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GSI Technology Inc( NASDAQ: GSIT) quarterly earnings, year end earnings and guidance for next quarter:
Year End 2011 Earnings:
For the fiscal year ended March 31, 2011, the Company reported record net income of $18.9 million, or $0.64 per diluted share, on record net revenues of $97.8 million, compared to net income of $10.4 million, or $0.38 per diluted share, on net revenues of $67.6 million in the prior fiscal year.
Gross margin was 45.8% compared to 43.3% in fiscal 2010. Total operating expenses of $21.4 million were $2.8 million higher than in fiscal 2010, reflecting increases of $1.6 million and $1.2 million, respectively, in research and development and selling, general and administrative expenses. Operating margin was 23.9% in 2011 compared to 15.7% in 2010.
Fourth quarter ended on March 2011 Earnings:
For the quarter ended March 31, 2011, net income was $3.4 million, or $0.11 per diluted share,
on net revenues of $21.9 million compared to net income of $3.8 million, or $0.14 per diluted share, on net revenues of $21.2 million in the comparable quarter a year ago. Pre-tax income was slightly higher at $4.8 million compared to $4.5 million in the same period a year ago. The lower fourth-quarter 2011 net income reflects a $1.4 million provision for income taxes compared to a $700,000 provision in the fourth quarter of 2010.
on net revenues of $21.9 million compared to net income of $3.8 million, or $0.14 per diluted share, on net revenues of $21.2 million in the comparable quarter a year ago. Pre-tax income was slightly higher at $4.8 million compared to $4.5 million in the same period a year ago. The lower fourth-quarter 2011 net income reflects a $1.4 million provision for income taxes compared to a $700,000 provision in the fourth quarter of 2010.
Both top- and bottom-line results were lower than in the prior quarter, when the Company reported net income of $5.8 million, or $0.20 per diluted share, on net revenues of $26.2 million. Although a sequential decline in net revenues had been expected, the decrease of $4.4 million was greater than anticipated and resulted in net revenues that were $1.6 million below the lower end of the Company's guidance issued at the time of its third-quarter earnings release in January. The shortfall was due primarily to lower-than-anticipated sales to Cisco Systems, the Company's largest customer, and also to generally softer demand in both China and North America.
FY2012 Q1 Guidance:
GSI Technology, Inc. announced that for the first quarter of 2012, it expect net revenues to be in the range of $22.0-$23.0 million, while it was expected to be $25.3 million according to Analysts ' Estimates.
( Business wire, Reuters )
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