Super Micro Computer, Inc. , a provider of application optimized, high performance server solutions, has announced second quarter fiscal 2014 financial results for the quarter ended December 31, 2013 . In a release on January 21 , the company noted earnings details: Fiscal 2nd Quarter Highlights -Quarterly net sales of $356.4 million , up 15.3 percent from the first quarter of fiscal year 2014 and up 22.3 percent from the same quarter of last year. -GAAP net income of $13.3 million , up 73.2 percent from the first quarter of fiscal year 2014 and up 171.4 percent from the same quarter of last year. -GAAP gross margin of 15.5 percent, up from 15.1 percent in the first quarter of fiscal year 2014 and up from 13.8 percent in the same quarter of last year. -Server solutions accounted for 48.8 percent of net sales compared with 46.4 percent in the first quarter of fiscal year 2014 and 43.3 percent in the same quarter of last year. Net sales for the second quarter ended December 31, 2013 totaled $356.4 million , up 15.3 percent from $309.0 million in the first quarter of fiscal year 2014. No customer accounted for more than 10 percent of net sales during the quarter ended December 31, 2013 . GAAP net income for the second quarter of fiscal year 2014 was $13.3 million or $0.30 per diluted share, an increase of 171.4 percent from the net income of $4.9 million , or $0.11 per diluted share in the same period a year ago. Included in net income for the quarter is $2.8 million of stock-based compensation expense (pre- tax). Excluding this item and the related tax effect, non-GAAP net income for the second quarter was $15.9 million , or $0.35 per diluted share, compared to non-GAAP net income of $7.8 million , or $0.18 per diluted share, in the same quarter of the prior year. On a sequential basis, non-GAAP net income increased from the first quarter of fiscal year 2014 by $6.0 million or $0.13 per diluted share. GAAP and Non-GAAP gross margins for the second quarter were both 15.5 percent compared to 13.8 percent in the same period a year ago. GAAP gross margin and Non-GAAP gross margin for the first quarter of fiscal year 2014 were 15.1 percent and 15.2 percent, respectively. The Company's cash and cash equivalents and short and long term investments at December 31, 2013 were $92.6 million compared to $95.7 million at June 30, 2013 . Free cash flow for the six months ended December 31, 2013 was $(15.6) million primarily due to the purchase of real property in San Jose, California for $30.1 million partially offset by an increase in cash provided by operating activities for $18.4 million . Business Outlook & Management Commentary The Company expects net sales of $320 million to $350 million for the third quarter of fiscal year 2014 ending March 31 . The Company expects non-GAAP earnings per diluted share of approximately $0.24 to $0.30 for the third quarter. "Supermicro's second quarter was a record high for revenue and earnings. We grew revenue 22.3 percent higher than last year with significant jump in Asia revenues to 23 percent of revenues. Our Twin family, especially the FatTwin, storage and GPU/Xeon Phi product lines were strong drivers to revenue growth," said Charles Liang , CEO and President of Supermicro. "We are looking forward to strong growth in calendar 2014 because of our foundation in global capacity and in strong product innovation with upcoming launches of our TwinPro series with SAS 3 and NVMe and with MicroBlade, the industry's densest low power server." It is currently expected that the outlook will not be updated until the Company's next quarterly earnings announcement, notwithstanding subsequent developments. However, the Company may update the outlook or any portion thereof at any time. Such updates will take place only by way of a news release or other broadly disseminated disclosure available to all interested parties in accordance with Regulation FD. More Information: supermicro.com ((Comments on this story may be sent to email@example.com ))
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