Gross profit appears to have declined in Q3'99 to 14.7% vs Q3'98 of 16% and YTD to 12.7% vs 16.8%.
Income from operations appears to have increased in Q3'99 to 8.7% vs Q3'98 of 7.7% and YTD, declined to 6.9% from 9.7%.
Although EPS for Q3 was .31 vs .20 in year ago prior quarter, YTD EPS is identical to prior year, at .84 on substantially increased sales.
Margin pressures going forward suggest to me that SMOD may open lower. Just a WAG.
TABLE - SMART Modular <SMOD.O> Q3 results
FREMONT, Calif., Aug. 18 (Reuters) -
SMART MODULAR TECHNOLOGIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
Three Months Ended Nine Months Ended
July 31, July 31,
1999 1998 1999 1998
Net sales $223,599 $150,406 $745,539 $534,668
Cost of sales 190,123 126,027 649,883 444,099
Gross profit 33,476 24,379 95,656 90,569
Operating expenses:
Research and
development 2,730 2,235 7,910 6,676
Sales, general
and administrative 11,187 10,485 34,824 31,074
Total operating
expenses 13,917 12,720 42,734 37,750
Income from
operations 19,559 11,659 52,922 52,819
Other income, net 1,474 1,777 4,756 5,292
Income before
provision for
income taxes 21,033 13,436 57,678 58,111
Provision for
income taxes 6,735 4,305 18,450 18,596
Net income 14,298 9,131 39,228 39,515
Diluted net
income per
share 0.31 0.20 0.84 0.84
Weighted average
common and common
equivalent
shares outstanding 46,639 46,566 46,729 46,995
REUTERS
Rtr 17:23 08-18-99 |
