Silicon Graphics International Corp. (NASDAQ:SGI - News) today announced preliminary financial results for the second quarter of fiscal year 2009 and reaffirmed fiscal year 2010 internal plan. SGI is in the process of completing its FY2009 fiscal year-end audit, which will be impacted by purchase price accounting. The company expects to file its Q2 FY 2009 and FY 2009 annual results on a Form 10-Q, due on August 10, 2009.
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The company expects GAAP revenue for the second quarter of 2009 to be in the range of $55 - $60 million, compared to $44.4 million for the first quarter of 2009 and $75.8 million in the second quarter of 2008. The company expects non-GAAP revenue for the second quarter of 2009 to be in the range of $57 - $62 million.
The company expects GAAP gross margin for the second quarter of 2009 to be in the range of 6% to 10%, compared to 6.1% for the first quarter of 2009 and 9.0% in the second quarter of 2008. The company expects non-GAAP gross margin for the second quarter of 2009 to be in the range of 14% - 18%, compared to 6.3% for the first quarter of 2009 and 9.5% in the second quarter of 2008.
Q2 FY 2009 results are expected to be impacted by a variety of factors, including, change in fiscal year-end, purchase price accounting, including the fair value analysis associated with the Silicon Graphics, Inc. asset purchase, as well as other factors.
The company expects to record a one time, non-taxable gain associated with the difference between the Silicon Graphics, Inc. purchase price of $42.5 million and the fair value of the net assets acquired. The accounting purchase price fair value analysis will be included in the Form 10-Q.
SGI ended the second quarter of 2009 with $139.5 million in cash, cash equivalents, long-term and short-term investments, compared to $180.7 million at the end of fiscal 2008.
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