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EZchip Announces Fourth Quarter And Full Year 2011 Results

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

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