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In a release dated October 27, the company stated:
- Net sales for the first quarter ended September 30, totaled $148.5 million, up 3.1 percent from $144.1 million in the first quarter of fiscal year 2009. No customer accounted for more than 10 percent of net sales during the quarter.
- Net income for the first quarter of fiscal year 2010 was $3.9 million or $0.10 per diluted share, a decrease of 46.1 percent from the net income of $7.2 million, or $0.18 per diluted share in the same period a year ago. Included in net income for the quarter were $1.5 million of stock-based compensation expense and $1.1 million of a provision for litigation loss (both pre-tax). The litigation loss relates to an adverse judgment from the Paris Court of Appeals regarding the previously disclosed claim from Digitechnic. Excluding stock-based compensation expense, provision for litigation loss and the related tax effect, non-GAAP net income for the first quarter was $5.8 million, or $0.15 per diluted share, compared to non-GAAP net income of $8.3 million, or $0.21 per diluted share, in the same quarter of last year. On a sequential basis, non-GAAP net income increased from the fourth quarter of fiscal year 2009 by $2.0 million or $0.05 per diluted share.
- Gross margin for the first quarter was 16.5 percent, compared to 19.3 percent in the same period a year ago. Non-GAAP gross margin for the first quarter was 16.6 percent compared to 19.4 percent in the same period a year ago. Non-GAAP gross margin was 16.7 percent for the fourth quarter of fiscal year 2009.
- The company's cash and cash equivalents, short and long term investments at September 30 were $85.2 million compared to $85.0 million at June 30. The company repaid $10.0 million of long term debt during the first quarter. Free cash flow in the three months ended September 30 was $9.0 million.
"In the first quarter of fiscal year 2010, we grew 20 percent from the quarter before, rebounding strongly with the global economic recovery, and our outstanding new product architectures have started high volume production, which include 2U Twin, multi-TeraFLOPS GPU systems and others. Our performance was based on our persistent R&D investment, continuing technology innovation, and the ability of providing customers with winning products that help them improve performance, power efficiency, and the total cost of ownership, allowing us to build our brand and grow our business," said Charles Liang, President and Chief Executive Officer of Super Micro Computer. "We are proud of the brand that Supermicro has developed into a technology leader, and we are confident that our industry leading architecture designs for systems and for blades will keep us on a strong growth trend going forward."
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