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Silicom Momentum Continues In Q2 2011: Reports Strong YOY Growth Of 39% And New Profit Records With Net Income Topping $2M, Yielding $0.30 Diluted EPS

Silicom Ltd. Consolidated

Statements of Operations

(US$ thousands, except for share and per share data)

  Three-month period       Six-month period
ended June 30, ended June 30,
2011       2010 2011       2010
Sales $9,357 $6,739 $18,534 $13,139
Cost of sales 5,215 3,778 10,412 7,476
Gross profit 4,142 2,961 8,122 5,663
 
Research and development expenses 1,020 693 2,058 1,530
Selling and marketing expenses 669 495 1,330 993
General and administrative expenses 462 372 974 732
Total operating expenses 2,151 1,560 4,362 3,255
 
Operating income 1991 1,401 3,760 2,408
 
Financial income, net 151 225 333 366
Income before income taxes 2,142 1,626 4,093 2,774
Income taxes 168 243 354 453
Net income $1,974 $1,383 $3,739 $2,321
 
 

Basic income per ordinary share (US$)

$0.29

$0.20

$0.54

$0.34

 
Weighted average number of ordinary shares used to compute basic income per share (in thousands)

 

6,890

 

6,810

 

6,888

 

6,810

 

Diluted income per ordinary share (US$)

$0.28

$0.20

$0.53

$0.33

 
Weighted average number of ordinary shares used to compute diluted income per share (in thousands)

 

7,026

 

6,957

 

7,019

 

6,961

 

Silicom Ltd. Reconciliation of

Non-GAAP Financial Results

(US$ thousands, except for share and per share data)

  Three-month period
ended June 30,
    2011           2010
GAAP

(as reported)

  Adjustments (*)   Non-GAAP Non-GAAP
Sales $9,357     $9,357 $6,739
Cost of sales 5,215   6   5,209 3,770
Gross profit 4,142       4,148 2,969
 
Research and development expenses 1,020 24 996 675
Selling and marketing expenses 669 33 636 479
General and administrative expenses 462   45   417 358
Total operating expenses 2,151       2,049 1,512
 
Operating income 1991 2,099 1,457
 
Financial income, net 151       151 225
Income before income taxes 2,142 2,250 1,682
Income taxes 168       168 243
Net income $1,974       $2,082 $1,439
 
 

Basic income per ordinary share (US$)

$0.29

 

 

 

$0.30

$0.21

 
Weighted average number of ordinary shares used to compute basic income per share (in thousands)

 

6,890

     

 

6,890

 

6,810

 

Diluted income per ordinary share (US$)

$0.28

 

 

 

$0.30

$0.21

 
Weighted average number of ordinary shares used to compute diluted income per share (in thousands)

 

7,026

     

 

7,026

 

6,957

 

Total Adjustments

108
 
(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))
 

Silicom Ltd. Reconciliation of

Non-GAAP Financial Results

(US$ thousands, except for share and per share data)

  Six-month period
ended June 30,
    2011           2010
GAAP

(as reported)

  Adjustments (*)   Non-GAAP Non-GAAP
Sales $18,534     $18,534 $13,139
Cost of sales 10,412   13   10,399 7,458
Gross profit 8,122       8,135 5,681
 
Research and development expenses 2,058 50 2,008 1,490
Selling and marketing expenses 1,330 69 1,261 957
General and administrative expenses 974   93   881 701
Total operating expenses 4,362       4,150 3,148
 
Operating income 3,760 3,985 2,533
 
Financial income, net 333       333 366
Income before income taxes 4,093 4,318 2,899
Income taxes 354       354 453
Net income $3,739       $3,964 $2,446
 
 

Basic income per ordinary share (US$)

$0.54

     

$0.58

$0.36

 
Weighted average number of ordinary shares used to compute basic income per share (in thousands)

 

6,888

     

 

6,888

 

6,810

 

Diluted income per ordinary share (US$)

$0.53

     

$0.56

$0.35

 
Weighted average number of ordinary shares used to compute diluted income per share (in thousands)

 

7,019

     

 

7,019

 

6,961

 

Total Adjustments

225
 
(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))




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