GAAP net loss for the fiscal fourth quarter was $4 million, or $(0.13) per diluted share, which compares with net income of $9 million, or $0.27 per diluted share, in the prior quarter, and a net loss of $18 million, or $(0.58) per diluted share, in the fourth quarter of fiscal 2012. Non-GAAP net income for the quarter was $6 million, or $0.17 per diluted share, which compares with non-GAAP net income of $6 million, or $0.18 per diluted share, in the prior quarter and a non-GAAP net loss of $3 million, or $(0.10) per diluted share, in the year-ago period.
For fiscal year 2013, GAAP net loss was $3 million, or $(0.09) per diluted share, which compares with a net loss of $24 million, or $(0.77) per diluted share in fiscal 2012. On a non-GAAP basis, the company reported full-year net income of $12 million, or $0.36 per diluted share, which compares with net income of $4 million, or $0.12 per diluted share in fiscal 2012.
Cash as of the end of the fiscal fourth quarter was $179 million, which compares with $153 million for the prior quarter and $94 million (net of debt outstanding) as of the same period a year ago.
"We achieved another solid financial quarter, capping a year in which we tripled non-GAAP net income and nearly doubled the company's net cash balance, while repositioning SGI for more profitable growth in fiscal 2014", stated Jorge Titinger, president and CEO of SGI. "In fiscal year 2014, we expect to achieve solid double-digit revenue growth in our core high-performance computing (HPC), storage, and Big Data solutions, while managing the run-off of our lower margin legacy Cloud infrastructure business. We are on track with our operational and financial objectives for the year, including further improvement in profitability, however because of the timing of many large deal opportunities as well as the ramp of new products, we expect our financial performance to be weighted toward the second half of the fiscal year."
Recent highlights include the following:
The company provides technical computing solutions to large government, public, and commercial customers. Any given customer deal can include a varying mix of compute and storage hardware, software, and services, and generally will carry terms that result in most of the product revenue associated with the deal being recognized upon final shipment or acceptance of the system. The timing of final delivery or acceptance of large deals is difficult to predict and can cause significant swings in quarterly revenue. Management provides guidance on quarterly revenue and other items based on its current expectations of the timing of revenue and associated costs; however there can be no assurance that revenues and associated costs will be recognized according to expected schedules and management assumes no obligation to update its guidance if the timing of revenues or other circumstances in the business differ from current expectations.
For the first quarter ending September 27, 2013, the company is providing the following guidance: