Silicon Motion Announces Results for the Period Ended December 31, 2016
| Silicon Motion Technology Corporation | | Consolidated Statements of Income | | (in thousands, except percentages, and per ADS data, unaudited) | | | | | | |
For the Year Ended
| | | |
Dec. 31, 2015
(
$)
| |
Dec. 31, 2016
(
$)
| | Net Sales | | | 361,297 | | | | 556,146 | | | Cost of sales | | | 176,765 | | | | 281,541 | | | Gross profit | | | 184,532 | | | | 274,605 | | | Operating expenses | | | | | | | | | | Research & development | | | 71,161 | | | | 92,405 | | | Sales & marketing | | | 20,173 | | | | 25,765 | | | General & administrative | | | 15,714 | | | | 17,072 | | | Amortization of intangibles assets | | | 1,051 | | | | 2,103 | | | Operating income | | | 76,433 | | | | 137,260 | | | | | | | | | | | | | Non-operating expense (income) | | | | | | | | | | Gain on sale of investments | | | 3 | | | | 2 | | | Interest income, net | | | 1,978 | | | | 2,031 | | | Foreign exchange gain (loss), net | | | 76 | | | | (692 | ) | | Impairment of long-term investments | | | - | | | | (13 | ) | | Others, net | | | 10 | | | | 42 | | | Subtotal | | | 2,067 | | | | 1,370 | | | Income before income tax | | | 78,500 | | | | 138,630 | | | Income tax expense | | | 18,249 | | | | 27,690 | | | Net income | | | 60,251 | | | | 110,940 | | | | | | | | | | | | | Earnings per basic ADS | | $ | 1.75 | | | $ | 3.15 | | | Earnings per diluted ADS | | $ | 1.73 | | | $ | 3.12 | | | | | | | | | | | | |
Margin Analysis: | | | | | | | | | | Gross margin | | | 51.1 | % | | | 49.4 | % | | Operating margin | | | 21.2 | % | | | 24.7 | % | | Net margin | | | 16.7 | % | | | 20.0 | % | |
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Additional Data: | | | | | | | | | | Weighted avg. ADS equivalents | | | 34,525 | | | | 35,230 | | | Diluted ADS equivalents | | | 34,909 | | | | 35,513 | | | | | | | | | | | |
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