YOKNEAM, Israel, February 13, 2013 /PRNewswire/ --
EZchip Semiconductor Ltd. (NASDAQ: EZCH), a leader in Ethernet network processors, today announced its results for the fourth quarter and full year ended December 31, 2012.
Fourth Quarter and Full Year 2012 Highlights:
- Annual revenues for 2012 of $54.7 million
- Fourth quarter revenues of $15.2 million
- Fourth quarter gross margin reached 83.2% on a GAAP basis and 83.7% on a non-GAAP basis
- Net income, on a GAAP basis, was $15.7 million for 2012 and $4.8 million for the fourth quarter
- Net income, on a non-GAAP basis, was $27.1 million for 2012 (49% of revenues) and $7.8 million for the fourth quarter (51% of revenues)
- Non-GAAP operating cash flow of $29.2 million for 2012 and $7.1 million for the fourth quarter
- Net cash at end of 2012 was $168.0 million
Fourth Quarter 2012 Results:Total revenues in the fourth quarter of 2012 were $15.2 million, an increase of 7% compared to $14.3 million in the fourth quarter of 2011, and an increase of 64% compared to $9.3 million in the third quarter of 2012. Net income, on a GAAP basis, for the fourth quarter of 2012 was $4.8 million, or $0.17 per share (diluted), compared to net loss of $6.0 million, which included a one-time charge due to early repayment of $9.9 million to the Israeli Office of Chief Scientist (OCS), or $0.22 per share, in the fourth quarter of 2011, and net income of $0.1 million, or $0.00 per share (diluted), in the third quarter of 2012. Net income, on a non-GAAP basis, for the fourth quarter of 2012 was $7.8 million, or $0.26 per share (diluted), compared to non-GAAP net income of $6.3 million, or $0.22 per share (diluted), in the fourth quarter of 2011, and non-GAAP net income of $3.1 million, or $0.10 per share (diluted), in the third quarter of 2012. Full Year 2012 Results:
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