Total revenue for the fiscal fourth quarter was $171 million, which compares with $233 million in the previous quarter and $179 million in the fiscal fourth quarter of 2012. For fiscal year 2013, total revenue was $767 million, an increase of 2% from $753 million in fiscal year 2012.
GAAP net loss for the fiscal fourth quarter was $4 million, or $(0.13) per diluted share, which compares with net income of $9 million, or $0.27 per diluted share, in the prior quarter, and a net loss of $18 million, or $(0.58) per diluted share, in the fourth quarter of fiscal 2012. Non-GAAP net income for the quarter was $6 million, or $0.17 per diluted share, which compares with non-GAAP net income of $6 million, or $0.18 per diluted share, in the prior quarter and a non-GAAP net loss of $3 million, or $(0.10) per diluted share, in the year-ago period.
For fiscal year 2013, GAAP net loss was $3 million, or $(0.09) per diluted share, which compares with a net loss of $24 million, or $(0.77) per diluted share in fiscal 2012. On a non-GAAP basis, the company reported full-year net income of $12 million, or $0.36 per diluted share, which compares with net income of $4 million, or $0.12 per diluted share in fiscal 2012.
A reconciliation of the company's GAAP to non-GAAP results is included in the tables accompanying this press release.
Cash as of the end of the fiscal fourth quarter was $179 million, which compares with $153 million for the prior quarter and $94 million (net of debt outstanding) as of the same period a year ago.
"We achieved another solid financial quarter, capping a year in which we tripled non-GAAP net income and nearly doubled the company's net cash balance, while repositioning SGI for more profitable growth in fiscal 2014," said Jorge Titinger, president and CEO of SGI. "In fiscal year 2014, we expect to achieve solid double-digit revenue growth in our core high-performance computing (HPC), storage, and Big Data solutions, while managing the run-off of our lower margin legacy cloud infrastructure business. We are on track with our operational and financial objectives for the year, including further improvement in profitability, however because of the timing of many large deal opportunities as well as the ramp of new products, we expect our financial performance to be weighted toward the second half of the fiscal year."
Recent Highlights
- SGI announced on August 5 that SKODA Auto has selected SGI® ICE X and SGI® UV™ 2000 computing systems to augment its computer-aided engineering (CAE) system. The new systems allow engineers to reduce processing time and improve design efficiency, quality and safety, speeding up the development process and making it even more cost effective.
- On July 1, SGI selected Jabil as its primary global manufacturing services and supply chain management provider, subject to completion of definitive agreements.
- Princeton University announced on June 24 that it deployed SGI Rackable® servers in the Department of Geosciences to drive next-generation earthquake research.
- On June 17, SGI announced that the United States Department of Defense (DoD) has deployed the SGI ICE X HPC system for its supercomputer Spirit, making it the 14th fastest supercomputer in the world according to TOP500 ( www.top500.org).
- Translational Research Institute (TRI) in Australia announced on June 4 that it has selected SGI to provide a big data HPC solution powered by SGI UV 2000 shared memory platform, SGI® Rackable clusters and SGI® InfiniteStorage™ to accelerate results at its new state-of-the-art research center.
- On May 23, NASA's Ames Research Center announced that it has selected an SGI UV 2000 shared memory system to support more than a thousand active users around the country who are doing research for earth sciences, space and aeronautics missions.
- CQUniversity Australia announced on May 6 that it has selected SGI to supply new HPC server and storage infrastructure to accelerate its research projects. With the deployment of the SGI Rackable HPC system, CQUniversity can now analyze, store and process big data in record time, increasing ROI and results for healthcare and environmental projects.
Outlook for Fiscal Q1 2014
The company provides technical computing solutions to large government, public, and commercial customers. Any given customer deal can include a varying mix of compute and storage hardware, software, and services, and generally will carry terms that result in most of the product revenue associated with the deal being recognized upon final shipment or acceptance of the system. The timing of final delivery or acceptance of large deals is difficult to predict and can cause significant swings in quarterly revenue. Management provides guidance on quarterly revenue and other items based on its current expectations of the timing of revenue and associated costs; however there can be no assurance that revenues and associated costs will be recognized according to expected schedules and management assumes no obligation to update its guidance if the timing of revenues or other circumstances in the business differ from current expectations.
For the first quarter ending September 27, 2013, the company is providing the following guidance:
- Revenue for the first fiscal quarter is expected to be $160 million to $170 million.
- GAAP net loss per diluted share for the first fiscal quarter is expected to be $(0.14) to $(0.07) and is expected to reflect approximately $7 million of total adjustments, including restructuring and severance charges, stock-based compensation expense, and intangibles amortization.
- Non-GAAP net income per diluted share for the first fiscal quarter is expected to be $0.07 to $0.14 and is expected to exclude the $7 million of total adjustments mentioned above.
A live webcast of the earnings conference call will be available on the Investor Relations section of SGI's website at investors.sgi.com beginning at 1:30 p.m. PT (4:30 p.m. ET). A replay of the webcast will be available approximately two hours after the conclusion of the call and will remain available until the next earnings call.
The public can also listen to the earnings conference call by dialing (888) 463-5422 (toll-free) or (970) 315-0484 (international). An audio replay of the conference call will also be made available approximately two hours after the conclusion of the call. The audio replay will remain available for five days and can be accessed by dialing (855) 859-2056 (toll-free) or (404) 537-3406 (international) and entering the confirmation code: 18057562.
About SGI
SGI, the trusted leader in technical computing, is focused on helping customers solve their most demanding business and technology challenges. Visit
www.sgi.com for more information.
Connect with SGI on Twitter (@sgi_corp), YouTube (youtube.com/sgicorp), Facebook (facebook.com/sgiglobal) and LinkedIn.
Cautionary Statement Regarding Forward Looking Statements
The statements made in this press release regarding projected financial results, financial objectives, and strategic plans, including SGI's 2014 first fiscal quarter financial guidance, anticipated growth and profitability, and certain statements made in the earnings conference call, are forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Actual results could differ materially from those described by these statements due to a number of uncertainties, including, but not limited to:
- Fluctuations in the buying patterns and sizes of customer orders from one quarter to the next;
- Increased competition causing SGI to sell products or services at lower margins than expected;
- Lengthy acceptance cycles of SGI's products by certain customers, development or product delivery delays, and delays in obtaining necessary components from suppliers;
- The addition of new customers or loss of existing customers;
- Customer concentration risks;
- Substantial sales to U.S. government entities, which are subject to the government's budgetary constraints;
- Write-offs of excess and obsolete inventory;
- Unexpected changes in the price for, and the availability of, components from SGI's suppliers;
- SGI's ability to enhance its products with new and better designs and functionality;
- Actions taken by competitors, such as new product announcements or introductions or changes in pricing; and
- Market acceptance of newer products.
In addition, SGI's actual revenue, earnings per share and other projections on a GAAP and non-GAAP basis for the fiscal quarter ending September 27, 2013 could differ materially from the targets stated under "Outlook for Fiscal Q1 2014" above for a number of reasons, including, but not limited to (i) application of the actual consolidated GAAP and non-GAAP tax rates for such periods, or judgment by management to increase or decrease an income tax asset or liability, (ii) a determination by SGI that any portion of its goodwill or intangible assets have become impaired, (iii) changes in the anticipated amount of employee stock-based compensation expense recognized on SGI's financial statements, (iv) increases or decreases to estimated capital expenditures, (v) changes driven by new accounting or tax rules, regulations, interpretations or guidance, (vi) changes in the anticipated amounts and timing of restructuring charges to be incurred and cost savings expected to be realized from our restructuring actions in Europe, (vii) charges or gains resulting from litigation or dispute settlement, and (viii) other risks as detailed in SGI's filings with the Securities and Exchange Commission ("SEC"), including those described in SGI's Annual Report on Form 10-K under the caption "Risk Factors" filed with the SEC on Sept. 10, 2012, which are available at the SEC's web site at http://www.sec.gov. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this announcement. SGI undertakes no obligation to update the information in this earnings release or the related earnings conference call, whether as a result of new information, future events or otherwise, unless otherwise required by law.
Use of Non-GAAP Financial Measures
This press release and the related earnings conference call include financial measures that are not determined in accordance with U.S. general accepted accounting principles ("GAAP"), including non-GAAP gross profit and gross margin, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP basic and diluted net income (loss) per share. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and management exercises judgment in determining which items should be excluded in the calculation of non-GAAP measures. In addition, these non-GAAP measures may be different from non-GAAP measures used by other companies. While we believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP, we believe that non-GAAP measures are valuable in evaluating the company's operating performance and analyzing our business operations. Management excludes the following items from one or more of non-GAAP measures: (1) share-based compensation; (2) amortization of intangible assets; (3) restructuring and severance charges; and (4) other non-recurring costs, including settlements and other items. These measures are adjusted as described in the reconciliation of GAAP and non-GAAP numbers at the end of this release, but these adjustments should not be construed as an inference that all of these adjustments or costs are unusual, infrequent or non-recurring.
In addition, management uses these non-GAAP financial measures to facilitate its review of the comparability of SGI's core operating performance on a period to period basis as well as to better understand the fundamental economics of a specific period's operational and financial performance. Management uses this view of SGI's operating performance for purposes of comparison with its business plan and individual operating budgets and allocations of resources.
Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating SGI's financial and operational performance in the same way that management evaluates the company's financial performance. However, these non-GAAP financial measures have limitations as an analytical tool, as they exclude the financial impact of transactions necessary or advisable for the conduct of SGI's business, such as the granting of equity compensation awards and are not intended to be an alternative to financial measures prepared in accordance with GAAP. Hence, to compensate for these limitations, management does not review these non-GAAP financial metrics in isolation from its GAAP results, nor should investors. Pursuant to the requirements of SEC Regulation G, a detailed reconciliation between SGI'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 SGI's SEC filings.
© 2013 SGI. SGI and its product names and logos are trademarks or registered trademarks of Silicon Graphics International Corp. or its subsidiaries in the United States and/or other countries. All other trademarks are property of their respective holders.
Silicon Graphics International Corp.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended Twelve Months Ended
-------------------- --------------------
June 28, June 29, June 28, June 29,
2013 2012 2013 2012
--------- --------- --------- ---------
Revenue $ 170,532 $ 179,488 $ 767,227 $ 752,987
Cost of revenue 123,746 142,002 578,175 559,170
--------- --------- --------- ---------
Gross profit 46,786 37,486 189,052 193,817
--------- --------- --------- ---------
Operating expenses:
Research and development 15,594 14,929 60,611 62,356
Sales and marketing 19,671 21,692 78,730 88,414
General and administrative 12,821 14,161 54,317 62,021
Restructuring 3,967 2,340 9,048 2,469
--------- --------- --------- ---------
Total operating expenses 52,053 53,122 202,706 215,260
--------- --------- --------- ---------
Loss from operations (5,267) (15,636) (13,654) (21,443)
--------- --------- --------- ---------
Interest income (expense), net (33) (147) (311) (297)
Other income (expense), net (225) (1,490) (1,478) (1,720)
--------- --------- --------- ---------
Total other income (expense),
net (258) (1,637) (1,789) (2,017)
--------- --------- --------- ---------
Loss before income taxes (5,525) (17,273) (15,443) (23,460)
Income tax (benefit) provision (1,060) 1,113 (12,623) 1,001
--------- --------- --------- ---------
Net loss $ (4,465) $ (18,386) $ (2,820) $ (24,461)
========= ========= ========= =========
Basic and diluted net loss per
share $ (0.13) $ (0.58) $ (0.09) $ (0.77)
========= ========= ========= =========
Shares used in computing basic
and diluted net loss per share 33,859 31,947 32,909 31,653
========= ========= ========= =========
Share-based compensation by
category is as follows:
Cost of revenue $ 336 $ 323 $ 1,598 $ 1,358
Research and development 504 390 2,250 1,938
Sales and marketing 347 312 1,629 1,570
General and administrative 1,097 1,111 4,623 5,195
--------- --------- --------- ---------
Total $ 2,284 $ 2,136 $ 10,100 $ 10,061
========= ========= ========= =========
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
Three Months Ended
-------------------------------------------------
March 29, 2013
Net Gross Gross Operating
Income EPS Profit Margin Expenses
-------- -------- -------- ------- ----------
GAAP $ 9,224 $ 0.27 $ 52,492 23% $ 51,006
-
Share-based
compensation in
cost of revenue (1) 391 0.01 391 0% -
Share-based
compensation in
operating expenses (1) 2,418 0.07 - - (2,418)
Amortization of
intangibles in cost
of revenue (1) 255 0.01 255 0% -
Amortization of
intangibles in
operating expenses (1) 668 0.02 - - (668)
Restructuring and
severance in cost
of revenue (2) 98 - 98 0% -
Restructuring and
severance in
operating expenses (2) 1,646 0.05 - - (1,646)
Other non-recurring
items in operating
expenses (2) - - - - -
Canada tax benefits (2) (8,447) (0.25) - - -
-------- -------- -------- ------- ----------
Non-GAAP $ 6,253 $ 0.18 $ 53,236 23% $ 46,274
======== ======== ======== ======= ==========
Weighted average
shares used in
computing:
Basic net income
(loss) per share 33,201
Dilutive net
income (loss) per
share 34,467
NOTE: This presentation includes certain financial measures not in
conformity with Generally Accepted Accounting Principles in the United
States (non-GAAP measures). Our non-GAAP measures are not meant to be
considered in isolation or as a substitute for comparable GAAP measures, and
should be read only in conjunction with our consolidated financial
statements prepared in accordance with GAAP.
(1) Adjustments to exclude certain non-cash expenses such as share-based
compensation and amortization of intangible assets.
(2) Adjustments to exclude the items discussed below because such items are
either operating expenses which would not otherwise have been incurred by
the company in the normal course of the company's business operations or are
not reflective of the company's core results over time. These items may
include recurring as well as non-recurring items.
(a) Restructuring Charges and severance - Restructuring charges consist
primarily of severance expense, facility closure and relocation costs.
(b) Other non-recurring items include settlements and other items
Silicon Graphics International Corp.
RECONCILIATION OF SELECTED GAAP MEASURES TO NON-GAAP
MEASURES
GAAP to NON-GAAP EARNINGS BEFORE INTEREST, TAXES, AND
AMORTIZATION & DEPRECIATION
(In thousands)
(Unaudited)
Three Months Twelve Months
Ended Ended
---------------- ----------------
June 28, 2013 June 28, 2013
GAAP - Loss before income taxes $ (5,525) $ (15,443)
Adjustments of GAAP to Non-GAAP
earnings before income taxes (*) 10,343 27,717
---------------- ----------------
Non - GAAP Income before income taxes 4,818 12,274
---------------- ----------------
Depreciation 2,719 10,560
Interest income (45) (208)
Interest expense 78 519
---------------- ----------------
Non-GAAP EBITDA $ 7,570 $ 23,145
================ ================
Three Months Twelve Months
Ended Ended
---------------- ----------------
June 29, 2012 June 29, 2012
GAAP - Loss before income taxes $ (17,273) $ (23,460)
Adjustments of GAAP to Non-GAAP
earnings before income taxes (*) 15,075 28,256
---------------- ----------------
Non - GAAP Loss before income taxes (2,198) 4,796
---------------- ----------------
Depreciation 2,287 9,384
Interest income (44) (275)
Interest expense 191 571
---------------- ----------------
Non-GAAP EBITDA $ 236 $ 14,476
================ ================
Three Months
Ended
----------------
March 29, 2013
GAAP - Loss before income taxes $ 1,116
Adjustments of GAAP to Non-GAAP
earnings before income taxes (*) 5,476
----------------
Non - GAAP Income before income taxes 6,592
----------------
Depreciation 2,666
Interest income (66)
Interest expense 77
----------------
Non-GAAP EBITDA $ 9,269
================
(*) Refer to the Reconciliation of GAAP to Non-GAAP net
income (loss) for further details
SILICON GRAPHICS INTERNATIONAL CORP. AND SUBSIDIARIES
TRENDED FINANCIAL DATA
(In thousands, except per share amounts)
(Unaudited)
Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12
--------- --------- --------- ---------
Revenue
Product Revenue $ 128,952 $ 143,043 $ 150,239 $ 134,499
Service Revenue 49,943 52,171 49,151 44,989
--------- --------- --------- ---------
Total revenue $ 178,895 $ 195,214 $ 199,390 $ 179,488
========= ========= ========= =========
Cost of revenue
Product $ 99,767 $ 112,316 $ 121,263 $ 113,800
Service 26,489 30,715 26,617 28,202
--------- --------- --------- ---------
Total cost of revenue $ 126,257 $ 143,031 $ 147,880 $ 142,002
========= ========= ========= =========
Gross margin by Product and
Service
Product Gross Margin 22.6% 21.5% 19.3% 15.4
Service Gross Margin 47.0% 41.1% 45.8% 37.3
--------- --------- --------- ---------
Total gross margin 29.4% 26.7% 25.8% 20.9
========= ========= ========= =========
Total operating expenses $ 55,006 $ 54,131 $ 53,001 $ 53,122
========= ========= ========= =========
Net (loss) income $ (2,657) $ (2,256) $ (1,162) $ (18,386
========= ========= ========= =========
Earnings per share
Basic net (loss) income per
share $ (0.08) $ (0.07) $ (0.04) $ (0.58
Diluted net (loss) income per
share $ (0.08) $ (0.07) $ (0.04) $ (0.58
========= ========= ========= =========
Shares used in computing net
(loss) income per share
Basic 31,303 31,604 31,783 31,947
Diluted 31,303 31,604 31,783 31,947
--------- --------- --------- ---------
Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13
--------- --------- --------- ---------
Revenue
Product Revenue $ 146,315 $ 128,040 $ 187,140 $ 129,194
Service Revenue 46,566 43,186 45,448 41,338
--------- --------- --------- ---------
Total revenue $ 192,881 $ 171,226 $ 232,588 $ 170,532
========= ========= ========= =========
Cost of revenue
Product $ 122,597 $ 97,350 $ 152,523 $ 99,469
Service 28,074 26,312 27,573 24,277
--------- --------- --------- ---------
Total cost of revenue $ 150,671 $ 123,662 $ 180,096 $ 123,746
========= ========= ========= =========
Gross margin by Product and
Service
Product Gross Margin % 16.2% 24.0% 18.5% 23.0%
Service Gross Margin % 39.7% 39.1% 39.3% 41.3%
--------- --------- --------- ---------
Total gross margin % 21.9% 27.8% 22.6% 27.4%
========= ========= ========= =========
Total operating expenses $ 49,203 $ 50,444 $ 51,006 $ 52,053
========= ========= ========= =========
Net (loss) income ) $ (8,680) $ 1,101 $ 9,224 $ (4,465)
========= ========= ========= =========
Earnings per share
Basic net (loss) income per
share ) $ (0.27) $ 0.03 $ 0.28 $ (0.13)
Diluted net (loss) income per
share ) $ (0.27) $ 0.03 $ 0.27 $ (0.13)
========= ========= ========= =========
Shares used in computing net
(loss) income per share
Basic 32,166 32,410 33,201 33,859
Diluted 32,166 32,778 34,467 33,859
--------- --------- --------- ---------
SILICON GRAPHICS INTERNATIONAL CORP. AND SUBSIDIARIES
TRENDED FINANCIAL DATA
(In thousands)
(Unaudited)
Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12
--------- --------- --------- ---------
Total Revenue
Americas $ 112,392 $ 109,721 $ 128,321 $ 123,311
APJ 40,106 56,873 44,660 28,753
EMEA 26,397 28,620 26,409 27,424
--------- --------- --------- ---------
Total revenue $ 178,895 $ 195,214 $ 199,390 $ 179,488
========= ========= ========= =========
Product Revenue
Americas $ 89,056 $ 88,429 $ 107,580 $ 102,100
APJ 21,801 34,090 25,253 13,350
EMEA 18,095 20,524 17,406 19,049
--------- --------- --------- ---------
Total product revenue $ 128,952 $ 143,043 $ 150,239 $ 134,499
========= ========= ========= =========
Service Revenue
Americas $ 23,336 $ 21,292 $ 20,741 $ 21,212
APJ 18,305 22,783 19,407 15,403
EMEA 8,302 8,096 9,003 8,374
--------- --------- --------- ---------
Total service revenue $ 49,943 $ 52,171 $ 49,151 $ 44,989
========= ========= ========= =========
Operating profit (loss) - GAAP
Americas $ (133) $ 1,868 $ (2,083) $ (10,346)
APJ 78 1,883 1,749 (332)
EMEA (2,313) (5,699) (1,157) (4,958)
--------- --------- --------- ---------
Total operating (loss)
profit $ (2,368) $ (1,948) $ (1,491) $ (15,636)
--------- --------- --------- ---------
Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13
--------- --------- --------- ---------
Total Revenue
Americas $ 123,385 $ 112,358 $ 142,215 $ 118,550
APJ 44,434 27,735 36,314 28,084
EMEA 25,062 31,133 54,059 23,898
--------- --------- --------- ---------
Total revenue $ 192,881 $ 171,226 $ 232,588 $ 170,532
========= ========= ========= =========
Product Revenue
Americas $ 101,642 $ 91,698 $ 119,341 $ 97,764
APJ 26,821 12,605 19,854 15,046
EMEA 17,852 23,737 47,945 16,384
--------- --------- --------- ---------
Total product revenue $ 146,315 $ 128,040 $ 187,140 $ 129,194
========= ========= ========= =========
Service Revenue
Americas $ 21,743 $ 20,660 $ 22,874 $ 20,786
APJ 17,613 15,130 16,460 13,038
EMEA 7,210 7,396 6,114 7,514
--------- --------- --------- ---------
Total service revenue $ 46,566 $ 43,186 $ 45,448 $ 41,338
========= ========= ========= =========
Operating profit (loss) - GAAP
Americas $ 1,576 $ 3,055 $ 8,374 $ 660
APJ (1,411) (1,265) 3,018 (816)
EMEA (7,158) (4,670) (9,906) (5,111)
--------- --------- --------- ---------
Total operating (loss)
profit $ (6,993) $ (2,880) $ 1,486 $ (5,267)
--------- --------- --------- ---------
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Contact Information: SGI Investor Relations John Swenson +1-510-933-8370 Email Contact Ben Liao +1-510-933-8430 Email Contact