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

For more information, please visit: www.silicom.co.il.

Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties, or other factors not under the Company's control, which may cause actual results, performance, or achievements of the Company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission. The Company disclaims any duty to update such statements.

-- FINANCIAL TABLES FOLLOW --

Silicom Ltd. Consolidated Balance Sheets

(US$ thousands)

 

December 31, 2011

 

December 31,2010

Assets

 
Current assets
Cash and cash equivalents $11,483 $6,657
Short-term bank deposits 5,010 9,209
Marketable securities 9,027 8,044
Accounts receivables: Trade, net 8,613 6,762
Accounts receivables: Other 1,597 886
Inventories 11,173 8,140
Deferred tax assets 48 50
Total current assets 46,951 39,748
 
Marketable securities 23,667 21,560

Assets held for employees’ severance benefits

1,275

1,302

Deferred tax assets 135 219
Property, plant and equipment, net 837 650
 
Total assets $72,865 $63,479
 

Liabilities and shareholders' equity

 

Current liabilities

Trade accounts payable

$3,978

$3,753

Other accounts payable and accruedexpenses

2,460

2,074

Total current liabilities

6,438

5,827

 

Liability for employees’ severance benefits

2,153

2,222

 

Total liabilities

8,591

8,049

 

Shareholders' equity

Ordinary shares and additionalpaid-in capital

35,265

34,664

Treasury shares

(38)

(38)

Retained earnings

29,047

20,804

Total Shareholders' equity

64,274

55,430

Total liabilities and shareholders' equity

$72,865

$63,479

Silicom Ltd. Consolidated

Statements of Operations

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

  Three-month period       Twelve-month period
ended December 31, ended December 31,
 
2011       2010 2011       2010
Sales $11,080 $9,880 $39,633 $30,399
Cost of sales 6,369 5,859 22,430 17,490
Gross profit 4,711 4,021 17,203 12,909
 
Research and development expenses 1,071 945 4,165 3,280
Selling and marketing expenses 728 667 2,677 2,207
General and administrative expenses 443 469 1,890 1,523
Total operating expenses 2,242 2,081 8,732 7,010
 
Operating income 2,469 1,940 8,471 5,899
 
Financial income, net 87 123 439 617
Income before income taxes 2,556 2,063 8,910 6,516
Income taxes 156 109 667 801
Net income $2,400 $1,954 $8,243 $5,715
 
 

Basic income per ordinary share (US$)

$0.35

$0.29

$1.20

$0.84

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

 

6,917

 

6,853

 

6,896

 

6,821

 

Diluted income per ordinary share (US$)

$0.34

$0.28

$1.18

$0.82

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

 

7,014

 

6,985

 

6,995

 

6,938

Silicom Ltd. Reconciliation of

Non-GAAP Financial Results

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

  Three-month period
ended December 31,
     
2011 2010
GAAP

(as reported)

  Adjustments (*)   Non-GAAP Non-GAAP
Sales $11,080 $11,080 $9,880
Cost of sales 6,369 5 6,364 5,853
Gross profit 4,711   4,716 4,027
 
Research and development expenses 1,071 22 1,049 931
Selling and marketing expenses 728 31 697 655
General and administrative expenses 443 44 399 452
Total operating expenses 2,242   2,145 2,038
 
Operating income 2,469 2,571 1,989
 
Financial income, net 87   87 123
Income before income taxes 2,556 2,658 2,112
Income taxes 156   156 109
Net income $2,400   $2,502 $2,003
 
 

Basic income per ordinary share (US$)

$0.35

 

$0.36

$0.29

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

 

6,917

 

 

6,917

 

6,853

 

Diluted income per ordinary share (US$)

$0.34

 

$0.36

$0.29

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

 

7,014

 

 

7,014

 

6,985

 
Total Adjustments 102
 
(*) 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)

  Twelve-month period
ended December 31,
 
    2011           2010
GAAP

(as reported)

Adjustments (*) Non-GAAP Non-GAAP
Sales $39,633 $39,633 $30,399
Cost of sales 22,430 24 22,406 17,458
Gross profit 17,203   17,227 12,941
 
Research and development expenses 4,165 96 4,069 3,208
Selling and marketing expenses 2,677 134 2,543 2,143
General and administrative expenses 1,890 183 1,707 1,461
Total operating expenses 8,732   8,319 6,812
 
Operating income 8,471 8,908 6,129
 
Financial income, net 439   439 617
Income before income taxes 8,910 9,347 6,746
Income taxes 667   667 801
Net income $8,243   $8,680 $5,945
 
 

Basic income per ordinary share (US$)

$1.20

 

$1.26

$0.87

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

 

6,896

 

 

6,896

 

6,821

 

Diluted income per ordinary share (US$)

$1.18

 

$1.24

$0.86

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

 

6,995

 

 

6,995

 

6,938

 
Total Adjustments 437
 
(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))




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