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September 30, 2010

SMSC Q2 revenue up 39% to $104.1m

Posts net income of $12.9m

By CBR Staff Writer

SMSC has reported total revenues of $104.1m for the second quarter of 2011, an increase of 38.6%, compared to $75.07m for the same quarter in 2009.

The company’s operating income was $22.34m for the second quarter compared to an operating loss of $10.05m for the same period last year.

The company posted income before income taxes of $22.27m for the second quarter compared to loss of $9.9m for the same quarter prior year.

For the quarter ended 31 August 2010, the company posted net income of $12.9m, or $0.57 per share, compared to net loss of $6.5m, or $0.30 per share, for the same period last year.

SMSC president and CEO Christine King said that the strong revenue and strict operating expense control contributed to a 19% non-GAAP operating margin, and consumer-related product sales were up 18%, followed by a revenue increase of 10% for the Industrial market.

The company expects third quarter fiscal 2011 revenue in the range of $104m to $107m, and non-GAAP gross margin to be around 56%.

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