Silicon Motion Announces Results for the Period Ended December 31, 2016


Silicon Motion Technology Corporation
Consolidated Balance Sheet
(In thousands, unaudited)
       
   Dec. 31,
2015
 ( $ )
  Sep. 30,
2016
 ( $ )
  Dec. 31,
2016
 ( $ )
Cash and cash equivalents 180,519 260,468 274,483
Short-term investments 4,681 8,683 3,302
Accounts receivable (net) 58,963 61,800 73,599
Inventories 47,110 79,728 71,873
Refundable deposits – current 19,328 44,289 44,393
Prepaid expenses and other current assets 4,575 6,392 9,236
Total current assets 315,176 461,360 476,886
Long-term investments 133 133 120
Property and equipment (net) 50,469 48,726 47,892
Goodwill and intangible assets (net) 75,990 74,423 73,883
Other assets 3,860 11,033 7,231
Total assets 445,628 595,675 606,012
       
Accounts payable 22,541 38,207 31,739
Loans - 35,000 25,000
Income tax payable 13,395 22,148 20,271
Accrued expenses and other current liabilities 52,351 73,308 68,960
Total current liabilities 88,287 168,663 145,970
Other liabilities 12,843 16,766 17,319
Total liabilities 101,130 185,429 163,289
Shareholders’ equity 344,498 410,246 442,723
Total liabilities & shareholders’ equity 445,628 595,675 606,012
       

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 solutions and ship over 750 million NAND controllers annually, more than any other company in the world.  Our controllers are widely used in embedded storage products such as SSDs and eMMCs which are found in smartphones, PCs and industrial and commercial applications.  We also supply specialized high-performance hyperscale datacenter 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 first quarter of 2017 and full year 2017 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 first quarter of 2017 and full year 2017. Forward-looking statements also include, without limitation, statements regarding trends in the multimedia consumer electronics market 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; our ability to continue to successfully integrate our 2015 acquisition of Shannon Systems; changes in our cost of finished goods; the payment, or non-payment, of cash dividends, including our recently announced increase to our annual dividend, in the future at the discretion of our board of directors; 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, its customers and consumers; 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 29, 2016.  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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