SMSC Reports Second Quarter Fiscal 2009 Results (Revenue down 0.3%)

Management believes that non-GAAP financial measures assist it in evaluating operational trends, financial performance, and cash generating capacity, and that these non-GAAP measures allow investors to evaluate SMSC's financial performance using some of the same measures as management. However, the non-GAAP financial measures should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures.

(a)

7.8% and 6.1% of total sales and revenues, respectively.

(b)

To eliminate compensation expense for Stock Appreciation Rights ("SARs") and stock options as recorded under GAAP applicable in each period presented. Cash paid in connection with exercises of SARs totaled $315K and $1,420K, in the six month periods ended August 31, 2008 and 2007, respectively. The Company does not include charges related to restricted stock awards in these non-GAAP adjustments, as they are issued primarily in connection with the Company's annual employee incentive compensation program

(c)

To eliminate the amortization of intangible assets acquired in the fiscal 2006 acquisition of OASIS and the fiscal 2003 acquisition of Gain Technology Corporation.

(d)

12.9% and 13.7% of total sales and revenues, respectively.

(e)

To adjust the provision for income taxes related to the adjustments described in notes (b) and (c) above, based on applicable incremental tax rates.

(f)

Computed using average number of GAAP-equivalent diluted shares outstanding for each period presented.

 



Contact:

SMSC
Carolynne Borders, 631-435-6626
Director of Corporate Communications
Fax: 631-273-5550
Email Contact



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