Exhibit 99.1

Press Release

FOR IMMEDIATE RELEASE

 

SMART Global Holdings Reports

Fourth Quarter and Full Year Fiscal 2017 Financial Results

 

NEWARK, CA – September 28, 2017

 SMART Global Holdings, Inc. (“SMART”) (NASDAQ: SGH), parent company of SMART Modular Technologies, Inc., today reported financial results for the fourth quarter and full year fiscal 2017 ended August 25, 2017.

 

Fourth Quarter Fiscal 2017 Highlights:

Full Year Fiscal 2017 Highlights:

Net sales 53% higher than year ago quarter

Net sales 42% higher than prior fiscal year

Net sales of $223.0 million

Net sales of $761.3 million

GAAP operating income $20.6 million

GAAP operating income $53.9 million

GAAP net loss of $(10.2) million

GAAP net loss of $(7.8) million

Adjusted EBITDA of $31.3 million

Adjusted EBITDA of $99.4 million

GAAP EPS of $(0.48)

GAAP EPS of $(0.49)

Non-GAAP diluted EPS of $0.79

Non-GAAP diluted EPS of $2.26

 

“We completed fiscal 2017 on a strong note, having accomplished a number of key milestones  that set the foundation for continued momentum as we enter fiscal 2018,” commented Iain MacKenzie, President and Chief Executive Officer of SMART Global Holdings.  “The strength of the global memory market contributed to all of our businesses across the board.  In SMART Brazil we are also benefitting from the improving economy and the introduction of new products.  Increasing demand from our networking and storage customers is driving healthy growth in our Specialty Memory business as well.  We also recently paid off a portion of our term loan with the proceeds of our IPO, as well as completing an important debt refinancing that clears the path for improved operating leverage in our financial model, enabling us to drive increasing returns for our shareholders.”

 

Quarterly Financial Results

GAAP (1)

 

 

Non-GAAP (2)

 

(In millions, except per share amounts)

Q4 FY17

 

Q3 FY17

 

Q4 FY16

 

 

Q4 FY17

 

Q3 FY17

 

Q4 FY16

 

Net Sales

$

223.0

 

$

207.0

 

$

146.2

 

 

$

223.0

 

$

207.0

 

$

146.2

 

Gross Profit

$

48.0

 

$

47.4

 

$

29.9

 

 

$

48.2

 

$

47.6

 

$

30.0

 

Operating Income

$

20.6

 

$

20.4

 

$

4.0

 

 

$

25.4

 

$

24.8

 

$

8.3

 

Net Income (Loss)

$

(10.2

)

$

8.0

 

$

(1.5

)

 

$

17.4

 

$

13.7

 

$

2.5

 

Earnings (loss) per share

$

(0.48

)

$

0.50

 

$

(0.11

)

 

$

0.79

 

$

0.62

*

$

0.18

 

 

Annual Financial Results

GAAP (1)

 

 

Non-GAAP (2)

 

(In millions, except per share amounts)

FY17

 

FY16

 

 

FY17

 

FY16

 

Net Sales

$

761.3

 

$

534.4

 

 

$

761.3

 

$

534.4

 

Gross Profit

$

162.3

 

$

106.9

 

 

$

162.9

 

$

107.4

 

Operating Income

$

53.9

 

$

6.2

 

 

$

71.2

 

$

23.4

 

Net Income (Loss)

$

(7.8

)

$

(20.0

)

 

$

36.6

 

$

(4.1

)

Earnings (loss) per share

$

(0.49

)

$

(1.44

)

 

$

2.26

 

$

(0.30

)

 

(1) GAAP represents U.S. Generally Accepted Accounting Principles.

(2) Please refer to the “Non-GAAP Information” section and the "Reconciliation of Non-GAAP Financial Measures" table below for further detail on the non-GAAP financial reporting referenced above and a reconciliation of such measures to our nearest GAAP measures.

* Represents pro forma non-GAAP earnings per diluted share.  The pro forma weighted average diluted shares outstanding used in the computation include the pro forma effect of t the 6,095,000 shares issued in our IPO on May 30, 2017 as if they were outstanding for the entire third quarter.

39870 Eureka Drive  • Newark, CA 94560  • Tel:  510-623-1231  • FAX:  510-623-1434


The following information was filed by Smart Global Holdings, Inc. (SGH) on Thursday, September 28, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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