Exhibit 99.1

Press Release

FOR IMMEDIATE RELEASE

 

SMART Global Holdings Reports

Fourth Quarter and Full Year Fiscal 2019 Financial Results

 

NEWARK, CA – October 3, 2019

 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 2019 ended August 30, 2019.

 

Fourth Quarter Fiscal 2019 Highlights:

Net sales of $278.4 million

GAAP operating income of $11.4 million

GAAP net income of $5.6 million

Adjusted EBITDA of $25.2 million

GAAP diluted EPS of $0.24

Non-GAAP diluted EPS of $0.50

 

Full Year Fiscal 2019 Highlights:

Net sales of $1.2 billion

GAAP operating income of $89.1 million

GAAP net income of $51.3 million

Adjusted EBITDA of $134.7 million

GAAP diluted EPS of $2.19

Non-GAAP diluted EPS of $3.34

Cash increase of $66.8 million

 

“Fiscal 2019 was a year of two halves.  In the first half we experienced a healthy memory pricing environment and our financial results benefited from that strength.  In the second half of fiscal 2019 component pricing in the memory market declined significantly, which primarily impacted our business in Brazil and, to a lesser extent, our Specialty Memory Products, and resulted in overall revenues in fiscal 2019 declining year-over-year by 6%,” commented Ajay Shah, Chairman and CEO.  

 

“Despite this challenging business environment, our Specialty Memory Products business grew year-over-year, and our Specialty Compute and Storage Solutions business finished strong representing 30% of total net sales for the fourth quarter of fiscal 2019. Additionally, during the year we added $66.8 million in cash while utilizing an additional $75 million to complete two significant acquisitions that are both accretive to earnings in the first full quarter of operations.”

 

“In Brazil, the new points-based system for local manufacturing became effective July 1, 2019. We are encouraged by the rebound in our forecasted unit volumes since the new rules went into effect,” continued Mr. Shah.

 

Jack Pacheco, Chief Operating Officer and Chief Financial Officer, added, “Fourth quarter fiscal 2019 financial results were below our previous guidance primarily due to weakness in our supply chain services business, which is reported as part of Specialty Memory Products.”

 

Quarterly Financial Results

GAAP (1)

 

 

Non-GAAP (2)

 

(In millions, except per share amounts)

Q4 FY19

 

Q3 FY19

 

Q4 FY18

 

 

Q4 FY19

 

Q3 FY19

 

Q4 FY18

 

Net sales

$

278.4

 

$

235.7

 

$

374.0

 

 

$

278.4

 

$

235.7

 

$

374.0

 

Gross profit

$

52.3

 

$

43.0

 

$

82.7

 

 

$

53.4

 

$

43.7

 

$

83.8

 

Operating income

$

11.4

 

$

7.4

 

$

45.0

 

 

$

18.0

 

$

13.2

 

$

51.8

 

Net income

$

5.6

 

$

1.9

 

$

29.7

 

 

$

11.9

 

$

7.9

 

$

40.0

 

Diluted earnings per share (EPS)

$

0.24

 

$

0.08

 

$

1.28

 

 

$

0.50

 

$

0.34

 

$

1.72

 

 

Annual Financial Results

GAAP (1)

 

 

Non-GAAP (2)

 

(In millions, except per share amounts)

FY19

 

FY18

 

 

FY19

 

FY18

 

Net sales

$

1,212.0

 

$

1,288.8

 

 

$

1,212.0

 

$

1,288.8

 

Gross profit

$

237.5

 

$

291.6

 

 

$

240.6

 

$

293.6

 

Operating income

$

89.1

 

$

170.2

 

 

$

113.2

 

$

188.8

 

Net income

$

51.3

 

$

119.5

 

 

$

78.3

 

$

147.0

 

Diluted earnings per share (EPS)(3)

$

2.19

 

$

5.17

 

 

$

3.34

 

$

6.36

 

 

(1)

GAAP represents U.S. Generally Accepted Accounting Principles.


The following information was filed by Smart Global Holdings, Inc. (SGH) on Thursday, October 3, 2019 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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