----------- -----------
Total current assets 332,622 395,365
Non-current portion of restricted cash 2,853 3,088
Property and equipment, net 26,170 27,404
Intangible assets, net 4,643 8,675
Non-current portion of deferred cost of revenue 7,281 17,466
Other assets 34,284 44,882
----------- -----------
Total assets $ 407,853 $ 496,880
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 51,531 $ 69,448
Credit facility - 15,200
Accrued compensation 28,504 24,246
Other current liabilities 35,364 48,587
Current portion of deferred revenue 86,357 124,924
----------- -----------
Total current liabilities 201,756 282,405
Non-current portion of deferred revenue 50,362 64,717
Long-term income taxes payable 10,149 20,568
Retirement benefit obligations 11,542 11,484
Other non-current liabilities 3,790 6,814
----------- -----------
Total liabilities 277,599 385,988
Stockholders' equity 130,254 110,892
----------- -----------
Total liabilities and stockholders' equity $ 407,853 $ 496,880
=========== ===========
Silicon Graphics International Corp.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP MEASURES
(In thousands, except per share data)
(Unaudited)
Three Months Ended
------------------------------------------------
June 28, 2013
Net
(Loss) Gross Gross Operating
Income EPS Profit Margin Expenses
-------- -------- -------- ------- ----------
GAAP $ (4,465) $ (0.13) $ 46,786 27% $ 52,053
Share-based
compensation in cost
of revenue (1) 336 0.01 336 0% -
Share-based
compensation in
operating expenses (1) 1,948 0.06 - - (1,948)
Amortization of
intangibles in cost
of revenue (1) 255 0.01 255 0% -
Amortization of
intangibles in
operating expenses (1) 615 0.02 - - (615)
Restructuring and
severance in cost of
revenue (2) 872 0.02 872 1% -
Restructuring and
severance in
operating expenses (2) 5,936 0.17 - - (5,936)
Other non-recurring
items in cost of
revenue (2) 161 - 161 0% -
Other non-recurring
items in operating
expenses (2) 220 0.01 - 0% (220)
Canada tax benefits (2) - - - - -
-------- -------- -------- ------- ----------
Non-GAAP $ 5,878 $ 0.17 $ 48,410 28% $ 43,334
======== ======== ======== ======= ==========
Weighted average shares
used in computing:
Basic net income
(loss) per share 33,859
Dilutive net income
(loss) per share 35,000
Twelve Months Ended
------------------------------------------------
June 28, 2013
Net
(Loss) Gross Gross Operating
Income EPS Profit Margin Expenses
-------- -------- -------- ------- ----------
GAAP $ (2,820) $ (0.09) $189,052 25% $ 202,706
Share-based
compensation in cost
of revenue 1,598 0.05 1,598 0% -
Share-based
compensation in
operating expenses 8,502 0.25 - - (8,502)
Amortization of
intangibles in cost
of revenue 1,033 0.03 1,033 0% -
Amortization of
intangibles in
operating expenses 2,676 0.08 - - (2,676)
Restructuring and
severance in cost of
revenue 1,865 0.06 1,865 0% -
Restructuring and
severance in
operating expenses 12,100 0.36 - - (12,100)
Other non-recurring
items in cost of
revenue 161 - 161 0% -
Other non-recurring
items in operating
expenses (218) (0.01) - - 218
Canada tax benefits (12,736) (0.37) - - -
-------- -------- -------- ------- ----------
Non-GAAP $ 12,161 $ 0.36 $193,709 25% $ 179,646
======== ======== ======== ======= ==========
Weighted average shares
used in computing:
Basic net income
(loss) per share 32,909
Dilutive net income
(loss) per share 33,814
Three Months Ended
--------------------------------------------------
June 29, 2012
Net Gross Gross Operating
Loss EPS Profit Margin Expenses
-------- -------- -------- ------- ----------
GAAP $(18,386) $ (0.58) $ 37,486 21% $ 53,122
Share-based
compensation in
cost of revenue (1) 323 0.01 323 0% -
Share-based
compensation in
operating expenses (1) 1,813 0.06 - - (1,813)
Amortization of
intangibles in cost
of revenue (1) 371 0.01 371 0% -
Amortization of
intangibles in
operating expenses (1) 696 0.03 - - (696)
Restructuring and
severance in cost
of revenue (2) 148 - 148 0% -
Restructuring and
severance in
operating expenses (2) 2,811 0.09 - 0% (2,811)
Excess and obsolete
inventory write-off
in cost of revenue (2) 10,135 0.32 10,135 6% -
Other non-recurring
items in costs of
revenue (2) (1,222) (0.04) (1,222) (1)% -
Other non-recurring
items in operating
expenses (2) - - - 0% -
-------- -------- -------- ------- ----------
Non-GAAP $ (3,311) $ (0.10) $ 47,241 26% $ 47,802
======== ======== ======== ======= ==========
Weighted average
shares used in
computing:
Basic net income
(loss) per share 31,947
Dilutive net
income (loss) per
share 31,947
Twelve Months Ended
-------------------------------------------------
June 29, 2012
Net
(Loss) Gross Gross Operating
Income EPS Profit Margin Expenses
-------- -------- -------- ------- ----------
GAAP $(24,461) $ (0.77) $193,817 26% $ 215,260
Share-based
compensation in
cost of revenue 1,358 0.04 1,358 0% -
Share-based
compensation in
operating expenses 8,703 0.28 - 0% (8,703)
Amortization of
intangibles in cost
of revenue 1,736 0.05 1,736 0% -
Amortization of
intangibles in
operating expenses 3,454 0.11 - 0% (3,454)
Restructuring and
severance in cost
of revenue 148 0.00 148 0% -
Restructuring and
severance in
operating expenses 2,944 0.10 - 0% (2,944)
Excess and obsolete
inventory write-off
in cost of revenue 10,135 0.32 10,135 1% -
Other non-recurring
items in costs of
revenue (1,222) (0.04) (1,222) 0% -
Other non-recurring
items in operating
expenses 1,000 0.03 - 0% (1,000)
-------- -------- -------- ------- ----------
Non-GAAP $ 3,795 $ 0.12 $205,972 27% $ 199,159
======== ======== ======== ======= ==========
Weighted average
shares used in
computing:
Basic net income
(loss) per share 31,653
Dilutive net
income (loss) per
share 31,653
SGI Reports Fourth Quarter and Fiscal Year 2013 Financial Results
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