• The company has a difficult year, mostly due to its Shannon SSDs which were caught by NAND price declines and a technology shift, leading to a sharp decline in sales.
• It also led to a substantial ($5M) inventory write-off and an upcoming impairment charge for intangibles.
• Management argues that better times are ahead, the shares aren’t expensive, the balance sheet is strong, and the company pays a very generous dividend.

Source: A Challenging Year For Silicon Motion, But Things Should Improve From Here – Silicon Motion Technology Corporation (NASDAQ:SIMO) | Seeking Alpha