SAN JOSE, Calif. - SMSC announced financial results for its second quarter of fiscal 2011, ended Aug. 31.
Total revenue for the second quarter of fiscal 2011 was $104.1 million, an increase of 7 percent sequentially, or an increase of 39 percent when compared to the same period in the prior year.
GAAP net income for the second quarter of fiscal 2011 was $12.9 million, or $0.57 per diluted share, compared to a GAAP net loss of $6.5 million or $0.30 per diluted share for the same period in the prior year.
Looking ahead to the third quarter of fiscal 2011, the company expects revenue to be in the range of $104 to $107 million.
“Results for SMSC’s second quarter were strong with revenue at the high end of guidance and significant outperformance of both non-GAAP gross margins and earnings per share,” said Christine King, president and chief executive, in a statement.
“Strong revenue and strict operating expense control contributed to a 19 percent non-GAAP operating margin, surpassing our mid-term model goal of 16 percent. Consumer-related product sales were particularly strong with 18 percent sequential growth, followed by a revenue increase of 10 percent for the Industrial market. The above seasonal sales strength in the first half of fiscal 2011 is expected to result in muted seasonality in the second half of the year, in line with previous expectations. While demand levels in the upcoming holiday season remain uncertain, our design win activity continues to be strong,” she said.