This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

EZchip Announces Fourth Quarter And Full Year 2011 Results

Stocks in this article: EZCH

YOKNEAM, Israel, February 8, 2012 /PRNewswire/ --

EZchip Semiconductor Ltd. (NASDAQ: EZCH), a leader in Ethernet network processors, today announced its results for the fourth quarter and full year ended December 31, 2011.

Fourth Quarter and Full Year 2011  Highlights:

  • Annual revenues for 2011 of $63.5 million
  • Fourth quarter revenues of $14.3 million
  • Fourth quarter gross margin was 6.6% on a GAAP basis, including a one-time charge due to early repayment of $9.9 million to the Israeli Office of Chief Scientist (OCS)
  • Fourth quarter gross margin on a non-GAAP basis reached 76.8%
  • Net income of $7.9 million, on a GAAP basis, for 2011 and net loss of $6.0 million for the fourth quarter (including a one-time charge due to early repayment of $9.9 million to the OCS)
  • Net income was $31.0 million, on a non-GAAP basis, for 2011 (49% of revenues) and $6.3 million for the fourth quarter (44% of revenues)
  • Non-GAAP operating cash flow of $9.0 million for the quarter and $28.8 million for 2011
  • End of 2011 net cash was $126.8 million  

Fourth  Quarter 2011 Results:

Total revenues in the fourth quarter of 2011 were $14.3 million, a decrease of 17% compared to $17.1 million in the fourth quarter of 2010, and a decrease of 24% compared to $18.7 million in the third quarter of 2011.

Net loss, on a GAAP basis, for the fourth quarter of 2011 was $6.0 million, which includes a one-time charge due to early repayment of $9.9 million to the Israeli Office of Chief Scientist (OCS), or $0.22 per share, compared to net income of $4.0 million, or $0.15 per share (diluted), in the fourth quarter of 2010, and net income of $7.7 million, or $0.27 per share (diluted), in the third quarter of 2011.

Net income, on a non-GAAP basis, for the fourth quarter of 2011 was $6.3 million, or $0.22 per share (diluted), compared to non-GAAP net income of $8.6 million, or $0.31 per share (diluted), in the fourth quarter of 2010, and non-GAAP net income of $9.9 million, or $0.35 per share (diluted), in the third quarter of 2011.

Cash, cash equivalents and marketable securities as of December 31, 2011, totaled $126.8 million, compared to $127.6 million as of September 30, 2011. Cash generated from operations during the fourth quarter was $9.0 million, cash used in investing activities was $0.6 million, cash provided by financing activities (resulting from the exercise of options) was $0.7 million and additional $9.9 million used for the repayment of OCS grants.

Full Year 2011 Results

1 of 6

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs