Smart Modular Technologies: Fiscal 3Q11 Financial Results

in US$ millions)	3Q10	3Q11	9 mo. 10	9 mo. 11
Revenues	201.2	164.5	484.4	551.4
*Growth*		-18%		*14%*
Net income (loss)	14.9	2.3	35.6	10.4

SMART Modular Technologies, Inc. reported financial results for the third quarter of fiscal 2011 ended May 27, 2011.

Third Quarter Fiscal 2011 Highlights:

Net sales of $164.5 million
Gross profit of $32.4 million
GAAP diluted EPS of $0.03
Non-GAAP diluted EPS of $0.10
Adjusted EBITDA of $17.8 million

Net sales for the third quarter of fiscal 2011 were $164.5 million, compared to $170.5 million for the second quarter of fiscal 2011, and $201.2 million for the third quarter of fiscal 2010.

Gross profit for the third quarter of fiscal 2011 was $32.4 million compared to $28.5 million for the second quarter of fiscal 2011, and $45.5 million for the third quarter of fiscal 2010.

On a GAAP basis, net income for the third quarter of fiscal 2011 was $2.3 million or $0.03 per diluted share, compared to $0.2 million or $0.00 per diluted share for the second quarter of fiscal 2011, and $14.9 million or $0.23 per diluted share for the third quarter of fiscal 2010.

On a non-GAAP basis, net income was $7.1 million or $0.10 per diluted share for the third quarter of fiscal 2011, compared to $5.2 million or $0.08 per diluted share for the second quarter of fiscal 2011, and net income of $17.3 million or $0.26 per diluted share for the third quarter of fiscal 2010.

Adjusted EBITDA for the third quarter of fiscal 2011 was $17.8 million, compared to $13.6 million for the second quarter of 2011, and $29.8 million for the third quarter of fiscal 2010.