Silicon Motion Technology Corporation (Nasdaq:SIMO) ("Silicon Motion" or the "Company") today announced its financial results for the quarter ending September 30, 2011. For the third quarter of 2011, net sales increased 25% quarter-over-quarter to US$63.2 million from US$50.5 million in the second quarter of 2011. Net income (GAAP) for the third quarter increased quarter-over-quarter to US$18.3 million or US$0.56 per diluted ADS from a net income of US$4.5 million or US$0.14 per diluted ADS in the second quarter of 2011.
Net sales in the third quarter were US$63.2 million, an increase of 25% compared with the previous quarter. For the quarter, mobile storage products accounted for 61% of net sales, mobile communications 32% of net sales and multimedia SoCs 6% of net sales.
Net sales of our mobile storage products, which primarily include flash memory cards, USB flash drives, SSD and embedded flash controllers, increased 15% sequentially in the third quarter to US$38.8 million.
Net sales of mobile communication products, which primarily include mobile TV IC solutions and handset transceivers, increased 58% from the second quarter of 2011 to US$20.3 million this quarter.
Net sales of multimedia SoC products, which are primarily embedded graphics processors, increased 9% from the second quarter of 2011 to US$3.8 million in the third quarter.