Silicom Ltd. (NASDAQ and TASE: SILC)
today reported financial results for the fourth quarter and twelve months ended December 31, 2010.
Silicom’s Q4 revenues reached $9.9 million, a new record for the Company. This is an increase of 45% compared with $6.8 million in the fourth quarter of 2009 and 34% compared with $7.4 million in the third quarter of 2010.
Net income was a record $2.0 million or $0.28 per diluted share ($0.29 per basic share), up 45% compared with $1.4 million, or $0.19 per diluted share ($0.20 per basic share), for the fourth quarter of 2009, and 36% compared with $1.4 million or $0.21 per basic and diluted share for the third quarter of 2010.
For the twelve-month period, revenues were a record $30.4 million, up 48% compared with $20.5 million in 2009. Net income for the year increased by 103% to $5.7 million, or $0.82 per diluted share ($0.84 per basic share) compared with $2.8 million, or $0.41 per diluted share ($0.42 per basic share), for 2009.
As of December 31, 2010, the Company’s cash, cash equivalents, bank deposits and marketable securities totaled $45.8 million, or $6.66 per outstanding share.
Comments of Management
Commenting on the results, Shaike Orbach, President and CEO, said, “We are extremely excited to announce our fourth quarter results - our best ever from every perspective. Q4 revenues rose 45% year-over-year and 34% on a sequential basis, capping off a fantastic 48% increase for the year as a whole, a much faster growth than our markets. Our performance demonstrates the power of a winning combination: our strong base of 70+ OEM customers (many of them industry leaders that offer virtually unlimited potential for additional growth), industry-leading products, and our reputation for out-of-the-box innovation.