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Silicom Ltd. (NASDAQ:SILC)(TASE:SILC), an industry-leading provider of high-performance server/appliances networking solutions, today reported its financial results for the first quarter ended March 31, 2012.
Silicom’s revenues for the first quarter of 2012 totalled $10.1 million, a 10% increase compared with $9.2 million in the first quarter of 2011.
On a GAAP basis, reported net income for the quarter totalled $2.0 million, or $0.28 per diluted share ($0.29 per basic share), up 12% from $1.8 million, or $0.25 per diluted share ($0.26 per basic share), in the first quarter of 2011. On a non-GAAP basis, which excludes non-cash share-based compensation, as described and reconciled below, net income for the quarter totalled $2.1 million, or $0.30 per diluted and basic share. This is up 10% compared with $1.9 million, or $0.27 per diluted and basic share, for the first quarter of 2011.
As of March 31, 2012, the Company’s cash, cash equivalents, bank deposits and marketable securities totalled $51.3 million, or $7.41 per outstanding share, up $2.1 million compared with the end of 2011.
Comments of Management
Commenting on the results, Shaike Orbach, President and CEO, said, “The first quarter was another period of solid top-line and bottom-line growth in line with our plans for building the Company to the next level. Our revenues are being driven by robust demand from our 85+ OEM customers who are supplying a variety of networking solutions, including state-of-the-art products that support the global migration to cloud computing and virtualized applications. With a 25-year reputation as a trusted ‘one-stop-shop’ provider of performance boosting networking and connectivity solutions, we are benefiting from their accelerating growth.
“During the first quarter, we were especially pleased to announce a major new SETAC design win, both because of the deal’s significant long-term potential and because it was to a customer outside of our primary target market. We believe this success, together with the other SETAC design wins that we have secured over the past few quarters and the new SETAC opportunities in the pipeline, demonstrates SETAC’s broad market appeal and its potential to become a potent future revenue driver in addition to our traditional product lines.”