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Super Micro Computer Reports 1st Quarter 2015 Financial Results [Manufacturing Close - Up](Manufacturing Close - Up Via Acquire Media NewsEdge) Super Micro Computer reported first quarter fiscal 2015 financial results for the quarter ended September 30. Fiscal 1st Quarter Highlights -Quarterly net sales of $443.3 million, up 3.6 percent from the fourth quarter of fiscal year 2014 and up 43.5 percent from the same quarter of last year. -GAAP net income of $20.9 million, up 26.1 percent from the fourth quarter of fiscal year 2014 and up 171.0 percent from the same quarter of last year. -GAAP gross margin of 15.6 percent, up from 15.5 percent in the fourth quarter of fiscal year 2014 and up from 15.1 percent in the same quarter of last year. -Server solutions accounted for 57.7 percent of net sales compared with 55.2 percent in the fourth quarter of fiscal year 2014 and 46.4 percent in the same quarter of last year. According to a release on October 21, the Company noted that net sales for the first quarter ended September 30, totaled $443.3 million, up 3.6 percent from $428.1 million in the fourth quarter of fiscal year 2014. No customer accounted for more than 10 percent of net sales during the quarter ended September 30. GAAP net income for the first quarter of fiscal year 2015 was $20.9 million or $0.42 per diluted share, an increase of 171.0 percent from the net income of $7.7 million, or $0.17 per diluted share in the same period a year ago. Included in net income for the quarter is $3.0 million of stock-based compensation expense (pre- tax). Excluding this item and the related tax effect, non-GAAP net income for the first quarter was $23.2 million, or $0.46 per diluted share, compared to non-GAAP net income of $9.9 million, or $0.22 per diluted share, in the same quarter of the prior year. On a sequential basis, non-GAAP net income increased from the fourth quarter of fiscal year 2014 by $3.8 million or $0.06 per diluted share. GAAP gross margin for the first quarter was 15.6 percent compared to 15.1 percent in the same period a year ago. Non-GAAP gross margin for the first quarter was 15.7 percent compared to 15.2 percent in the same period a year ago. GAAP gross margin and Non-GAAP gross margin for the fourth quarter of fiscal year 2014 were 15.5 percent and 15.6 percent, respectively. The GAAP income tax provision was $10.6 million or 33.7 percent of income before tax provision compared to $4.2 million or 35.1 percent in the same period a year ago and $9.8 million or 37.2 percent in the fourth quarter of fiscal year 2014. The Company's cash and cash equivalents and short and long term investments at September 30, were $120.2 million compared to $99.6 million at June 30. Free cash flow for the three months ended September 30, was $24.3 million, primarily due to an increase in our cash provided by operating activities. Business Outlook & Management Commentary The Company expects net sales of $440 million to $480 million for the second quarter of fiscal year 2015 ending December 31. The Company expects non-GAAP earnings per diluted share of approximately $0.44 to $0.50 for the second quarter. "We began fiscal 2015 with an exceptional first quarter of record revenue and profits. In the first quarter, we grew revenues 43.5 percent over last year and posted our fourth consecutive quarter of record results. This again outperformed multiple times the industry growth rate. With 57.7 percent of our revenue coming from systems based on our Storage, GPU/Xeon Phi, Twin, MicroCloud and Network Switches, we continue to improve margin through a mix of higher value system products," said Charles Liang, Chairman and CEO. "As we ship our latest X10 generation Haswell DP products, a brand new I/O optimized Ultra server architecture and industry-leading hot- swappable NVMe solutions, we are confident our technology innovation will continue to drive our growth momentum into the remainder fiscal 2015." Supermicro is a company focusing in high-performance, high- efficiency server technology and development. More Information: http://www.supermicro.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |