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Super Micro Computer, Inc. Announces 1St Quarter 2016 Financial Results

The following excerpt is from the company's SEC filing.

SAN JOSE, Calif., October 22, 2015 (BUSINESS WIRE) -- Super Micro Computer, Inc. (NASDAQ:SMCI), a global leader in high-performance, high-efficiency server, storage technology and green computing, today announced first quarter fiscal 2016 financial results for the quarter ended September 30, 2015. The final results are in line with the preliminary results announced by the Company on October 8, 2015.

Fiscal 1st Quarter Highlights

Quarterly net sales of

$530.2 million

, down

from the fourth quarter of fiscal year 2015 and up

from the same quarter of last year.

GA AP net income of

$20.5 million

from the fourth quarter of fiscal year 2015 and down

from the same quarter of last year.

GAAP gross margin was

in the first quarter of fiscal year 2016, the fourth quarter of fiscal year 2015 and the same quarter of last year.

Server solutions accounted for

of net sales compared with

in the fourth quarter of fiscal year 2015 and

in the same quarter of last year.

Net sales for the first quarter ended September 30, 2015 totaled

$573.6 million

in the fourth quarter of fiscal year 2015. One customer accounted for 11.9% of net sales during the quarter ended September 30, 2015.

GAAP net income for the first quarter of fiscal year 2016 was

per diluted share, a decrease of

from net income of

$20.9 million

per diluted share in the same period a year ago. Included in net income for the quarter is

$3.9 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

$23.4 million

per diluted share, compared to non-GAAP net income of

$23.2 million

per diluted share, in the same quarter of the prior year. On a sequential basis, non-GAAP net income decreased from the fourth quarter of fiscal year 2015 by

$6.6 million

per diluted share.

for the first quarter of fiscal year 2016, the fourth quarter of fiscal year 2015 and the same period a year ago. Non-GAAP gross margin was

The GAAP income tax provision was $11.3 million or 35.6% of income before tax provision compared to $10.6 million or 33.7% in the same period a year ago and $13.8 million or 34.1% in the fourth quarter of fiscal year 2015.

The Company's cash and cash equivalents and short and long term investments at September 30, 2015 were

$113.6 million

$98.1 million

Free cash flow for the three months ended September 30, 2015 was

$12.6 million

, primarily due to an increase in the Company's cash provided by operating activities and partially offset by the cash used in the development and construction of improvements on the Company's property.

Business

Outlook & Management Commentary

The Company expects net sales of $580 million to $630 million for the second quarter of fiscal year 2016 ending December 31, 2015. The Company expects non-GAAP earnings per diluted share of approximately $0.54 to $0.64 for the second quarter.

“As previously disclosed, first quarter revenue was lower than expected due to stronger seasonal effects combined with customer push outs and weaker European and Asia business activity. Nonetheless, with 19.6% growth in a seasonally weak quarter, we are off to a strong start to fiscal 2016. Our growth strategy for 2016 will be to continue to introduce new technologies such as NVMe and all flash storage array to evolve and grow key business verticals in Storage, Cloud/Internet Datacenter, HPC, Embedded and Enterprise,” said Charles Liang, Chairman and Chief Executive Officer. “With our system management software, onsite service and system solution capacity are fully ready for the worldwide market, we expect to continue our strong growth with over 20% revenue growth for fiscal 2016”.

It is currently expected that the outlook will not be updated until the Company’s next quarterly earnings announcement, notwithstanding subsequent developments. However, the Company may update the outlook or any portion thereof at any time. Such updates will take place only by way of a news release or other broadly disseminated disclosure available to all interested parties in accordance with Regulation FD.

Conference Call Information

Super Micro Computer will discuss these financial results in a conference call at 2:00 p.m. PT, today. To participate in the conference, please call 1-888-401-4668 (International callers dial 1-719-325-2464) 10 minutes prior. A recording of the conference will be available until 11:59 pm...


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