Exhibit 99.1

Press Release

FOR IMMEDIATE RELEASE

 

SMART Global Holdings Reports

First Quarter Fiscal 2018 Financial Results

 

 

NEWARK, CA – December 21, 2017

 SMART Global Holdings, Inc. (“SMART”) (NASDAQ: SGH), parent company of SMART Modular Technologies, Inc., today reported financial results for the first quarter of fiscal 2018 ended November 24, 2017.

 

First Quarter Fiscal 2018 Highlights:

 

Net sales of $265.4. million, 67% higher than year ago quarter

GAAP operating income of $31.5 million

GAAP net income of $21.0 million

Adjusted EBITDA of $36.9 million

GAAP diluted EPS of $0.92

Non-GAAP diluted EPS of $1.05

“We are proud to report strength across the board for our first quarter of fiscal 2018. Revenue, gross margin and earnings per share all exceeded the high end of our revised guidance for the first quarter,” commented Iain MacKenzie, President and Chief Executive Officer of SMART Global Holdings.

 

“Looking ahead, we believe that the outlook is for more improvement in both SMART Brazil and our Specialty Memory businesses.  The recovering economy in Brazil and health in the overall global memory market, combined with strong demand for higher density products from our OEM customers, lead us to be optimistic about continued positive momentum in the upcoming periods,” added Mr. MacKenzie.

 

Quarterly Financial Results

GAAP (1)

 

 

Non-GAAP (2)

 

(In millions, except per share amounts)

Q1 FY18

 

Q4 FY17

 

Q1 FY17

 

 

Q1 FY18

 

Q4 FY17

 

Q1 FY17

 

Net sales

$

265.4

 

$

223.0

 

$

159.3

 

 

$

265.4

 

$

223.0

 

$

159.3

 

Gross profit

$

57.8

 

$

48.0

 

$

29.7

 

 

$

58.1

 

$

48.2

 

$

29.8

 

Operating income

$

31.5

 

$

20.6

 

$

3.6

 

 

$

34.6

 

$

25.4

 

$

7.7

 

Net income (loss)

$

21.0

 

$

(10.2

)

$

(3.2

)

 

$

23.8

 

$

17.4

 

$

0.5

 

Earnings (loss) per share

$

0.92

 

$

(0.48

)

$

(0.23

)

 

$

1.05

 

$

0.79

 

$

0.04

 

 

(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.

 

 


The following information was filed by Smart Global Holdings, Inc. (SGH) on Thursday, December 21, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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