Silicon Motion Announces Results for the Period Ended June 30, 2017

Silicon Motion Technology Corporation
Consolidated Balance Sheet
(In thousands, unaudited)
      
  Jun. 30,
2016
 ( $ )
  Mar. 31,
2017
 ( $ )
  Jun. 30,
2017
 ( $ )
Cash and cash equivalents203,420  302,462  303,612 
Short-term investments15,691 1,900 2,354
Accounts receivable (net)71,931 60,456 76,644
Inventories81,542 75,934 81,767
Refundable deposits – current19,149 44,269 44,119
Prepaid expenses and other current
assets
5,417 10,279 11,278
Total current assets397,150 495,300 519,774
Long-term investments133 120 120
Property and equipment (net)48,336 48,292 48,910
Goodwill and intangible assets (net)74,942 73,369 72,840
Other assets8,501 5,708 5,593
Total assets529,062 622,789 647,237
      
Accounts payable48,315 30,860 32,949
Loans- 25,000 25,000
Income tax payable16,362 24,909 21,355
Accrued expenses and other current liabilities49,359 52,937 50,750
Total current liabilities114,036 133,706 130,054
Other liabilities16,264 18,187 21,354
Total liabilities130,300 151,893 151,408
Shareholders’ equity398,762 470,896 495,829
Total liabilities & shareholders’ equity529,062 622,789 647,237
      

About Silicon Motion:
We are the global leader in supplying NAND flash controllers for solid state storage devices and the merchant leader in supplying SSD controllers.  We have the broadest portfolio of controller technologies and solutions and ship over 750 million NAND controllers annually, more than any other company in the world.  Our controllers are widely used in embedded storage products such as SSDs and eMMCs which are found in smartphones, PCs and industrial and commercial applications.  We also supply specialized high-performance hyperscale datacenter and industrial SSD solutions.  Our customers include most of the NAND flash vendors, storage device module makers and leading OEMs.  For further information on Silicon Motion, visit us at www.siliconmotion.com.

Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, statements about Silicon Motion’s currently expected third  quarter of 2017 and full year 2017 expectations of revenue, gross margin and operating expenses, all of which reflect management’s estimates based on information available at this time of this press release.  While Silicon Motion believes these estimates to be meaningful, these amounts could differ materially from actual reported amounts for the third quarter of 2017 and full year 2017. Forward-looking statements also include, without limitation, statements regarding trends in the multimedia consumer electronics market and our future results of operations, financial condition and business prospects.  In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other comparable terminology.  Although such statements are based on our own information and information from other sources we believe to be reliable, you should not place undue reliance on them.  These statements involve risks and uncertainties, and actual market trends or our actual results of operations, financial condition or business prospects may differ materially from those expressed or implied in these forward looking statements for a variety of reasons.  Potential risks and uncertainties include, but are not limited to the unpredictable volume and timing of customer orders, which are not fixed by contract but vary on a purchase order basis; the loss of one or more key customers or the significant reduction, postponement, rescheduling or cancellation of orders from these customers; general economic conditions or conditions in the semiconductor or consumer electronics markets; decreases in the overall average selling prices of our products; changes in the relative sales mix of our products; our ability to continue to successfully integrate our 2015 acquisition of Shannon Systems; changes in our cost of finished goods; the payment, or non-payment, of cash dividends in the future at the discretion of our board of directors; the effect, if any, on the price of our ADS as a result of the implementation of the announced share repurchase program; changes in our cost of finished goods; the availability, pricing, and timeliness of delivery of other components and raw materials used in our customers’ products; our customers’ sales outlook, purchasing patterns, and inventory adjustments based on consumer demands and general economic conditions, its customers and consumers; our ability to successfully develop, introduce, and sell new or enhanced products in a timely manner; and the timing of new product announcements or introductions by us or by our competitors. For additional discussion of these risks and uncertainties and other factors, please see the documents we file from time to time with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed on April 28, 2017, as amended on May 2, 2017.  We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release.

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