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November 08, 2010
FREMONT, Calif., Nov. 3 -- SGI, a trusted leader in technical computing, today announced financial results for its first quarter of fiscal 2011.
"Our Q1 results are a solid start to FY11 as we grew revenues and expanded margins quarter-to-quarter, with strong performance in the government and cloud industries," said Mark J. Barrenechea SGI CEO. "Customers are responding well to our new line of products, including Altix UV and COPAN. We are reaffirming our previously announced guidance."
Business and Financial Highlights
SGI ended Q1 FY11 with $98.9 million in cash (includes restricted cash, equivalents and investments), a $41.9 million decrease from the prior quarter. $32.3 million in cash was used to fund customer orders.
Starting in Q1 FY 11, SGI has adopted new revenue recognition accounting standards. These new standards did not impact our non-GAAP results. For our Q1 GAAP results, $12.3 million of revenue and 210 basis points of gross margin were directly attributed to adoption of these new standards.
Fiscal Year 2011 Guidance
For fiscal year 2011, SGI is reaffirming its previously announced non-GAAP guidance:
Conference Call Information
SGI will discuss these financial results in a conference call at 2:00 p.m. PT today. The public is invited to listen to a live webcast of the call on the Investor Relations section of the company's website at investors.sgi.com. A replay of the web cast will be available approximately two hours after the conclusion of the call and remain available until the next earnings call. An audio replay of the conference call will also be made available approximately two hours after the conclusion of the call. The audio replay will remain available for five days and can be accessed by dialing 706-645-9291 or 800-642-1687 and entering the confirmation code: 18407965.
SGI (NASDAQ:SGI), a trusted leader in technical computing, is focused on helping customers solve their most demanding business and technology challenges. Visit www.sgi.com for more information.
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