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Silicom Hits It Out Of The Ballpark With Best Quarter & Year On Record - Q4 Sales Of $16.7M Yield $0.49 EPS (Non-GAAP); 2012 Sales Of $48.7M Yield $1.52 EPS (non-GAAP)

Stocks in this article: SILC

- FINANCIAL TABLES FOLLOW –

Silicom Ltd. Consolidated Balance Sheets

(US$ thousands)

 

December 31, 2012

 

 

December 31,2011

Assets
 
Current assets
Cash and cash equivalents $13,306 $11,483
Short-term bank deposits 2,527 5,010
Marketable securities 11,083 9,027
Accounts receivables: Trade, net 12,391 8,613
Accounts receivables: Other 2,234 1,597
Inventories 14,795 11,173
Deferred tax assets 47 48
Total current assets 56,383 46,951
 
Marketable securities 29,969 23,667
Assets held for employees’ severance benefits

1,377

1,275

Deferred tax assets 114 135
Property, plant and equipment, net 1,190 837
 
Total assets $89,033 $72,865
 
Liabilities and shareholders' equity
 
Current liabilities
Trade accounts payable $7,875 $3,978
Other accounts payable and accrued expenses

3,914

2,460

Total current liabilities 11,789 6,438
 
Liability for employees’ severance benefits

2,278

2,153

 
Total liabilities 14,067 8,591
 
Shareholders' equity
Ordinary shares and additional paid-in capital

36,086

35,265

Treasury shares (38) (38)
Retained earnings 38,918 29,047
Total Shareholders' equity 74,966 64,274

Total liabilities and shareholders' equity

$89,033

$72,865

Silicom Ltd. Consolidated Statements of Operations

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

Three-month period   Twelve-month period
ended December 31, ended December 31,
2012   2011 2012   2011
Sales $16,693 $11,080 $48,729 $39,633
Cost of sales 10,407 6,369 28,849 22,430
Gross profit 6,286 4,711 19,880 17,203
 
Research and development expenses 1,290 1,071 4,401 4,165
Selling and marketing expenses 1,002 728 3,081 2,677
General and administrative expenses 805 443 2,369 1,890
Total operating expenses 3,097 2,242 9,851 8,732
 
Operating income 3,189 2,469 10,029 8,471
 
Financial income, net 128 87 752 439
Income before income taxes 3,317 2,556 10,781 8,910
Income taxes 286 156 910 667
Net income $3,031 $2,400 $9,871 $8,243
 
 

Basic income per ordinary share (US$)

$0.44

$0.35

$1.42

$1.20

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

 

6,947

 

6,917

 

6,934

 

6,896

 

Diluted income per ordinary share (US$)

$0.43

$0.34

$1.42

$1.18

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

 

7,006

 

7,014

 

6,968

 

6,995

Silicom Ltd. Reconciliation of Non-GAAP Financial Results

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

Three-month period   Twelve-month period
ended December 31, ended December 31,
2012   2011 2012   2011

GAAP gross profit

$6,286

$4,711

$19,880

$17,203

(1) Share-based compensation (*) 28 5 45 24
Non-GAAP gross profit $6,314 $4,716 $19,925 $17,227
 

GAAP operating income

$3,189

$2,469

$10,029

$8,471

(1) Share-based compensation (*) 224 102 544 437
(2) Aborted acquisition related expenses 165 - 165 -
Non-GAAP operating income $3,578 $2,571 $10,738 $8,908
 

GAAP net income

$3,031

$2,400

$9,871

$8,243

(1) Share-based compensation (*) 224 102 544 437
(2) Aborted acquisition related expenses 165 - 165 -
Non-GAAP net income $3,420 $2,502 $10,580 $8,680
 

 

GAAP basic income per ordinary share (US$)

 

$0.44

 

$0.35

 

$1.42

 

$1.20

(1) Share-based compensation (*) 0.03 0.01 0.08 0.06
(2) Aborted acquisition related expenses 0.02 - 0.03 -
 

Non-GAAP basic income per ordinary share (US$)

$0.49

$0.36

$1.53

$1.26

 
GAAP diluted income per ordinary share (US$)

 

$0.43

 

$0.34

 

$1.42

 

$1.18

(1) Share-based compensation (*) 0.03 0.02 0.08 0.06
(2) Aborted acquisition related expenses 0.03 - 0.02 -
 

Non-GAAP diluted income per ordinary share (US$)

$0.49

$0.36

$1.52

$1.24

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




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