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OTC Tip Reporter: Silicon Motion Technology Corporation (NASDAQ: SIMO), Beyond Commerce, Inc. (OTCBB: BYOC), Entegris, Inc. (NASDAQ: ENTG): Sign-Up for our FREE Stock Picks TODAY!(M2 PressWIRE Via Acquire Media NewsEdge) RDATE:02022011 www.OTCtipReporter.com Silicon Motion Technology Corporation (NASDAQ: SIMO), Beyond Commerce, Inc. (OTCBB: BYOC), Entegris, Inc. (NASDAQ: ENTG) Sign-Up for our FREE Stock Picks AND OUR AWARD WINNING NEWSLETTER at www.OTCtipReporter.com _______________________________________________________________________________ For a FREE Report Visit: www.OTCtipReporter.com www.OTCtipReporter.com is a premier source for Top penny stocks research. Silicon Motion Announces Results for the Period Ended December 31, 2010 Fourth Quarter 2010 Financial Highlights o Net sales increased 17% quarter-over-quarter to US$40.0 million from US$34.2 million in 3Q10 o Gross margin excluding stock-based compensation decreased to 45.1% from 48.4% in 3Q10 o Operating expenses excluding stock-based compensation, acquisition-related charges, and other items decreased to US$11.2 million from US$13.2 million in 3Q10 o Operating margin excluding stock-based compensation, acquisition-related charges, and other items increased to 17.3% from 9.8% in 3Q10 o Diluted earnings per ADS excluding stock-based compensation, acquisition-related charges, net foreign exchange gain (loss), and other items increased to US$0.18 from US$0.16 in 3Q10 Business Highlights o Fourth consecutive quarter of revenue growtho Increased total unit shipments 20% sequentially and 81% year-over-year to approximately 127 million units o Increased storage controller unit shipments 21% sequentially and 83% year-over-year o Increased our SSD and embedded controller sales by 9% year-over-yearo Increased our sales of 3-bits per cell controllers by about 32% sequentially and continue to account for approximately 25% of our total controller sales o Significant design wins at Samsung for microSD, SD and USB flash drives for leading-edge flash components including 3Xnm TLC and 2Xnm MLC and TLC o Significant design activity for embedded controllers with leading flash OEMs expected to enter production in first half 2011 TAIPEI, Taiwan, Feb. 1, 2011 -- Silicon Motion Technology Corporation (Nasdaq: SIMO) (the "Company") today announced its fourth quarter of 2010 financial results. For the fourth quarter of 2010, net sales increased 17% quarter-over-quarter to US$40.0 million from US$34.2 million in the third quarter of 2010. Net income (GAAP) was a loss of US$5.5 million or US$0.19 per diluted ADS, compared to earning US$0.3 million or US$0.01 per diluted ADS in the third quarter of 2010. Net income excluding stock-based compensation, acquisition-related charges, foreign exchange gain (loss), and other items increased in the fourth quarter to US$5.8 million or US$0.18 per diluted ADS compared with a net income in the third quarter of US$5.1 million or US$0.16 per diluted ADS. Fourth Quarter 2010 Financial Review Commenting on the results of the fourth quarter, Silicon Motion's President and CEO, Wallace Kou, said: "We are excited to report a much stronger than expected fourth quarter of 2010 with revenue increasing by 17% sequentially and 78% year-over-year. Strong unit and revenue growth in our storage and communications businesses drove the better than expected results. While gross margins decreased sequentially, tight operating expense control and higher revenue resulted in our operating margins increasing by 746 basis points to over 17%. Our mobile storage business continued to outperform as revenue increased 20% sequentially and doubled compared to fourth quarter 2009. This business grew better than expected because of improved NAND flash supply combined with strong emerging market demand. TLC and MLC flash components were more widely available and a significant portion of the incremental TLC supplied to the market was converted into USB flash drives using our advanced TLC controllers. We believe a big portion of these USB flash drives were sold to South America, India, and other emerging markets. Our card controller business, especially our microSD card controller products, delivered robust results from strong sales in China, as well as several new OEM programs. We believe continuing growth of smartphones is a big driver of our strong card controller sales as our bundled card controller sales continued to exceed half of all our SD card sales. We also benefited this quarter from a modest 1% decline in blended controller ASP as our higher value-added products ramped further. Our TLC controller sales increased over 30% sequentially and continued to account for roughly 25% of all our total controller sales. For full year 2010, our controller ASP increased 11% compared to 2009 as we doubled our sales of SSD and embedded flash controllers, led and continued to lead in the introduction of next generation TLC and MLC controllers, and produced unmatched valued-added solutions that provide our customers with competitive performance differentiation and cost advantages. Our mobile communications business rebounded further as our transceiver sales grew more than 60% sequentially. Mobile TV IC sales were down sequentially due to uneven order patterns with strength in our Korea T-DMB and China CMMB solutions offset by weakness in our Japan and South America I-SDBT solutions." Sales Net sales in the fourth quarter were US$40.0 million, an increase of 17% compared with the previous quarter. For the quarter, mobile storage products accounted for 73% of net sales, mobile communications 17% of net sales, multimedia SoCs 8% of net sales, and others 2% of net sales. Net sales of mobile storage products, which primarily include flash memory card, USB flash drive, SSD and embedded flash controllers, increased 20% from the third quarter of 2010 to US$29.2 million in the fourth quarter. Net sales of mobile communications products, which primarily include mobile TV IC solutions and handset transceivers, increased 17% from the third quarter of 2010 to US$6.9 million in the fourth quarter. Net sales of multimedia SoC products, which are primarily embedded graphics processors, decreased 10% from the third quarter of 2010 to US$3.3 million in the fourth quarter. Gross and Operating Margins Gross margin excluding stock-based compensation decreased to 45.1% in the fourth quarter from 48.4% in the third quarter primarily because of product mix and NT Dollar appreciation. GAAP gross margin decreased to 45.0% in the fourth quarter from 48.3% in the third quarter. Operating expenses excluding stock-based compensation, acquisition-related charges, and other items were US$11.2 million, which was lower than the US$13.2 million expended in the third quarter. Research and development expenditures, excluding stock-based compensation, were US$7.2 million, which was lower than the US$7.9 million in the previous quarter. Selling and marketing expenses excluding stock-based compensation were US$2.3 million, which was lower compared to the US$2.9 million reported in the previous quarter. General and administrative expenses excluding stock-based compensation and litigation expenses were US$1.7 million, which was lower compared to the US$2.3 million reported in the previous quarter. Stock-based compensation was US$1.7 million in the fourth quarter, which was lower than the US$1.8 million in the third quarter. Acquisition-related charges were US$0.6 million, a slight increase from US$0.5 million in the previous quarter. Operating margin excluding stock-based compensation, acquisition-related charges, and other items was 17.3%, an increase from 9.8% in the previous quarter. GAAP operating margin was 12.2%, an increase from the 2.9% in the third quarter. Other Income and Expenses Net total other income excluding net foreign exchange gain or loss, and other items was US$0.1 million, similar to the third quarter. GAAP net total other income was a loss of US$9.2 million which was greater than the loss of US$2.4 million in the third quarter due primarily to a foreign exchange loss of US$9.2 million in the fourth quarter. Foreign exchange loss increased in the fourth quarter to US$9.2 million from US$2.4 million in the third quarter as NT Dollar appreciation affected the translational value of US Dollar intercompany financing, cash balance, and other balance sheet items. Earnings Net income excluding stock-based compensation, acquisition-related charges, net foreign exchange gain or loss, and other items was US$5.8 million this quarter, an increase from US$5.1 million in the third quarter. Diluted earnings per ADS excluding stock-based compensation, acquisition-related charges, net foreign exchange gain or loss, and other items was US$0.18, an increase from US$0.16 in the previous quarter. Net income (GAAP) was a loss of US$5.5 million or US$0.19 per diluted ADS, compare to earning of US$0.3 million or US$0.01 per diluted ADS in the third quarter of 2010. Balance Sheet Cash, cash equivalents, and short-term investments decreased to US$54.8 million from US$58.4 million at the end of the third quarter of 2010 due primarily to a decrease in accounts payable and an increase in accounts receivable. Cash Flow Our cash flows were as follows: 3 months ended December 31, 2010 (In US$ millions) Net loss (5.5)Depreciation & amortization 1.8Changes in operating assets and liabilities (9.1)Others 2.3Net cash provided by (used in) operating activities (10.5)Acquisition of property and equipment (1.3)Others 0.6Net cash provided by (used in) investing activities (0.7)Others --Net cash provided by (used in) financing activities --Effects of changes in foreign currency exchange rates on cash 4.6Net decrease in cash and cash equivalents (6.6)Pro-forma adjustment for foreign exchange translation 3.6Pro-forma net decrease in cash and cash equivalents (3.0)During the fourth quarter of 2010, we spent US$1.1 million in capital expenditures primarily relating to the purchase of software and design tools. Business Outlook: Silicon Motion's President and CEO, Wallace Kou, added: "We are proud of the growth we generated in 2010 but we believe that the opportunities ahead for 2011 are even more exciting. Flash supply is expected to increase further in 2011 as the major flash vendors ramp up new manufacturing facilities while demand is expanding beyond the traditional card and USB flash drive markets into exciting new embedded opportunities in smartphones, tablets and other devices. Additionally, we are leveraging our controller technology leadership to enter new OEMs programs involving major flash vendors. As the year progresses, I intend to discuss more about our design wins involving our embedded solutions as well as our OEM programs." For the first quarter of 2011, management expects: o Revenue to be flat to down 10% sequentiallyo Gross margin excluding stock-based compensation to be in the 46% to 48% rangeo Operating expenses excluding stock-based compensation, acquisition-related charges, and other items of approximately US$12 to US$14 million For the full year 2011, management expects: o Revenue to be up 20% to 30% compared with full year 2010o Gross margin excluding stock-based compensation to be in the 46% to 48% rangeo Operating expenses excluding stock-based compensation, acquisition-related charges, and other items of approximately US$53 to US$56 million Conference Call & Webcast: The Company's management team will conduct a conference call at 8:00am Eastern Time on February 1, 2011. (Speakers) Wallace Kou, President & CEO Riyadh Lai, CFO Jason Tsai, Director of Investor Relations and Strategy PRE-REGISTRATION: https://www.theconferencingservice.com/prereg/key.process?key=PFUJARAB6 CONFERENCE CALL ACCESS NUMBERS: USA (Toll Free): 1 888 713 4211 USA (Toll): 1 617 213 4864 Taiwan (Toll Free): 0080 144 4360 Participant Passcode: 1188 2446 REPLAY NUMBERS (for 7 days): USA (Toll Free): 1 888 286 8010 USA (Toll): 1 617 801 6888 Participant Passcode: 4821 7560 A webcast of the call will be available on the Company's website at www.siliconmotion.com. Discussion of Non-GAAP Financial Measures To supplement the Company's unaudited selected financial results calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"), the Company discloses certain non-GAAP financial measures that exclude stock-based compensation, acquisition-related charges and other items, including non-GAAP cost of sales, non-GAAP gross profit, non-GAAP selling, general, and administrative expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP earnings per diluted ADS. These non-GAAP measures are not in accordance with or an alternative for GAAP, and may be different from non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all the amounts associated with the Company's results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measure. We compensate for the limitations of our non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance. Our non-GAAP financial measures are provided to enhance the user's overall understanding of our current financial performance and our prospects for the future. Specifically, we believe the non-GAAP results provide useful information to both management and investors as these non-GAAP results exclude certain expenses, gains and losses that we believe are not indicative of our core operating results and because it is consistent with the financial models and estimates published by many analysts who follow the Company. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with our forecasts, and for benchmarking our performance externally against our competitors. Also, when evaluating potential acquisitions, we exclude the items described below from our consideration of the target's performance and valuation. Since we find these measures to be useful, we believe that our investors benefit from seeing the results from management's perspective in addition to seeing our GAAP results. We believe that these non-GAAP measures, when read in conjunction with the Company's GAAP financials, provide useful information to investors by offering: o the ability to make more meaningful period-to-period comparisons of the Company's on-going operating results; o the ability to better identify trends in the Company's underlying business and perform related trend analysis; o a better understanding of how management plans and measures the Company's underlying business; and o an easier way to compare the Company's operating results against analyst financial models and operating results of our competitors that supplement their GAAP results with non-GAAP financial measures. The following are explanations of each of the adjustments that we incorporate into our non-GAAP measures, as well as the reasons for excluding each of these individual items in our reconciliation of these non-GAAP financial measures: Stock-based compensation expense consists of non-cash charges related to the fair value of stock options and restricted stock units awarded to employees. The Company believes that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, the Company believes it is useful to investors to understand the specific impact of share-based compensation on its operating results. Acquisition-related charges consist of non-cash charges that can be impacted by the timing and magnitude of our acquisitions. We consider our operating results without these charges when evaluating our ongoing performance and forecasting our earnings trends, and therefore excludes such charges when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding these costs is relevant to our assessment of internal operations and comparisons to the performance of our competitors. Acquisition-related charges include the following: o Amortization of intangible assets relates to the amortization of core technology, customer relationship, and other intangibles acquired as part of an acquisition. Litigation expenses consist of legal expenses relating to intellectual property disputes, commercial claims and other types of litigation. We consider litigation to be an unusual, non-recurring activity that does not occur regularly in the normal course of our business and therefore exclude these types of charges when presenting non-GAAP financial measures. Gain from settlement of litigation relates to one-time payments in connection with favorable settlements of certain litigations with ASE and ANP. Impairment of goodwill and long-lived assets evaluates the recoverability of goodwill and long-lived assets annually, or sooner if events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment of long-term investments relates to the other-than-temporary, non-operating write down of the Company's minority stake investments. We do not consider these investments which were made before 2007 to be strategic and exclude the performance of these investments when evaluating our ongoing performance and forecasting our earnings trends, and therefore excludes losses (and gains) from the investments when presenting non-GAAP financial measures. Foreign exchange gains and losses consists of translation gains and/or losses of non-NT$ denominated current assets and current liabilities, as well as certain other balance sheet items which result from the appreciation or depreciation of non-NT$ currencies against the NT$. We do not use financial instruments to manage the impact on our operations from changes in foreign exchange rates, and because our operations are subject to fluctuations in foreign exchange rates, we therefore exclude foreign exchange gains and losses when presenting non-GAAP financial measures. Silicon Motion Technology Corporation Consolidated Statements of Income (in thousands, except percentages and per share data, unaudited) For the Three Months Ended Dec. 31, 2009 (NT$) Sep. 30,2010 (NT$) Dec. 31,2010 (NT$) Dec. 31,2009 (US$) Sep. 30,2010 (US$) Dec. 31,2010 (US$) Net Sales 728,154 1,092,485 1,218,595 22,530 34,204 40,006Cost of sales 547,039 565,147 670,181 16,926 17,694 22,002Gross profit 181,115 527,338 548,414 5,604 16,510 18,004Operating expenses Research & development 359,523 285,238 248,670 11,123 8,930 8,164Sales & marketing 134,060 106,210 80,215 4,148 3,325 2,633General & administrative 189,287 87,205 57,209 5,857 2,730 1,878Amortization of intangibles assets 48,282 17,316 17,316 1,494 542 568Impairment of goodwill and long-lived assets 1,236,549 -- -- 38,260 -- --Gain from settlement of litigation -- 100 (3,541) -- 3 (116)Operating income (loss) (1,786,586) 31,269 148,545 (55,278) 980 4,877Non-operating income (expense) Gain on sale of investments 10 25 19 -- 1 1Interest income, net 3,536 1,704 1,702 109 53 55Impairment of long-term investments (2,158) -- (871) (67) -- (29)Foreign exchange gain (loss),net (10,584) (77,862) (281,027) (327) (2,438) (9,226) Others, net 142 (32) (237) 5 (1) (7)Subtotal (9,054) (76,165) (280,414) (280) (2,385) (9,206)Income (loss) before income tax (1,795,640) (44,896) (131,869) (55,558) (1,405) (4,329) Income tax expense (benefit) 108,043 (55,495) 35,339 3,343 (1,737) 1,160Net income (loss) (1,903,683) 10,599 (167,208) (58,901) 332 (5,489)Basic earnings (loss) per ADS ($68.39) $0.36 ($5.72) ($2.12) $0.01 ($0.19)Diluted earnings (loss) per ADS ($68.39) $0.35 ($5.72) ($2.12) $0.01 ($0.19)Margin Analysis: Gross margin 24.9% 48.3% 45.0% 24.9% 48.3% 45.0%Operating margin (245.4%) 2.9% 12.2% (245.4%) 2.9% 12.2%Net margin (261.4%) 1.0% (13.7%) (261.4%) 1.0% (13.7%)Additional Data: Weighted avg. ADS equivalents[1] 27,836 29,226 29,252 27,836 29,226 29,252Diluted ADS equivalents 27,836 30,446 29,252 27,836 30,446 29,252(1) Assumes all outstanding ordinary shares are represented by ADSs. Each ADS represents four ordinary shares. Silicon Motion Technology Corporation Reconciliation of GAAP to Non-GAAP Operating Results (in thousands, except percentages and per share data, unaudited) For the Three Months Ended Dec. 31, 2009 (NT$) Sep. 30,2010 (NT$) Dec. 31,2010 (NT$) Dec. 31,2009 (US$) Sep. 30,2010 (US$) Dec. 31,2010 (US$) GAAP net income (loss) (1,903,683) 10,599 (167,208) (58,901) 332 (5,489)Stock-based compensation: Cost of sales 15,699 1,870 1,700 486 59 56Research and development 117,949 31,909 29,051 3,649 999 954Sales and marketing 41,257 12,024 10,664 1,277 376 350General and administrative 70,358 11,140 9,608 2,177 349 315Total stock-based compensation 245,263 56,943 51,023 7,589 1,783 1,675Acquisition related charges: Amortization of intangible assets 48,282 17,316 17,316 1,494 542 568Impairment of goodwill and long-lived assets 1,236,549 -- -- 38,260 -- --Litigation expenses 1,210 1,544 (2,870) 37 48 (94)Gain from settlement of litigation -- 100 (3,541) -- 3 (116)Foreign exchange loss (gain),net 10,584 77,862 281,027 327 2,438 9,226Impairment of long-term investments 2,158 -- 871 67 -- 29Non-GAAP net income (loss) (359,637) 164,364 176,618 (11,127) 5,146 5,799Shares used in computing non-GAAP basic earnings per ADS 27,836 29,226 29,252 27,836 29,226 29,252 Shares used in computing non-GAAP diluted earnings per ADS 27,836 32,237 32,113 27,836 32,237 32,113 Non-GAAP basic earnings (loss) per ADS ($12.92) $5.62 $6.04 ($0.40) $0.18 $0.20Non-GAAP diluted earnings (loss) per ADS ($12.92) $5.10 $5.50 ($0.40) $0.16 $0.18 Non-GAAP gross margin 27.0% 48.4% 45.1% 27.0% 48.4% 45.1%Non-GAAP operating margin (35.1%) 9.8% 17.3% (35.1%) 9.8% 17.3%Silicon Motion Technology Corporation Consolidated Statements of Income (in thousands, except percentages, and per ADS data) (unaudited) For the Year Ended Dec. 31, 2009 (NT$) Dec. 31,2010 (NT$) Dec. 31,2009 (US$) Dec. 31,2010 (US$) Net Sales 2,893,230 4,177,250 87,481 132,395Cost of sales 1,702,808 2,219,052 51,487 70,331Gross profit 1,190,422 1,958,198 35,994 62,064Operating expenses Research & development 1,122,491 1,054,194 33,940 33,412Sales & marketing 395,985 389,065 11,973 12,331General & administrative 464,688 305,613 14,051 9,686Amortization of intangible assets 192,391 69,244 5,817 2,195Impairment of goodwill and long-lived assets 1,236,549 -- 37,389 --Gain from settlement of litigation -- (46,941) -- (1,488)Operating income (loss) (2,221,682) 187,023 (67,176) 5,928Non-operating expense (income) Gain on sale of investments 233 59 7 2Interest income, net 18,602 8,184 563 260Foreign exchange gain (loss),net (88,949) (358,292) (2,690) (11,356)Impairment of long-term investments (8,630) (7,272) (261) (230)Others, net (1,988) (3,356) (60) (107)Subtotal (80,732) (360,677) (2,441) (11,431)Income (loss) before income tax (2,302,414) (173,654) (69,617) (5,503)Income tax expense (benefit) 6,784 (18,869) 205 (598)Net income (loss) (2,309,198) (154,785) (69,822) (4,905)Basic earnings (loss) per ADS ($83.45) ($5.33) ($2.52) ($0.17)Diluted earnings (loss) per ADS ($83.45) ($5.33) ($2.52) ($0.17)Margin Analysis: Gross margin 41.2% 46.9% 41.2% 46.9%Operating margin (76.8%) 4.5% (76.8%) 4.5%Weighted average ADS: Basic 27,673 29,040 27,673 29,040Diluted 27,673 29,040 27,673 29,040Silicon Motion Technology Corporation Reconciliation of GAAP to Non-GAAP Operating Results (in thousands, except percentages and per ADS data, unaudited) For the Year Ended Dec. 31, 2009 (NT$) Dec. 31,2010 (NT$) Dec. 31,2009 (US$) Dec. 31,2010 (US$) GAAP net income (loss) (2,309,198) (154,785) (69,822) (4,905)Stock-based compensation: Cost of sales 24,445 5,911 739 187Research and development 224,220 102,209 6,780 3,239Sales and marketing 77,500 45,520 2,344 1,443General and administrative 120,298 37,488 3,638 1,188Total stock-based compensation 446,463 191,128 13,501 6,057Acquisition related charges: Amortization of intangible assets 192,391 69,244 5,817 2,195Impairment of goodwill and long-lived assets 1,236,549 -- 37,389 --Litigation expenses 5,112 3,378 155 107Gain from settlement of litigation -- (46,941) -- (1,488)Impairment of long-term investments 8,630 7,272 261 230Foreign exchange loss (gain), net 88,949 358,292 2,690 11,356Non-GAAP net income (331,104) 427,588 (10,009) 13,552Weighted avg. ADS (non-GAAP): Basic 27,673 29,040 27,673 29,040Diluted 27,673 31,940 27,673 31,940Non-GAAP basic earnings per ADS ($11.96) $14.72 ($0.36) $0.47Non-GAAP diluted earnings per ADS ($11.96) $13.39 $0.36) $0.42Non-GAAP gross margin 42.0% 47.0% 42.0% 47.0%Non-GAAP operating margin (11.8%) 9.7% (11.8%) 9.7%Silicon Motion Technology Corporation Consolidated Balance Sheet (In thousands) (unaudited) Dec. 31, 2009 (NT$) Sep. 30,2010 (NT$) Dec. 31,2010 (NT$) Dec. 31,2009 (US$) Sep. 30,2010 (US$) Dec. 31,2010 (US$) Cash and cash equivalents 1,951,584 1,770,267 1,569,792 60,533 56,414 53,394Short-term investments 21,153 61,193 41,200 656 1,950 1,401Accounts receivable (net) 467,437 693,236 792,373 14,499 22,092 26,951Inventories 457,736 701,416 699,152 14,198 22,352 23,781Refundable deposits - current 50,689 214,355 200,732 1,572 6,831 6,828Deferred income tax assets (net) 9,097 18,081 48,891 282 576 1,663Prepaid expenses and other current assets 140,324 134,057 58,764 4,352 4,272 1,999 Total current assets 3,098,020 3,592,605 3,410,904 96,092 114,487 116,017Long-term investments 15,709 6,271 5,400 487 200 184Property and equipment (net) 773,218 754,247 743,028 23,983 24,036 25,273Goodwill and intangible assets(net) 1,261,160 1,209,211 1,191,895 39,118 38,535 40,540 Other assets 272,011 303,755 253,881 8,437 9,679 8,635Total assets $5,420,118 5,866,089 5,605,108 $168,117 186,937 190,649Accounts payable 324,650 580,686 329,716 10,070 18,505 11,215Income tax payable 38,655 24,277 37,605 1,199 774 1,279Accrued expenses and other current liabilities 421,715 449,007 441,525 13,080 14,308 15,018 Total current liabilities 785,020 1,053,970 808,846 24,349 33,587 27,512Other liabilities 120,775 101,094 69,259 3,746 3,222 2,355Total liabilities 905,795 1,155,064 878,105 28,095 36,809 29,867Shareholders' equity 4,514,323 4,711,025 4,727,003 140,022 150,128 160,782Total liabilities & shareholders' equity $5,420,118 5,866,089 5,605,108 $168,117 186,937 190,649 Note: The Company maintains its accounts and expresses its financial statements in New Taiwan dollars. For convenience only, U.S. dollar amounts presented in the income statement have been translated from New Taiwan dollars, using an average exchange rate of NT$32.32 to US$1 for 4Q09, NT$31.94 to US$1 for 3Q10, and NT$30.46 to US$1 for 4Q10 based on the average of the historical exchange rates reported by the Oanda Corporation. Amounts from the balance sheet have been translated using the ending exchange rate for the period. The exchange rate was NT$32.24 to US$1 at the end of 4Q09, NT$31.38 to US$1 at the end of 3Q10 and NT$29.4 to US$1 at the end of 4Q10. About Silicon Motion: We are a fabless semiconductor company that designs, develops and markets high performance, low-power semiconductor solutions for the multimedia consumer electronics market. We have three major product lines: mobile storage, mobile communications, and multimedia SoCs. Our mobile storage business is composed of microcontrollers used in NAND flash memory storage products such as flash memory cards, USB flash drives, SSDs, and embedded flash applications. Our mobile communications business is composed primarily of mobile TV IC solutions and handset transceivers. Our multimedia SoCs business is composed primarily of embedded graphics processors. 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 expected first quarter 2011 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 fourth quarter. 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; 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, including the general global economic slowdown as it effects the Company, 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 June 25, 2010. We assume no obligation to update any forward-looking statements, which apply only as of the date of this press release. _______________________________________________________________________________ For a FREE Report Visit: www.OTCtipReporter.com www.OTCtipReporter.com is a premier source for Top penny stocks research. Beyond Commerce, Inc. Announces Appointment of Wendy Borow-Johnson to Board of Directors HENDERSON, Nev., Feb. 2, 2011 -- Beyond Commerce, Inc. (OTCBB:BYOC), a multi-faceted media hub for high traffic web properties announced today the appointment of Wendy Borow-Johnson to Beyond Commerce, Inc.'s Board of Directors. Ms. Borow-Johnson is currently President and Chief Executive Officer of NewsComm Media Corporation, and has been a pioneer in leading the push for new technology platforms in cable, satellite, mobile, and web-based media throughout her career. Ms. Borow-Johnson previously served as Senior Vice President of Source Media, where she was responsible for the deployment of the first two-way digital cable system, the first interactive television advertising campaigns, and the interactive TV guide. Ms. Borow-Johnson has also been the President of multiple niche programming networks including American Medical TV, Recovery TV Network, Tomorrow's Planet, Healthy Living Channel, Beauty and Fashion TV, and Resort and Residence TV. Ms. Borow-Johnson was also a senior executive at leading advertising agencies such as McCann Erickson and DMB&B. Accolades include winning Gold Medals at the New York Film Festival, the Bronze Anvil from the Public Relations Society of America, and the Skye Award from Women in Cable. She is also recognized as a leading woman on Wall Street, and is considered one of the Women Making a Difference by the Chicago Sun Times. Ms. Borow-Johnson has been President of publicly traded companies, and is considered an innovator in the medical broadcasting technologies and biotech communications realms. "We are pleased to welcome Wendy to the Beyond Commerce Board of Directors. Wendy's expertise and valuable insights will assist us in growing Beyond Commerce's portfolio of companies," commented Mr. Robert McNulty, Chairman and CEO of Beyond Commerce, Inc. About Beyond Commerce, Inc. Beyond Commerce, Inc. provides best in class products, services, and solutions by being the low cost provider in its market sector. Beyond Commerce, Inc. is a new media company in the Ad Networking, Online Advertising, Lead Generation, eCommerce and Local Advertising marketplace. Beyond Commerce is also a significant equity owner of Kaching Kaching, Inc (www.kachingkaching.com). Beyond Commerce owns 10,605,100 shares of KaChing KaChing stock. For more information visit www.beyondcommerce.com Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting Beyond Commerce, Inc. operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission. _______________________________________________________________________________ For a FREE Report Visit: www.OTCtipReporter.com www.OTCtipReporter.com is a premier source for Top penny stocks research. Entegris' Fourth-Quarter Results Cap Record Year Seventh Consecutive Quarter of Sales Growth; Non-GAAP EPS Reach $0.23 in Fourth Quarter; Accelerating Momentum into 2011 BILLERICA, Mass., Feb. 1, 2011 -- Entegris, Inc. (Nasdaq:ENTG) today reported its financial results for the Company's fourth quarter and fiscal year ended December 31, 2010. The Company recorded fourth-quarter sales of $182.1 million, an increase of 24 percent over the prior year, and 2 percent sequentially. Net income was $27.0 million, or $0.20 per share. These results included amortization of intangible assets of $2.8 million. Non-GAAP earnings per share of $0.23 in the fourth quarter of 2010 compared to $0.13 in the fourth quarter a year ago and $0.18 in the third quarter of 2010. A reconciliation table of GAAP to non-GAAP earnings (loss) per share is contained in this press release. Fiscal 2010 sales were $688.4 million, representing a 73% increase compared to sales of $398.6 million in 2009. Net income per share of $0.63 compared to a net loss of $0.49 per share a year earlier. On a non-GAAP basis, net income per share in fiscal 2010 was $0.71 compared with a net loss per share of $0.27 for the year earlier. Gideon Argov, president and chief executive officer, said: "The fourth quarter capped a great year in which we achieved record-level sales, operating profit, and operating cash flow. We demonstrated the operating leverage in our business model, as we achieved substantially higher profits than in prior cycles. We generated $40 million in cash from operations in the fourth quarter and $141 million for the year, which enabled us to end the year with $134 million in cash and no debt. "Business trends in the fourth quarter were positive. Relatively high fab utilization rates and stable wafer starts at our semiconductor customers contributed to continued growth in our unit-driven sales and a record quarter for our liquid filtration products. Ongoing investments in a number of new fabs drove fourth-quarter sales of our fluid handling components and systems to all-time highs, and should drive increasing orders in 2011 and beyond for a wide range of our next-generation contamination control and wafer handling products. Our sales to other high-technology markets, including solar and LED, also continue to be very promising," Argov said. "Moving into 2011, we anticipate accelerating momentum as we continue to execute our growth strategies in a favorable market environment, with increased capital spending plans in the industry and continuing strong global demand for semiconductor devices," Argov said. For the fiscal first quarter ending April 2, 2011, the Company expects sales to range from approximately $185 million to $190 million. Based on the Company's target model, non-GAAP EPS at this revenue level is expected to range from $0.18 to $0.20. Fourth-Quarter Results Conference Call Details Entegris will hold a conference call to discuss its results for the fourth quarter on Tuesday, February 1, 2011, at 10:00 a.m. Eastern Time. Participants should dial 1-913-312-0671 or toll-free 1-877-208-2391, referencing confirmation code 7435836. Participants are asked to dial in 5 to 10 minutes prior to the start of the call. A replay of the call will be available starting February 1 at 2:00 p.m. (ET) until March 17, 2011. The replay can be accessed by using passcode 7435836 after dialing 1-719-457-0820 or 1-888-203-1112. A live and on-demand webcast of the call can also be accessed from the investor relations section of Entegris' website at www.entegris.com. About Entegris Entegris is a leading provider of a wide range of products for purifying, protecting and transporting critical materials used in processing and manufacturing in the semiconductor and other high-tech industries. Entegris is ISO 9001 certified and has manufacturing, customer service and/or research facilities in the United States, China, France, Germany, Israel, Japan, Malaysia, Singapore, South Korea and Taiwan. Additional information can be found at www.entegris.com. Non-GAAP Information The Company's consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (GAAP). Adjusted EBITDA and Adjusted Operating Income together with related measures thereof, and non-GAAP EPS, are considered "Non-GAAP financial measures" under the rules and regulations of the SEC. These financial measures are provided as a complement to financial measures provided in accordance with GAAP. We provide non-GAAP financial measures in order to better assess and reflect operating performance. Management believes the non-GAAP measures help indicate our baseline performance before certain gains, losses or other charges that may not be indicative of our business or future outlook. We believe these non-GAAP measures will aid investors' overall understanding of our results by providing a higher degree of transparency for certain expenses and providing a level of disclosure that will help investors understand how we plan and measure our business. The presentation of non-GAAP measures is not meant to be considered in isolation, as a substitute for, or superior to, financial measures or information provided in accordance with GAAP. The calculations of Adjusted EBITDA margin, Adjusted Operating Income, and non-GAAP EPS are included elsewhere in this release. Forward-Looking Statements Certain information contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current management expectations only as of the date of this press release, and involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. Statements that include such words as "anticipate," "believe," "estimate," "expect," "forecast," "may," "will," "should" or the negative thereof and similar expressions as they relate to Entegris or our management are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These risks include, but are not limited to, fluctuations in the market price of Entegris' stock, Entegris' future operating results, other acquisition and investment opportunities available to Entegris, general business and market conditions and other factors. Additional information concerning these and other risk factors may be found in previous financial press releases issued by Entegris and Entegris' periodic public filings with the Securities and Exchange Commission, including discussions appearing under the headings "Risks Relating to our Business and Industry," "Risks Related to our Borrowings", "Manufacturing Risks," "International Risks," and "Risks Related to Owning Our Securities" in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2009, as well as other matters and important factors disclosed previously and from time to time in the filings of Entegris with the U.S. Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update publicly any forward-looking statements contained herein. Entegris, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Three Months Ended December 31, 2010 October 2,2010 December 31,2009 Net sales $182,100 $178,230 $146,324Cost of sales 101,591 98,374 81,600Charge for fair value mark up of acquired inventory -- -- 437Gross profit 80,509 79,856 64,287Selling, general and administrative expenses 38,199 36,478 32,420Engineering, research and development expenses 10,997 11,381 9,717Amortization of intangible assets 2,772 2,823 4,602Restructuring charges -- -- 3,009Operating income 28,541 29,174 14,539Interest expense, net 306 342 2,110Other (income) expense, net (271) 1,283 1,316Income before income taxes 28,506 27,549 11,113Income tax (benefit) expense (196) 5,000 1,231Equity in net loss (earnings) of affiliates 1,838 (217) (210)Net income 26,864 22,766 10,092Net loss (income) attributable to noncontrolling interest 139 (348) 32Net income attributable to Entegris, Inc. 27,003 $22,418 $10,124Amounts attributable to Entegris, Inc.: Basic net income per common share: $0.20 $0.17 $0.08Diluted net income per common share: $0.20 $0.17 $0.08Weighted average shares outstanding: Basic 132,314 131,903 129,953Diluted 133,971 133,071 131,887Entegris, Inc. and Subsidiaries Condensed Consolidated Statements of Operations (In thousands, except per share data) (Unaudited) Twelve Months Ended December 31, 2010 December 31,2009 Net sales $688,416 398,644Cost of sales 377,773 256,279Charge for fair value mark up of acquired inventory -- 4,553Gross profit 310,643 137,812Selling, general and administrative expenses 147,051 117,001Engineering, research and development expenses 43,934 35,039Amortization of intangible assets 13,231 19,237Restructuring charges -- 15,463Operating income (loss) 106,427 (48,928)Interest expense, net 3,516 9,215Other expense, net 1,430 1,745Income (loss) before income taxes 101,481 (59,888)Income tax expense (benefit) 15,006 (2,996)Equity in net loss of affiliates 1,353 867Net income (loss) 85,122 (57,759)Net (income) loss attributable to noncontrolling interest (766) 38Net income (loss) attributable to Entegris, Inc. $84,356 $(57,721)Amounts attributable to Entegris, Inc.: Basic net income (loss) per common share: $0.64 $(0.49)Diluted net income (loss) per common share: $0.63 $(0.49)Weighted average shares outstanding: Basic 131,685 117,321Diluted 133,174 117,321Entegris, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands) (Unaudited) December 31, 2010 December 31, 2009ASSETS Cash and cash equivalents $133,954 $ 68,700Accounts receivable, net 124,732 91,122Inventories 101,043 83,233Deferred tax assets, deferred tax charges and refundable income taxes 11,484 11,085 Other current assets and assets held for sale 15,878 13,318Total current assets 387,091 267,458Property, plant and equipment, net 126,725 135,431Intangible assets 65,087 78,470Deferred tax assets - non-current 10,855 9,670Other assets 11,627 13,643Total assets $601,385 $504,672LIABILITIES AND EQUITY Current maturities of long-term debt $ -- $ 11,257Short-term borrowings -- 8,039Accounts payable 34,631 23,553Accrued liabilities 59,503 29,832Income tax payable and deferred tax liabilities 13,500 1,229Total current liabilities 107,634 73,910Long-term debt, less current maturities -- 52,492Other liabilities 29,738 28,613Equity 464,013 349,657Total liabilities and equity $601,385 $504,672Entegris, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) Three Months Ended Twelve Months EndedDecember 31, 2010 December 31, 2009 December 31, 2010 December 31, 2009Operating activities: Net income (loss) $26,864 $10,092 $85,122 $(57,759)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 7,322 7,262 27,967 30,890Amortization 2,772 4,602 13,231 19,237Stock-based compensation expense 2,154 1,803 7,588 8,102Charge for fair value mark-up of acquired inventory -- 437 -- 4,553Other (2,136) 263 (277) 5,147Changes in operating assets and liabilities Trade accounts and notes receivable 971 (11,717) (26,789) (19,203)Inventories (3,056) (36) (14,285) 10,679Accounts payable and accrued liabilities 2,509 (3,362) 34,860 (1,579)Income taxes payable and refundable income taxes 4,813 1,802 13,243 3,839Other (2,229) 172 238 287Net cash provided by operating activities 39,984 11,318 140,898 4,193Investing activities: Acquisition of property and equipment (4,635) (1,641) (16,794) (13,162)Other 317 276 4,809 3,319Net cash used in investing activities (4,318) (1,365) (11,985) (9,843)Financing activities: Payments on short-term borrowings and long-term debt (6,203) (271,529) (259,157) (799,645) Proceeds from short-term and long-term borrowings -- 251,953 186,649 704,675Proceeds from stock offering, net of offering costs -- (49) -- 56,638Issuance of common stock 5,136 219 6,799 1,280Payments for debt issuance costs -- -- (149) (3,638)Other 85 -- 149 --Net cash used in financing activities (982) (19,406) (65,709) (40,690)Effect of exchange rate changes on cash 456 (223) 2,050 7Increase (decrease) in cash and cash equivalents 35,140 (9,676) 65,254 (46,333)Cash and cash equivalents at beginning of period 98,814 78,376 68,700 115,033Cash and cash equivalents at end of period $133,954 $68,700 $133,954 $68,700Entegris, Inc. and Subsidiaries Segment Information (In thousands) (Unaudited) Three Months Ended Twelve Months EndedNet sales December 31, 2010 October 2, 2010 December 31, 2009 December 31, 2010 December 31, 2009 Contamination Control Solutions $118,106 $113,350 $93,687 $435,858 $241,163Microenvironments 45,772 47,383 38,162 182,471 111,465Specialty Materials 18,222 17,497 14,475 70,087 46,016Total net sales 182,100 $178,230 146,324 $688,416 $398,644Three Months Ended Twelve Months EndedSegment profit December 31, 2010 October 2, 2010 December 31, 2009 December 31, 2010 December 31, 2009 Contamination Control Solutions $34,609 $31,434 $23,127 $122,891 $29,118Microenvironments 8,098 11,664 8,898 40,907 3,485Specialty Materials 2,351 2,349 1,985 9,103 2,925Total segment profit 45,058 45,447 34,010 172,901 35,528Amortization of intangibles, charge for fair value mark-up of acquired inventory and restructuring charges (2,772) (2,823) (8,048) (13,231) (39,253) Unallocated expenses (13,745) (13,450) (11,423) (53,243) (45,203)Total operating income (loss) $28,541 $29,174 $14,539 $106,427 $(48,928)Entegris, Inc. and Subsidiaries Reconciliation of GAAP to Adjusted Operating Income (Loss) and Adjusted EBITDA (In thousands) (Unaudited) Three Months Ended Twelve Months EndedDecember 31, 2010 October 2,2010 December 31,2009 December 31,2010 December 31,2009 Net sales $182,100 $178,230 $146,324 $688,416 $398,644Net income (loss) attributable to Entegris, Inc. $27,003 $22,418 $10,124 $84,356 $(57,721) Adjustments to net income (loss) attributable to Entegris, Inc. Net (loss) income attributable to noncontrolling interest (139) 348 (32) 766 (38) Equity in net loss (earnings) of affiliates 1,838 (217) (210) 1,353 867Income tax expense (benefit) (196) 5,000 1,231 15,006 (2,996)Other expense, net (271) 1,283 1,316 1,430 1,745Interest expense, net 306 342 2,110 3,516 9,215GAAP - Operating income (loss) 28,541 29,174 14,539 106,427 (48,928)Restructuring charges -- -- 3,009 -- 15,463Charge for fair value mark-up of acquired inventory -- -- 437 -- 4,553Amortization of intangible assets 2,772 2,823 4,602 13,231 19,237Adjusted operating income (loss) 31,313 31,997 22,587 119,658 (9,675)Depreciation 7,322 6,755 7,262 27,967 30,890Adjusted EBITDA 38,635 $38,752 29,849 147,625 21,215Adjusted operating margin 17.2% 18.0% 15.4% 17.4% (2.4)%Adjusted EBITDA - as a % of net sales 21.2% 21.7% 20.4% 21.4% 5.3%Entegris, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Earnings (Loss) per Share (In thousands) (Unaudited) Three Months Ended Twelve Months EndedDecember 31, 2010 October 2, 2010 December 31, 2009 December 31, 2010 December 31, 2009 GAAP net income (loss) attributable to Entegris, Inc. $27,003 $22,418 $10,124 $84,356 $(57,721) Adjustments to net income (loss) attributable to Entegris, Inc.: Amortization of intangible assets 2,772 2,823 4,602 13,231 19,237Charge for fair value mark-up of acquired inventory -- -- 437 -- 4,553Accelerated write-off of debt issuance costs -- -- 500 890 843Gain on sale of equity investment -- (500) -- (892) --Impairment of equity investment 2,164 -- 1,000 2,164 1,000Tax effect of adjustments to net income (loss) attributable to Entegris, Inc. (1,022) (854) (130) (4,871) (161) Non-GAAP net income (loss) attributable to Entegris, Inc. $30,917 $23,887 $16,533 $94,878 $(32,249) Diluted earnings (loss) per common share attributable to Entegris, Inc.: $0.20 $0.17 $0.08 $0.63 $(0.49) Effect of adjustments to net income (loss) attributable to Entegris, Inc. 0.03 0.01 0.05 $0.08 0.22 Diluted non-GAAP earnings (loss) per common share attributable to Entegris, Inc.: $0.23 $0.18 $0.13 $0.71 $(0.27) _______________________________________________________________________________ For a FREE Report Visit: www.OTCtipReporter.com To feature your publicly traded company in our alerts, email us at: [email protected] Let OTC Tip Reporter help advertise for your company using our effective awareness campaigns. If you're Interested in telling your story, we can help. 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