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EZchip Announces Third Quarter 2012 Results

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

EZchip Semiconductor Ltd. (NASDAQ: EZCH), a leader in Ethernet network processors, today announced its results for the third quarter ended September 30, 2012.

Third  Quarter 2012  Highlights:
  • Third quarter revenues of $9.3 million
  • Gross margin reached 83.9% on a GAAP basis and 84.7% on a non-GAAP basis
  • Net income was $0.1 million on a GAAP basis
  • Net income was $3.1 million on a non-GAAP basis
  • Operating cash flow of $6.1 million
  • End of quarter net cash was $160.1 million

Third  Quarter 2012 Results:

Total revenues in the third quarter of 2012 were $9.3 million, a decrease of 50% compared to $18.7 million in the third quarter of 2011, and a decrease of 41% compared to $15.8 million in the second quarter of 2012.

Net income, on a GAAP basis, for the third quarter of 2012 was $0.1 million, or $0.00 per share (diluted), compared to net income of $7.7 million, or $0.27 per share (diluted), in the third quarter of 2011, and net income of $5.6 million, or $0.19 per share (diluted), in the second quarter of 2012.

Net income, on a non-GAAP basis, for the third quarter of 2012 was $3.1 million, or $0.10 per share (diluted), compared to non-GAAP net income of $9.9 million, or $0.35 per share (diluted), in the third quarter of 2011, and non-GAAP net income of $8.4 million, or $0.29 per share (diluted), in the second quarter of 2012.

Cash, cash equivalents, marketable securities and deposits as of September 30, 2012, totaled $160.1 million, compared to $153.8 million as of June 30, 2012. Cash generated from operations during the third quarter was $6.1 million, cash used in investing activities was $0.1 million, cash provided by financing activities (resulting from the exercise of options) was $0.1 million and an increase of $0.2 million resulted from unrealized gain on marketable securities.

First Nine Months 2012 Results

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