Silicon Motion Announces Results for the Period Ended December 31, 2015
| | | | Silicon Motion Technology Corporation | | | Consolidated Statements of Income | | | (in thousands, except percentages, and per ADS data, unaudited) | | | | | |
For the Year Ended | | | |
Dec. 31, |
Dec. 31, | | | | |
2014 | | |
2015 | | | | |
(
$) |
(
$) | | | Net Sales | | 289,323 | | | 361,297 | | | | Cost of sales | | 139,625 | | | 176,765 | | | | Gross profit | | 149,698 | | | 184,532 | | | | Operating expenses | | | | | Research & development | | 60,949 | | | 71,157 | | | | Sales & marketing | | 16,324 | | | 20,173 | | | | General & administrative | | 13,355 | | | 15,718 | | | | Amortization of intangibles assets | | - | | | 1,052 | | | | Operating income | | 59,070 | | | 76,432 | | | | | | | | | Non-operating expense (income) | | | | | Gain on sale of investments | | 4 | | | 3 | | | | Interest income, net | | 2,101 | | | 1,979 | | | | Foreign exchange gain (loss), net | | (606 | ) | | 76 | | | | Others, net | | (1 | ) | | 9 | | | | Subtotal | | 1,498 | | | 2,067 | | | | Income before income tax | | 60,568 | | | 78,499 | | | | Income tax expense | | 16,101 | | | 18,219 | | | | Net income | | 44,467 | | | 60,280 | | | | | | | | | Basic earnings per ADS | $ | 1.32 | | $ | 1.75 | | | | Diluted earnings per ADS | $ | 1.30 | | $ | 1.73 | | | | | | | | |
Margin Analysis: | | | | | Gross margin | | 51.7 | % | | 51.1 | % | | | Operating margin | | 20.4 | % | | 21.2 | % | | | Net margin | | 15.4 | % | | 16.7 | % | | |
Additional Data: | | | | | Weighted avg. ADS equivalents | | 33,651 | | | 34,525 | | | | Diluted ADS equivalents | | 34,197 | | | 34,909 | | | | | | | |
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