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Silicom’s Q3 2012 Results Break All Records In Terms Of Revenues, Operating Income, Net Income & EPS

In addition, Silicom's patented 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.

-- FINANCIAL TABLES FOLLOW --

Silicom Ltd. Consolidated Balance Sheets

(US$ thousands)

 

September 30,

2012

 

December 31, 2011

Assets

 
Current assets
Cash and cash equivalents $9,568 $11,483
Short-term bank deposits 5,046 5,010
Marketable securities 11,587 9,027
Accounts receivables: Trade, net 9,477 8,613
Accounts receivables: Other 1,460 1,597
Inventories 13,440 11,173
Deferred tax assets 44 48
Total current assets 50,622 46,951
 
Marketable securities 28,623 23,667
Assets held for employees’ severance benefits

1,306

1,275

Deferred tax assets 109 135
Property, plant and equipment, net 1,110 837
 
Total assets $81,770 $72,865
 

Liabilities and shareholders' equity

 

Current liabilities

Trade accounts payable

$5,318

$3,978

Other accounts payable and accrued expenses

2,831

2,460

Total current liabilities

8,149

6,438

 

Liability for employees’ severance benefits

2,165

2,153

 

Total liabilities

10,314

8,591

 

Shareholders' equity

Ordinary shares and additional paid-in capital

35,607

35,265

Treasury shares

(38)

(38)

Retained earnings

35,887

29,047

Total Shareholders' equity

71,456

64,274

 

Total liabilities and shareholders' equity

$81,770

$72,865

Silicom Ltd. Consolidated Statements of Operations

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

  Three-month period   Nine-month period
ended September 30, ended June 30,
2012   2011 2012   2011
Sales $11,522 $10,019 $32,036 $28,553
Cost of sales 6,515 5,649 18,442 16,061
Gross profit 5,007 4,370 13,594 12,492
 
Research and development expenses 1,028 1,036 3,111 3,094
Selling and marketing expenses 799 619 2,079 1,949
General and administrative expenses 502 473 1,564 1,447
Total operating expenses 2,329 2,128 6,754 6,490
 
Operating income 2,678 2,242 6,840 6,002
 
Financial income, net 172 19 624 352
Income before income taxes 2,850 2,261 7,464 6,354
Income taxes 269 157 624 511
Net income $2,581 $2,104 $6,840 $5,843
 
 

Basic income per ordinary share (US$)

$0.37

$0.31

$0.99

$0.85

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

 

6,931

 

6,892

 

6,929

 

6,889

 

Diluted income per ordinary share (US$)

$0.37

$0.30

$0.97

$0.83

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

 

7,020

 

7,012

 

7,021

 

7,013

Silicom Ltd. Reconciliation of Non-GAAP Financial Results

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

  Three-month period
ended September 30,
    2012       2011
GAAP

(as reported)

Adjustments (*) Non-GAAP Non-GAAP
Sales $11,522 $11,522 $10,019
Cost of sales 6,515 9 6,506 5,643
Gross profit 5,007   5,016 4,376
 
Research and development expenses 1,028 28 1,000 1,012
Selling and marketing expenses 799 34 765 585
General and administrative expenses 502 53 449 427
Total operating expenses 2,329   2,214 2,024
 
Operating income 2,678 2,802 2,352
 
Financial income, net 172   172 19
Income before income taxes 2,850 2,974 2,371
Income taxes 269   269 157
Net income $2,581   $2,705 $2,214
 
 

Basic income per ordinary share (US$)

$0.37

 

$0.39

$0.32

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

 

6,931

 

 

6,931

 

6,892

 

Diluted income per ordinary share (US$)

$0.37

 

$0.39

$0.32

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

 

7,020

 

 

7,020

 

7,012

 

Total Adjustments

124
 
(*) 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)

  Nine-month period
ended September 30,
    2012       2011
GAAP

(as reported)

Adjustments (*) Non-GAAP Non-GAAP
Sales $32,036 $32,036 $28,553
Cost of sales 18,442 17 18,425 16,042
Gross profit 13,594   13,611 12,511
 
Research and development expenses 3,111 70 3,041 3,020
Selling and marketing expenses 2,079 94 1,985 1,846
General and administrative expenses 1,564 139 1,425 1,308
Total operating expenses 6,754   6,451 6,174
 
Operating income 6,840 7,160 6,337
 
Financial income, net 624   624 352
Income before income taxes 7,464 7,784 6,689
Income taxes 624   624 511
Net income $6,840   $7,160 $6,178
 
 

Basic income per ordinary share (US$)

$0.99

 

$1.03

$0.90

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

 

6,929

 

 

6,929

 

6,889

 

Diluted income per ordinary share (US$)

$0.97

 

$1.02

$0.88

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

 

7,021

 

 

7,021

 

7,013

 

Total Adjustments

320
 
(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))




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