SGI Reports Fourth Quarter and Fiscal Year 2013 Financial Results

In addition, SGI's actual revenue, earnings per share and other projections on a GAAP and non-GAAP basis for the fiscal quarter ending September 27, 2013 could differ materially from the targets stated under "Outlook for Fiscal Q1 2014" above for a number of reasons, including, but not limited to (i) application of the actual consolidated GAAP and non-GAAP tax rates for such periods, or judgment by management to increase or decrease an income tax asset or liability, (ii) a determination by SGI that any portion of its goodwill or intangible assets have become impaired, (iii) changes in the anticipated amount of employee stock-based compensation expense recognized on SGI's financial statements, (iv) increases or decreases to estimated capital expenditures, (v) changes driven by new accounting or tax rules, regulations, interpretations or guidance, (vi) changes in the anticipated amounts and timing of restructuring charges to be incurred and cost savings expected to be realized from our restructuring actions in Europe, (vii) charges or gains resulting from litigation or dispute settlement, and (viii) other risks as detailed in SGI's filings with the Securities and Exchange Commission ("SEC"), including those described in SGI's Annual Report on Form 10-K under the caption "Risk Factors" filed with the SEC on Sept. 10, 2012, which are available at the SEC's web site at http://www.sec.gov. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this announcement. SGI undertakes no obligation to update the information in this earnings release or the related earnings conference call, whether as a result of new information, future events or otherwise, unless otherwise required by law.

Use of Non-GAAP Financial Measures
This press release and the related earnings conference call include financial measures that are not determined in accordance with U.S. general accepted accounting principles ("GAAP"), including non-GAAP gross profit and gross margin, non-GAAP operating expenses, non-GAAP net income (loss) and non-GAAP basic and diluted net income (loss) per share. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and management exercises judgment in determining which items should be excluded in the calculation of non-GAAP measures. In addition, these non-GAAP measures may be different from non-GAAP measures used by other companies. While we believe that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP, we believe that non-GAAP measures are valuable in evaluating the company's operating performance and analyzing our business operations. Management excludes the following items from one or more of non-GAAP measures: (1) share-based compensation; (2) amortization of intangible assets; (3) restructuring and severance charges; and (4) other non-recurring costs, including settlements and other items. These measures are adjusted as described in the reconciliation of GAAP and non-GAAP numbers at the end of this release, but these adjustments should not be construed as an inference that all of these adjustments or costs are unusual, infrequent or non-recurring.

In addition, management uses these non-GAAP financial measures to facilitate its review of the comparability of SGI's core operating performance on a period to period basis as well as to better understand the fundamental economics of a specific period's operational and financial performance. Management uses this view of SGI's operating performance for purposes of comparison with its business plan and individual operating budgets and allocations of resources.

Management also believes that the non-GAAP financial measures provide additional insight for analysts and investors in evaluating SGI's financial and operational performance in the same way that management evaluates the company's financial performance. However, these non-GAAP financial measures have limitations as an analytical tool, as they exclude the financial impact of transactions necessary or advisable for the conduct of SGI's business, such as the granting of equity compensation awards and are not intended to be an alternative to financial measures prepared in accordance with GAAP. Hence, to compensate for these limitations, management does not review these non-GAAP financial metrics in isolation from its GAAP results, nor should investors. Pursuant to the requirements of SEC Regulation G, a detailed reconciliation between SGI's GAAP and non-GAAP financial results is provided at the end of this press release. Investors are advised to carefully review and consider this information as well as the GAAP financial results that are disclosed in SGI's SEC filings.

© 2013 SGI. SGI and its product names and logos are trademarks or registered trademarks of Silicon Graphics International Corp. or its subsidiaries in the United States and/or other countries. All other trademarks are property of their respective holders.

                                                                            
                                                                            
                    Silicon Graphics International Corp.                    
         UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS          
                  (In thousands, except per share amounts)                  
                                                                            
                                                                            
                                  Three Months Ended    Twelve Months Ended 
                                 --------------------  -------------------- 
                                  June 28,   June 29,   June 28,   June 29, 
                                    2013       2012       2013       2012   
                                 ---------  ---------  ---------  --------- 
                                                                            
Revenue                                                   $  170,532    $  179,488    $  767,227    $  752,987  
Cost  of  revenue                                        123,746        142,002        578,175        559,170  
                                                                  ---------    ---------    ---------    ---------  
                                                                                                                                                        
Gross  profit                                                46,786          37,486        189,052        193,817  
                                                                  ---------    ---------    ---------    ---------  
                                                                                                                                                        
Operating  expenses:                                                                                                                  
    Research  and  development                    15,594          14,929          60,611          62,356  
    Sales  and  marketing                              19,671          21,692          78,730          88,414  
    General  and  administrative                12,821          14,161          54,317          62,021  
    Restructuring                                            3,967            2,340            9,048            2,469  
                                                                  ---------    ---------    ---------    ---------  
        Total  operating  expenses                52,053          53,122        202,706        215,260  
                                                                  ---------    ---------    ---------    ---------  
                                                                                                                                                        
Loss  from  operations                                (5,267)      (15,636)      (13,654)      (21,443)
                                                                  ---------    ---------    ---------    ---------  
                                                                                                                                                        
    Interest  income  (expense),  net              (33)            (147)            (311)            (297)
    Other  income  (expense),  net                  (225)        (1,490)        (1,478)        (1,720)
                                                                  ---------    ---------    ---------    ---------  
        Total  other  income  (expense),                                                                                      
          net                                                            (258)        (1,637)        (1,789)        (2,017)
                                                                  ---------    ---------    ---------    ---------  
Loss  before  income  taxes                        (5,525)      (17,273)      (15,443)      (23,460)
Income  tax  (benefit)  provision            (1,060)          1,113        (12,623)          1,001  
                                                                                                                                                        
                                                                  ---------    ---------    ---------    ---------  
Net  loss                                                  $    (4,465)  $  (18,386)  $    (2,820)  $  (24,461)
                                                                  =========    =========    =========    =========  
                                                                                                                                                        
Basic  and  diluted  net  loss  per                                                                                            
  share                                                      $      (0.13)  $      (0.58)  $      (0.09)  $      (0.77)
                                                                  =========    =========    =========    =========  
                                                                                                                                                        
Shares  used  in  computing  basic                                                                                            
  and  diluted  net  loss  per  share          33,859          31,947          32,909          31,653  
                                                                  =========    =========    =========    =========  
                                                                                                                                                        
Share-based  compensation  by                                                                                                  
  category  is  as  follows:                                                                                                        
Cost  of  revenue                                    $          336    $          323    $      1,598    $      1,358  
Research  and  development                              504                390            2,250            1,938  
Sales  and  marketing                                        347                312            1,629            1,570  
General  and  administrative                      1,097            1,111            4,623            5,195  
                                                                  ---------    ---------    ---------    ---------  
Total                                                        $      2,284    $      2,136    $    10,100    $    10,061  
                                                                  =========    =========    =========    =========  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
 

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