Silicon Motion Announces Results for the Period Ended September 30, 2018


 
Silicon Motion Technology Corporation
Consolidated Balance Sheet
 (In thousands, unaudited)
      
  Sep. 30,
2017
 ( $ )
  Jun. 30,
2018
 ( $ )
  Sep. 30,
2018
 ( $ )
Cash and cash equivalents327,811 356,200 303,329
Short-term investments4,984 7,961 4,919
Accounts receivable (net)68,652 78,657 84,273
Inventories78,594 93,716 91,117
Refundable deposits – current19,542 19,337 19,341
Prepaid expenses and other current assets11,204 7,687 7,588
Total current assets510,787 563,558 510,567
Long-term investments120 4,510 4,412
Property and equipment (net)48,552 51,638 110,953
Goodwill and intangible assets (net)77,691 64,904 64,163
Other assets5,914 6,995 7,023
Total assets643,064 691,605 697,118
      
Accounts payable36,518 41,975 30,986
Loans- 12,000 3,900
Income tax payable22,360 6,736 6,808
Accrued expenses and other current liabilities44,637 53,160 44,728
Total current liabilities103,515 113,871 86,422
Other liabilities22,313 27,307 27,635
Total liabilities125,828 141,178 114,057
Shareholders’ equity517,236 550,427 583,061
Total liabilities & shareholders’ equity643,064 691,605 697,118
      

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 our controllers are widely used in embedded storage products such as SSDs and eMMCs+UFS, which are found in smartphones, PCs, commercial and industrial applications. We ship over 750 million NAND controllers annually and have shipped over five billion NAND controllers in the last ten years, more than any other company in the world.  We also supply specialized high-performance hyperscale data center 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 fourth  quarter of 2018 and full year 2018 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 fourth quarter of 2018 and full year 2018. Forward-looking statements also include, without limitation, statements regarding trends in the semiconductor or consumer electronics markets 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 payment, or non-payment, of cash dividends in the future at the discretion of our board of directors and any announced planned increases in such dividends; 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; any potential impairment charges related to businesses previously acquired or divested in the future; 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 30, 2018.  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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