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Break-out Quarter Rounds Out Breakthrough Year For Silicom: Revenues Reach $11M For Q4, $40M For 2011

Stocks in this article: SILC

Silicom Ltd. (NASDAQ:SILC)(TASE:SILC), an industry-leading provider of high-performance server/appliances networking solutions, today reported record financial results for the fourth quarter and full year ended December 31, 2011.

Financial Results

Financial results for 2011: Silicom’s financial results for 2011 broke all previous records in terms of revenues, operating income, net income and earnings per share (EPS). Revenues for the year increased by 30% to $39.6 million from $30.4 million in 2010. As such, Silicom has virtually doubled its revenues in two years from $20.5 million in 2009.

On a GAAP basis, the Company’s net income for the period totalled $8.2 million, or $1.18 per diluted share ($1.20 per basic share), up 44% from $5.7 million, or $0.82 per diluted share ($0.84 per basic share) for 2010. As such, Silicom has nearly tripled its net income in two years from $2.8 million in 2009. On a non-GAAP basis, which excludes non-cash share-based compensation, as described and reconciled below, net income for the period totalled $8.7 million, or $1.24 per diluted share ($1.26 per basic share). This is up 46% compared with $5.9 million, or $0.86 per diluted share ($0.87 per basic share) for 2010.

As of December 31, 2011, the Company’s cash, cash equivalents, bank deposits and marketable securities totalled $49.2 million, or $7.10 per outstanding share, up $2.1 million compared with the end of the third quarter of 2011 and up $3.7 million compared with the end of 2010.

Financial results for Q4 2011: For the fourth quarter of 2011, Silicom’s financial results broke all previous records in terms of revenues, operating income, net income and earnings per share (EPS). Revenues for the quarter reached $11.1 million, a 12% increase compared with $9.9 million in the fourth quarter of 2010.

On a GAAP basis, reported net income for the quarter totalled $2.4 million, or $0.34 per diluted share ($0.35 per basic share), up 23% from the $2.0 million, or $0.28 per diluted share ($0.29 per basic share), recorded in the fourth quarter of 2010. On a non-GAAP basis, which excludes non-cash share-based compensation, as described and reconciled below, net income for the quarter totalled $2.5 million, or $0.36 per diluted and basic share. This is up 25% compared with $2.0 million, or $0.29 per diluted and basic share for the fourth quarter of 2010.

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