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SGI Reports Record Revenue and Profitability for Its Second Quarter of Fiscal 2011

FREMONT, Calif. Feb. 2, 2011

(Photo:  http://photos.prnewswire.com/prnh/20110202/LA41447-a)

(Photo:  http://photos.prnewswire.com/prnh/20110202/LA41447-b)

(Photo:  http://photos.prnewswire.com/prnh/20110202/LA41447-c)

Mark J. Barrenechea

Business and Financial Highlights

  • Continued Altix® UV shipments to strategic customers. Altix UV now certified on Microsoft Windows Server and SQL Server
  • Customer successes include: US Air Force, US Army, US Postal Service, Lockheed Martin, Amazon, Microsoft, Slide, Chrysler, MBDA Missile Systems, Belgium RMI, and HLRN
  • Introduced new ICE Cube Air Modular Data Center and SGI Prism™ XL Computing Platform
  • $185.9 million
  • Channel business contributed 29% of non-GAAP revenue
  • International business contributed 47% of non-GAAP revenue
  • Solid industry performance: public sector, cloud, manufacturing and telco
  • Six consecutive quarters of strong combined company cost control
  • $111.5M

James Wheat

Summary of Results

GAAP Results

Non-GAAP Results

Q2 FY11

Q1 FY11

Q2 FY10

Q2 FY11

Q1 FY11

Q2 FY10

Revenue (million)

177.5

112.9

94.1

185.9

130.3

151.5

Gross Margin

29.5%

27.5%

19.8%

30.1%

28.3%

28.7%

OPEX (million)

43.4

42.1

44.9

39.9

39.9

41.1

EPS (Loss)

0.12

(0.37)

(0.77)

0.44

(0.06)

0.18

$111.5 million $12.7 million

$45.5 million

Share Repurchase Activity

$2.6 million $7.77 $3.9 million $7.73

Fiscal Year 2011 Guidance

Based on current business trends, SGI is updating its previously announced non-GAAP guidance for fiscal 2011:

Non-GAAP Guidance Metric

Previous FY11 Guidance

New FY11 Guidance

Revenue

$550 million to $575 million

$570 million to $595 million

Gross Margin

27% to 30%

27% to 30%

OPEX

$165 million to $171 million

$162 million to $166 million

EPS

Breakeven

Profitable

Conference Call Information

investors.sgi.com 2:00 p.m. PT

About SGI

www.sgi.com

Cautionary Statement Regarding Forward Looking Statements

September 8, 2010 http://www.sec.gov

Use of Non-GAAP Financial Measures

The non-GAAP financial measures discussed in the text of this press release and accompanying non-GAAP supplemental information are financial measures used by SGI’s management to evaluate the operating performance of the Company and to conduct its business operations.  All non-GAAP financial measures discussed and presented in this press release excludes the revenue and associated costs of revenue deferred in accordance with Financial Accounting Standards Board ("FASB"), Accounting Standards Codification ("ASC", ASC 985-605 "Software Revenue Recognition" for certain of the Company’s transactions where software is more than incidental to the overall product solution sold, as well as revenue deferred in accordance with FASB ASC 605-25 "Revenue Recognition – Multiple-Element Arrangements" where the selling price of a delivered product or service exceeds its fair value. Non-GAAP gross profit and gross margin also excludes stock-based compensation expense, amortization of intangibles, excess and obsolete and related (recoveries), and inventory step up arising from acquisition of substantially all the assets of Silicon Graphics, Inc.  Non-GAAP operating expenses include Research and Development, Sales and Marketing and General Administrative expenses.  Non-GAAP operating expenses exclude amortization of intangible assets, stock based compensation, restructuring and acquisition-related charges.  Non-GAAP net income/(loss) per share excludes the same items as discussed above and, as well, the other-than-temporary impairment of equity investment and auction rate securities.  Management presents non-GAAP financial measures because it considers them to be important supplemental measures of performance. Management believes that the excluded charges are not central to the Company’s core operating performance and uses the non-GAAP financial measures for planning purposes, including analysis of the Company’s core operating performance against prior periods, the preparation of operating budgets and to determine appropriate levels of operating and capital investments. Management excludes from its non-GAAP financial measures the items cited above, whether or not recurring, to facilitate its review of the comparability of the Company’s core operating performance on a period to period basis as well as to better understand the fundamental economics of a specific period’s operational and financial performance. Management uses this view of the Company’s operating performance for purposes of comparison with its business plan and individual operating budgets and allocations of resources. 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 in the same way that management evaluates SGI’s financial performance. However, these non-GAAP financial measures have limitations as an analytical tool, as they exclude the financial impact of transactions necessary or advisable for the conduct of the Company’s business, such as the granting of equity compensation awards and are not intended to be an alternative to financial measures prepared in accordance with GAAP. Hence, to compensate for these limitations, management does not review these non-GAAP financial metrics in isolation from its GAAP results, nor should investors. Pursuant to the requirements of SEC Regulation G, a detailed reconciliation 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.

SGI and its product names are trademarks or registered trademarks of Silicon Graphics International Corp. All other trademarks are property of their respective holders.

SOURCE SGI

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