Silicon Motion Technology Corporation announced its financial results for the quarter ended September 30, 2012. For the third quarter of 2012, net sales increased 11% quarter-over-quarter to US$77.1 million from US$69.7 million in the second quarter of 2012. Net income (non-GAAP) increased in the third quarter to US$18.7 million or US$0.54 per diluted ADS from a net income of US$14.6 million or US$0.42 per diluted ADS in the second quarter of 2012.

Net income (GAAP) for the third quarter increased quarter-over-quarter to US$15.6 million or US$0.46 per diluted ADS from a net income of US$10.7 million or US$0.32 per diluted ADS in the second quarter of 2012.

 Silicon Motion's President and CEO, Wallace Kou, said:"Silicon Motion delivered record quarterly revenue and EPS (non-GAAP) this quarter, with revenue increasing 11% sequentially led by strong New Growth Product sales and a rebound in our card controller business. Sales from our New Growth Products increased 39% sequentially and accounted for 40% of total revenue this quarter, up from 32% last quarter. New Growth Product revenue was driven by strong LTE transceiver sales to Samsung to support its ramping Galaxy SIII LTE smartphones as well as by OEMs bringing new smartphones to market using our eMMC controllers. This year we have more than doubled the number of LTE design-wins with Samsung and are working to secure additional LTE design-wins that should provide the foundation for further growth next year. Separately, this year we started delivering our eMMC controllers to both Samsung and SK Hynix and have design-wins with at least half of the top 10 smartphone OEMs and in a majority of the leading Android and Windows 8 tablets. With these wins, our eMMC controller shipments should account for 5 to 10% of the market in 2012. We believe the eMMC market should grow by about 20% next year and we are well placed to capture 15 to 20% of the market in 2013.