Super Micro Computer, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2013; Provides Earnings Guidance for the Third Quarter Ending March 31, 2014
January 22, 2014 at 02:35 am IST
Share
Super Micro Computer, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2013. For the quarter, the company reported net sales of $356,362,000 against $291,487,000 a year ago. Income from operations was $20,204,000 against $7,608,000 a year ago. Income before income tax provision was $20,066,000 against $7,463,000 a year ago. Net income was $13,335,000 against $4,914,000 a year ago. Diluted net income per common share was $0.30 against $0.11 per share a year ago. Non-GAAP income from operations was $22,992,000 against $10,517,000 a year ago. Non-GAAP net income was $15,884,000 against $7,826,000 a year ago. Non-GAAP net income per common share diluted was $0.35 against $0.18 a year ago.
For the six months, the company reported net sales of $665,378,000 against $562,194,000 a year ago. Income from operations was $32,247,000 against $9,290,000 a year ago. Income before income tax provision was $31,931,000 against $9,005,000 a year ago. Net income was $21,034,000 against $5,813,000 a year ago. Diluted net income per common share was $0.47 against $0.13 per share a year ago. Net cash provided by operating activities was $18,395,000 against $5,603,000 a year ago. Purchases of property, plant and equipment was $33,956,000 against $2,790,000 a year ago. Non-GAAP income from operations was $37,624,000 against $15,102,000 a year ago. Non-GAAP net income was $25,758,000 against $10,879,000 a year ago. Non- GAAP net income per common share diluted was $0.57 against $0.25 a year ago. Free cash flow for the six months ended December 31, 2013 was $15.6 million primarily due to the purchase of real property in San Jose, California for $30.1 million partially offset by an increase in cash provided by operating activities for $18.4 million.
The company provided earnings guidance for the third quarter ending March 31, 2014. For the quarter, the company expected net sales of $320 million to $350 million. The company expects non-GAAP earnings per diluted share of approximately $0.24 to $0.30. The company expects the effective tax rate on a non-GAAP basis to be approximately 31.8% for the third quarter, which is up from negative 23.1% in the same quarter last year. The increase reflects the reinstatement of the R&D tax credit in March of 2013 and the release of tax liability last year.
Super Micro Computer, Inc. specializes in the design, manufacture and marketing of high-performance server and storage systems, based on an innovative, modular and open architecture. Net sales break down by family of products as follows:
- servers and data storage systems (92.2%): accelerated computing platforms made up of a combination of servers and storage systems, designed for data centers, cloud computing, enterprise computing, Hadoop/Big Data, high-performance computing, artificial intelligence, 5G/IdO/Edge technologies and embedded systems. The group also offers server management and security software solutions, as well as professional services;
- modular server subsystems and accessories (7.8%): server boards, enclosures, processors, motherboards, power supplies, adapters, switches, networking systems, cables, ventilation systems, etc.
At the end of June 2023, the group has 3 production sites located in the United States, the Netherlands and Taiwan.
Net sales are distributed geographically as follows: The United States (67.9%), Asia (14.7%), Europe (14.1%) and others (3.3%).
Super Micro Computer, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2013; Provides Earnings Guidance for the Third Quarter Ending March 31, 2014