SGI

Silicon Graphics International Corp (SGI)

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Silicon Graphics International Corp (SGI)

F4Q2010 Earnings Call Transcript

August 31, 2010 5:00 pm ET

Executives

Erik Bylin – IR

Mark Barrenechea – President & CEO

Jim Wheat – SVP & CFO

Analysts

Brian Freed – Morgan Keegan

Presentation

Operator

Good afternoon and thank you for standing by and welcome to today's conference call to discuss SGI's fourth quarter and fiscal 2010 earnings results. I would like to remind you that this call is being recorded and simultaneously webcast at investors.sgi.com.

At this time, I would like to turn the call over to Mr. Erik Bylin for opening remarks and introductions. Please go ahead.

Erik Bylin

Good afternoon. Thank you for joining us to discuss our fourth quarter fiscal year 2010 preliminary financial earnings press release of this afternoon, which is available on our website at www.sgi.com. I'm Erik Bylin, Investor Relations for SGI and I will be managing the call. Joining me today on the call are Mark Barrenechea, our President and Chief Executive Officer; and Jim Wheat, our Chief Financial Officer.

Before I turn the call over to Mark, I would like to bring the following to your attention. The date of this call is August 31st, 2010. This call is the property of SGI and any recording, reproduction or transmission of this conference call without the express prior written consent of SGI is strictly prohibited. This call is being webcast live and a web replay will be available on our website for approximately 90 days.

Our presentation today contains forward-looking statements reflecting management's expectations about our markets, business, products, 2010 outlook, long-term operating assumptions and plans and financial performance, as well as other events and circumstances that have not yet occurred. Statements containing the words such as will, expect, believe, project, and intend and other statements in the future tense are forward-looking statements.

Any statements made on this call that are not statements of historical facts may be deemed forward-looking statements. Actual outcomes and results may differ materially from the expectations expressed or implied in these statements due to a number of risks and uncertainties, including SGI operates in a very competitive market, which may cause pricing pressure and impair our market penetration; SGI has extensive international business activities which create risk from complex international operations, foreign currency exposure and changing legal, regulatory, political or economic conditions, and if SGI is unable to manage its more extensive international operations, its business will be harmed; uncertainty arising from SGI's increased dependence on business with the U.S. government entities; failure of our customers to accept new products and economic conditions impacting the purchasing decisions of SGI's customers.

Accordingly, we caution you not to place undue reliance on these forward-looking statements. These and other risks and uncertainties affecting SGI are set forth in our Annual Report on Form 10-K under the caption "Risk Factors," which was filed with the Securities and Exchange Commission on March 19th, 2009, as updated by SGI's subsequent filings with the SEC, all of which are available at www.sec.gov.

We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise, except as required by law. We will be disclosing non-GAAP financial measures in this presentation. For a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures, please see our press release of today, which is posted on our website at www.sgi.com.

In addition, we will be comparing our results from the fourth quarter of fiscal 2010 to prior and year-ago quarters. Unless otherwise stated, we are using as a basis for these comparisons the results of our company, Silicon Graphics International Corp., which prior to our name change, was known as Rackable Systems Incorporated.

Today, we have posted a slide deck on our website that highlights the key details of today's conference call. Please go to investors.sgi.com if you would like to download it.

In addition, I am pleased to let you know that we will be presenting at ThinkEquity's Seventh Annual Growth Conference in New York on September 16th. Please join us via webcast if you are unable to attend the conference.

I will now turn the call over to SGI's CEO, Mark Barrenechea.

Mark Barrenechea

Thank you for joining us today to discuss our Q4 results, FY '10 results, FY '11 guidance, and select elements of our FY '12 and FY '13 internal plan.

Before we discuss results and highlights for the fourth quarter and year-end, I would like to address the reason for our reporting delay. We originally planned to report our results on August 17th. Because of our complex legacy systems, it took longer than expected to install and deploy our new accounting software. We took the view that it was in the best interest of our shareholders to take another two weeks in order to ensure accuracy and reliability of SGI's financial data.

The new software and processes have been extensively tested and our business is now operational on the new platform. With this behind us, we expect to file our 10-K in a timely manner. I want to emphasize we take these issues seriously, we are accountable for them, and we apologize for any inconvenience caused by the delay.

FY '10 was significantly transformative for SGI. We entered the year with a mission to establish SGI as a company that sustains its leadership, grows shares and earns profits. To accomplish these goals, we focused on completing the integration, delivering innovation, and making key investments. We believe market leadership, revenue growth, and profit are the path to creating value for our employees, customers, partners, and shareholders.

Read the rest of this transcript for free on seekingalpha.com