Silicom Reports Above $10M In Sales, $2M Net Profit For Q1 2012

About Silicom

Silicom Ltd. is an industry-leading provider of high-performance networking solutions designed to increase the throughput and availability of networking appliances and server-based systems.

Silicom’s large and growing base of OEM customers includes most of the market-leading players in the areas of WAN Optimization, Security and other mission-critical gateway applications. Silicom’s products include a variety of multi-port 1/10 Gigabit Ethernet server adapters, innovative internal and external BYPASS solutions and advanced Smart adapters, including SSL encryption solutions and Redirector adapters.

In addition, Silicom's patent-pending new SETAC (Server To Appliance Converter) product family is a unique solution that enables standard servers to be configured as network appliances with high-density front networking ports and no-hassle port modularity.

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.

Company Contact: Eran Gilad, CFO Silicom Ltd. Tel: [phone] E-mail: [e-mail]

Investor relations contact: Kenny Green / Ehud Helft CCG Israel Investor Relations Tel: [phone] E-mail : [e-mail]

-- FINANCIAL TABLES FOLLOW --

Silicom Ltd. Consolidated Balance Sheets

(US$ thousands)

		March 31, 2012			December 31,2011
Assets
Current assets
Cash and cash equivalents		$7,761			$11,483
Short-term bank deposits		6,527			5,010
Marketable securities		6,871			9,027
Accounts receivables: Trade, net		8,675			8,613
Accounts receivables: Other		1,201			1,597
Inventories		11,418			11,173
Deferred tax assets		49			48
Total current assets		42,502			46,951
Marketable securities		30,188			23,667
Assets held for employees’ severance benefits		1,328			1,275
Deferred tax assets		143			135
Property, plant and equipment, net		982			837
Total assets		$75,143			$72,865
Liabilities and shareholders' equity
Current liabilities
Trade accounts payable		$4,533			$3,978
Other accounts payable and accruedexpenses		1,967			2,460
Total current liabilities		6,500			6,438
Liability for employees’ severance benefits		2,277			2,153
Total liabilities		8,777			8,591
Shareholders' equity
Ordinary shares and additional paid-incapital		35,380			35,265
Treasury shares		(38)			(38)
Retained earnings		31,024			29,047
Total Shareholders' equity		66,366			64,274
Total liabilities and shareholders' equity
		$75,143			$72,865

Silicom Ltd. Consolidated Statements of Operations

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

		Three-month period ended March 31,
		2012			2011
Sales		$10,101			$9,177
Cost of sales		5,938			5,197
Gross profit		4,163			3,980
Research and development expenses		1,091			1,038
Selling and marketing expenses		634			661
General and administrative expenses		532			512
Total operating expenses		2,257			2,211
Operating income		1,906			1,769
Financial income, net		240			182
Income before income taxes		2,146			1,951
Income taxes		169			186
Net income		$1,977			$1,765
Basic income per ordinary share (US$)		$0.29			$0.26
Weighted average number of ordinaryshares used to compute basic income pershare (in thousands)		6,928			6,886
Diluted income per ordinary share (US$)		$0.28			$0.25
Weighted average number of ordinaryshares used to compute diluted income pershare (in thousands)		7,022			7,013

Silicom Ltd. Reconciliation of Non-GAAP Financial Results

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

		Three-month period ended March 31,
				2012				2011
		GAAP (as reported)		Adjustments (*)		Non-GAAP		Non-GAAP
Sales		$10,101				$10,101		$9,177
Cost of sales		5,938		4		5,934		5,190
Gross profit		4,163				4,167		3,987
Research and development expenses		1,091		21		1,070		1,012
Selling and marketing expenses		634		30		604		625
General and administrative expenses		532		43		489		464
Total operating expenses		2,257				2,163		2,101
Operating income		1,906				2,004		1,886
Financial income, net		240				240		182
Income before income taxes		2,146				2,244		2,068
Income taxes		169				169		186
Net income		$1,977				$2,075		$1,882
Basic income per ordinary share (US$)		$0.29				$0.30		$0.27
Weighted average number of ordinaryshares used to compute basic income pershare (in thousands)		6,928				6,928		6,886
Diluted income per ordinary share (US$)		$0.28				$0.30		$0.27
Weighted average number of ordinaryshares used to compute diluted income pershare (in thousands)		7,022				7,022		7,013
Total Adjustments				98
(*) Adjustments related to share-basedcompensation expenses according to ASCtopic 718 (SFAS 123 (R))

« First ‹ Previous 1 2 3 4 Next › Last »