Exhibit 99.1

Press Release

FOR IMMEDIATE RELEASE

 

SMART Global Holdings Reports

Second Quarter Fiscal 2018 Financial Results

 

 

NEWARK, CA – March 22, 2018

 SMART Global Holdings, Inc. (“SMART”) (NASDAQ: SGH), parent company of SMART Modular Technologies, Inc., today reported financial results for the second quarter of fiscal 2018 ended February 23, 2018.

 

Second Quarter Fiscal 2018 Highlights:

 

     Net sales of $314.0 million, 83% higher than prior year quarter

     GAAP operating income of $45.1 million

     GAAP net income of $36.8 million

     Adjusted EBITDA of $56.2 million

     GAAP diluted EPS of $1.60(1)

     Non-GAAP diluted EPS of $1.73(1)

(1)  GAAP and Non-GAAP diluted EPS include $0.10 of EPS due to FX gains

 

“The second quarter of fiscal 2018 came in above expectations as we benefited from multiple growth drivers.  The overall memory industry supply and demand dynamics remained favorable with respect to increasing memory densities and pricing.  Additionally, in Brazil, the economy continued to improve and we benefited from local content requirements.  Lastly, we once again demonstrated exceptional operating expense control and operating leverage in our financial model,” commented Iain MacKenzie, President and Co-Chief Executive Officer of SMART Global Holdings.

 

“We remain confident in our ability to drive additional growth and improvement in both SMART Brazil and our Specialty Memory businesses as the global memory market and economic trends in Brazil remain positive, and we see increasing demand from our OEM customers, particularly in the storage and networking end markets,” added Mr. MacKenzie.

 

“As we announced on March 14, 2018, I am very pleased that Ajay Shah has agreed to accept the role of President and CEO.  Ajay’s extensive industry knowledge and long history with SMART make him the ideal executive to lead SMART through this next phase of growth.  I look forward to working closely with Ajay through this transition,” concluded Mr. MacKenzie.

 

Quarterly Financial Results

GAAP (1)

 

 

Non-GAAP (2)

 

(In millions, except per share amounts)

Q2 FY18

 

Q1 FY18

 

Q2 FY17

 

 

Q2 FY18

 

Q1 FY18

 

Q2 FY17

 

Net sales

$

314.0

 

$

265.4

 

$

172.0

 

 

$

314.0

 

$

265.4

 

$

172.0

 

Gross profit

$

73.0

 

$

57.8

 

$

37.2

 

 

$

73.2

 

$

58.1

 

$

37.3

 

Operating income

$

45.1

 

$

31.5

 

$

9.3

 

 

$

48.5

 

$

34.6

 

$

13.3

 

Net income (loss)

$

36.8

 

$

21.0

 

$

(2.3

)

 

$

39.9

 

$

23.8

 

$

4.9

 

Earnings (loss) per share - diluted

$

1.60

 

$

0.92

 

$

(0.17

)

 

$

1.73

 

$

1.05

 

$

0.35

 

 

(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, March 22, 2018 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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