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Super Micro Computer, Inc. Announces 2nd Quarter 2013 Financial Results

Super Micro Computer, Inc. (NASDAQ:SMCI), a leader in application optimized, high performance server solutions, today announced second quarter fiscal 2013 financial results for the quarter ended December 31, 2012.

Fiscal 2nd Quarter Highlights

  • Quarterly net sales of $291.5 million, up 7.7% from the first quarter of fiscal year 2013 and up 16.6% from the same quarter of last year.
  • Net income of $4.9 million, up 446.6% from the first quarter of fiscal year 2013 and down 66.3% from the same quarter of last year.
  • Gross margin of 13.8%, up from 12.9% in the first quarter of fiscal year 2013 and down from 17.1% in the same quarter of last year.
  • Server solutions accounted for 43.3% of net sales compared with 39.5% in the first quarter of fiscal year 2013 and 44.0% in the same quarter of last year.

Net sales for the second quarter ended December 31, 2012 totaled $291.5 million, up 7.7% from $270.7 million in the first quarter of fiscal year 2013. No customer accounted for more than 10% of net sales during the quarter ended December 31, 2012.

Net income for the second quarter of fiscal year 2013 was $4.9 million or $0.11 per diluted share, a decrease of 44.0% from the net income of $8.8 million, or $0.20 per diluted share in the same period a year ago. Included in net income for the quarter is $2.9 million of stock-based compensation expense (pre-tax). Excluding this item and the related tax effect, non-GAAP net income for the second quarter was $7.8 million, or $0.18 per diluted share, compared to non-GAAP net income of $11.2 million, or $0.25 per diluted share, in the same quarter of the prior year. On a sequential basis, non-GAAP net income increased from the first quarter of fiscal year 2013 by $4.8 million or $0.11 per diluted share.

Gross margin and non-GAAP gross margin for the second quarter were each 13.8% compared to 17.1% in the same period a year ago. Non-GAAP gross margin was 13.0% for the first quarter of fiscal year 2013.

The Company's cash and cash equivalents and short and long term investments at December 31, 2012 were $91.1 million compared to $83.8 million at June 30, 2012. Free cash flow in the six months ended December 31, 2012 was $2.8 million primarily due to a decrease in inventory for hard disk drives.

Business Outlook & Management Commentary

The Company expects net sales of $275 million to $295 million for the third quarter of fiscal year 2013 ending March 31, 2013. The Company expects non-GAAP earnings per diluted share of approximately $0.17 to $0.21 for the third quarter.

“Net sales were a record high this quarter as we achieved 16.6% growth over last year, further demonstrating our ability to grow market share even during uncertain economic times. Our rackmount servers, especially FatTwin solutions, and our storage products were key drivers of our revenue this quarter. Profitability improved due to slightly better margins and better operating expense leverage. We remain focused on improving profitability.” said Charles Liang, CEO of Supermicro. "With our new architecture products and opportunities in new markets, as well as our diverse customer base, we look forward to continuing our market share growth."

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 the conference, please call 1-888-401-4668 (international callers dial 1-719-457-2627) 10 minutes prior. A recording of the conference will be available until 11:59 pm ET on Tuesday, February 5, 2013 by dialing 1-877-870-5176 (international callers dial 1-858-384-5517) and entering replay PIN 3074743. The live web cast and recording of the call will be available on the Investor Relations section at www.supermicro.com two hours after the conference conclusion. They will remain available until the Company's next earnings call.

Cautionary Statement Regarding Forward Looking Statements

Statements contained in this press release that are not historical fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may relate, among other things, to our expected financial and operating results, our ability to build and grow Super Micro Computer, the benefits of our products and our ability to achieve our goals, plans and objectives. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that could cause our actual results to differ materially from those anticipated. These include, but are not limited to: our dependence on continued growth in the markets for X86, blade servers and embedded applications, increased competition, difficulties of predicting timing, introduction and customer acceptance of new products, poor product sales, difficulties in establishing and maintaining successful relationships with our distributors and vendors, shortages or price fluctuations in our supply chain, our ability to protect our intellectual property rights, our ability to control the rate of expansion domestically and internationally, difficulty managing rapid growth and general political, economic and market conditions and events. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in our filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in such filings.

Use of Non-GAAP Financial Measures

Non-GAAP gross margin discussed in this press release excludes stock-based compensation expense for prior periods. Non-GAAP net income and net income per share discussed in this press release exclude stock-based compensation expense and the related tax effect of the applicable items. Management presents non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management uses the non-GAAP financial measures for planning purposes, including analysis of the Company's performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating the Company's financial and operational performance. However, these non-GAAP financial measures have limitations as an analytical tool, and are not intended to be an alternative to financial measures prepared in accordance with GAAP. Pursuant to the requirements of SEC Regulation G, detailed reconciliations between the Company's GAAP and non-GAAP financial results is provided at the end of this press release. Investors are advised to carefully review and consider this information as well as the GAAP financial results that are disclosed in the Company's SEC filings.

About Super Micro Computer, Inc.

Supermicro® (NASDAQ: SMCI), a global leader in high-performance, high-efficiency server technology innovation is a premier provider of end-to-end green computing solutions for Enterprise IT, Datacenter, Cloud Computing, HPC and Embedded Systems worldwide. Supermicro’s advanced server Building Block Solutions® offers a vast array of modular, interoperable components for building energy-efficient, application-optimized computing solutions. This broad line of products includes servers, blades, GPU systems, workstations, motherboards, chassis, power supplies, storage technologies, networking solutions and SuperRack® cabinets/accessories. Architecture innovations include Twin Architecture, SuperServer®, SuperBlade®, MicroCloud, Super Storage Bridge Bay (SBB), Double-Sided Storage, Universal I/O (UIO) and WIO expansion technology all of which deliver unrivaled performance and value. Supermicro is committed to protecting the environment through its “We Keep IT Green®” initiative by providing customers with the most energy-efficient, environmentally-friendly solutions available on the market. Founded in 1993, Supermicro is headquartered in Silicon Valley with worldwide operations and manufacturing centers in Europe and Asia. For more information, visit www.supermicro.com.

Supermicro, Building Block Solutions, SuperServer, SuperBlade, SuperRack, Double-Sided Storage and We Keep IT Green are trademarks and/or registered trademarks of Super Micro Computer, Inc.

   
SUPER MICRO COMPUTER, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
December 31, June 30,
2012 2012
ASSETS
Current assets:
Cash and cash equivalents $ 88,398 $ 80,826
Accounts receivable, net 118,912 102,014
Inventory, net 243,597 276,599
Deferred income taxes – current 14,361 12,638
Prepaid income taxes 4,338 3,478
Prepaid expenses and other current assets   5,889     6,357  
Total current assets 475,495 481,912
Long-term investments 2,650 2,923
Property, plant and equipment, net 96,712 97,419
Deferred income taxes – noncurrent 5,707 3,459
Other assets   3,003     3,390  
Total assets $ 583,567   $ 589,103  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 149,441 $ 173,991
Accrued liabilities 32,015 30,401
Income taxes payable 2,799 2,754
Short-term debt and current portion of long-term debt   29,195     13,362  
Total current liabilities 213,450 220,508
Long term debt-net of current portion 7,933 19,395
Other long-term liabilities   10,764     10,849  
Total liabilities 232,147 250,752
Stockholders' equity:
Common stock and additional paid-in capital 150,870 143,806
Treasury stock (at cost) (2,030 ) (2,030 )
Accumulated other comprehensive loss (52 ) (76 )
Retained earnings   202,464     196,651  
Total Super Micro Computer Inc. stockholders' equity 351,252 338,351
Noncontrolling interest   168     -  
Total liabilities and stockholders' equity $ 583,567   $ 589,103  
 
 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)
       
Three Months Ended Six Months Ended
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
Net sales $ 291,487 $ 249,915 $ 562,194 $ 497,800
Cost of sales   251,365     207,301   487,057     415,560  
Gross profit 40,122 42,614 75,137 82,240
Operating expenses:
Research and development 18,824 15,657 37,045 29,481
Sales and marketing 7,945 8,032 16,711 15,742
General and administrative   5,745     5,207   12,091     9,785  
Total operating expenses   32,514     28,896   65,847     55,008  
Income from operations 7,608 13,718 9,290 27,232
Interest and other income, net 7 20 22 37
Interest expense   (152 )   (173 ) (307 )   (367 )
Income before income tax provision 7,463 13,565 9,005 26,902
Income tax provision   2,549     4,791   3,192     9,636  
Net income $ 4,914   $ 8,774   $ 5,813   $ 17,266  
Net income per common share:
Basic $ 0.12   $ 0.21   $ 0.14   $ 0.42  
Diluted $ 0.11   $ 0.20   $ 0.13   $ 0.39  
Weighted-average shares used in calculation of net income per common share:
Basic (a)   41,893     40,555   41,780     40,456  
Diluted (b)   43,431     43,816   43,819     43,603  
 
 

Stock-based compensation is included in the following cost and expense categories by period (in thousands):

Three Months Ended Six Months Ended
December 31, December 31, December 31,   December 31,
2012 2011 2012 2011
Cost of sales $ 224 $ 200 $ 464 $ 408
Research and development 1,632 1,328 3,262 2,600
Sales and marketing 389 362 793 640
General and administrative 664 617 1,293 1,189
 
 

SUPER MICRO COMPUTER, INC

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(In thousands)
(Unaudited)
 
  Six Months Ended

December 31,

2012   2011
OPERATING ACTIVITIES:
Net income $ 5,813 $ 17,266
Reconciliation of net income to net cash provided by operating activities:
Depreciation and amortization 3,974 3,147
Stock-based compensation expense 5,812 4,837
Excess tax benefits from stock-based compensation (785 ) (1,084 )
Allowance for doubtful accounts 75 25
Provision for inventory 6,313 3,902
Exchange loss 278 -
Deferred income taxes, net (3,982 ) (421 )
Changes in operating assets and liabilities:
Accounts receivable, net (16,973 ) 4,880
Inventory 26,689 (4,551 )
Prepaid expenses and other assets 699 (813 )
Accounts payable (25,094 ) 1,887
Income taxes payable, net 679 5,962
Accrued liabilities 2,203 1,345
Other long-term liabilities   (98 )   508  
Net cash provided by operating activities   5,603     36,890  
 
INVESTING ACTIVITIES:
Proceeds from investments 300 1,675
Purchases of property, plant and equipment (2,790 ) (18,260 )
Restricted cash (12 ) (29 )
Land deposit refund   -     2,868  
Net cash used in investing activities   (2,502 )   (13,746 )
 
FINANCING ACTIVITIES:
Proceeds from debt 20,641 31,021
Repayment of debt (16,673 ) (23,962 )
Proceeds from exercise of stock options 780 1,926
Excess tax benefits from stock-based compensation 785 1,084
Payment of obligations under capital leases (18 ) (18 )
Advances (payments) under receivable financing arrangements (584 ) 441
Contribution from noncontrolling interests 168 -
Minimum tax withholding paid on behalf of an officer for restricted stock awards   (1,022 )   (1,109 )
Net cash provided by financing activities   4,077     9,383  
Effect of exchange rate fluctuations on cash 394 (93 )
Net increase in cash and cash equivalents 7,572 32,434
Cash and cash equivalents at beginning of period   80,826     69,943  
Cash and cash equivalents at end of period $ 88,398   $ 102,377  
Supplemental disclosure of cash flow information:
Cash paid for interest $ 409 $ 376
Cash paid for taxes, net of refunds $ 6,448 $ 3,485
Non-cash investing and financing activities:
Accrued costs for property, plant and equipment purchases $ 1,080 $ 2,114
Deposit applied to property acquisition $ - $ 5,867
 
SUPER MICRO COMPUTER, INC
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share amounts)
(Unaudited)
       
Three Months Ended Six Months Ended
December 31, December 31, December 31, December 31,
2012 2011 2012 2011
GAAP GROSS PROFIT $ 40,122 $ 42,614 $ 75,137 $ 82,240
Add back stock-based compensation (c)   224     200     464     408  
Non-GAAP GROSS PROFIT $ 40,346   $ 42,814   $ 75,601   $ 82,648  
 
GAAP GROSS MARGIN 13.8 % 17.1 % 13.4 % 16.5 %
Add back stock-based compensation (c)   0.0 %   0.0 %   0.0 %   0.1 %
Non-GAAP GROSS MARGIN   13.8 %   17.1 %   13.4 %   16.6 %
 
GAAP INCOME FROM OPERATIONS $ 7,608 $ 13,718 $ 9,290 $ 27,232
Add back stock-based compensation (c)   2,909     2,507     5,812     4,837  
Non-GAAP INCOME FROM OPERATIONS $ 10,517   $ 16,225   $ 15,102   $ 32,069  
 
GAAP NET INCOME $ 4,914 $ 8,774 $ 5,813 $ 17,266
Add back stock-based compensation (c) 2,909 2,507 5,812 4,837
Add back adjustments to tax provision (d)   3     (116 )   (746 )   (453 )
Non-GAAP NET INCOME $ 7,826   $ 11,165   $ 10,879   $ 21,650  
 
GAAP NET INCOME PER COMMON SHARE – BASIC (a) $ 0.12 $ 0.21 $ 0.14 $ 0.42
Add back stock-based compensation and adjustments to tax provision (c) (d)   0.07     0.06     0.12     0.11  
Non-GAAP NET INCOME PER COMMON SHARE – BASIC (e) $ 0.19   $ 0.27   $ 0.26   $ 0.53  
 
 
GAAP NET INCOME PER COMMON SHARE – DILUTED (b) $ 0.11 $ 0.20 $ 0.13 $ 0.39
Add back stock-based compensation and adjustments to tax provision (c) (d)   0.07     0.05     0.12     0.10  
Non-GAAP NET INCOME PER COMMON SHARE – DILUTED (f) $ 0.18   $ 0.25   $ 0.25   $ 0.49  
 
WEIGHTED-AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE

BASIC – GAAP (g)

  41,893     40,555     41,780     40,456  
BASIC - Non-GAAP (g)   42,076     40,915     42,018     40,869  
 
DILUTED – GAAP (g)   43,431     43,816     43,819     43,603  
DILUTED - Non-GAAP (g)   43,666     44,625     44,176     44,472  
 

 

 

 

(a) Approximately $21,000 and $33,000 of undistributed earnings allocated to participating securities were not included in the determination of GAAP basic net income per common share for the three and six months ended December 31, 2012, respectively, and approximately $77,000 and $175,000 for the three and six months ended December 31, 2011, respectively.

 
(b) Approximately $21,000 and $31,000 of undistributed earnings allocated to participating securities were not included in the determination of GAAP diluted net income per common share for the three and six months ended December 31, 2012, respectively, and approximately $71,000 and $162,000 for the three and six months ended December 31, 2011, respectively.
 
(c) Amortization of ASC Topic 718 (SFAS No. 123R, APB 25 and SFAS No. 123) stock-based compensation for the three and six months ended December 31, 2012 and 2011.
 
(d) The provision of income taxes used in arriving at the non-GAAP net income was computed using an income tax rate of 24.6% and 26.6% for the three and six months ended December 31, 2012, respectively, and 30.5% and 31.8% for the three and six months ended December 31, 2011, respectively.
 
(e) Approximately $34,000 and $62,000 of undistributed earnings allocated to participating securities were included in the determination of Non-GAAP basic net income per common share for the three and six months ended December 31, 2012, respectively, and approximately $98,000 and $219,000 of undistributed earnings allocated to participating securities were included in the determination of Non-GAAP basic net income per common share for the three and six months ended December 31, 2011, respectively.
 
(f) Approximately $33,000 and $59,000 of undistributed earnings allocated to participating securities were included in the determination of Non-GAAP diluted net income per common share for the three and six months ended December 31, 2012, respectively, and approximately $90,000 and $202,000 of undistributed earnings allocated to participating securities were included in the determination of Non-GAAP diluted net income per common share for the three and six months ended December 31, 2011, respectively.
 
(g) 183,141 and 237,814 shares of unvested restricted stock awards were not included in the determination of GAAP basic and diluted net income per common share for the three and six months ended December 31, 2012, respectively. 359,282 and 413,955 shares of unvested restricted stock awards were not included in the determination of GAAP basic and diluted net income per common share for the three and six months ended December 31, 2011, respectively.
 

SMCI-F

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