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Silicon Labs Announces Fourth Quarter And Fiscal 2013 Results

Silicon Labs (NASDAQ: SLAB), a leader in high-performance, analog-intensive, mixed-signal integrated circuits (ICs), today reported financial results for its fourth quarter and fiscal year ended Dec. 28, 2013. Revenue in the fourth quarter was $146.2 million, a slight decrease from the $146.9 million reported in the third quarter. Revenue for fiscal 2013 was a record $580.1 million, compared with $563.3 million in 2012.

Q4 Financial Highlights

On a GAAP basis:
  • Gross margins increased sequentially to 60.6 percent
  • R&D investment increased sequentially to $42.2 million
  • SG&A expenses declined sequentially to $32.3 million
  • Operating income increased sequentially to 9.7 percent of revenue
  • Diluted earnings per share increased sequentially to $0.24

On a non-GAAP basis (results exclude the impact of stock compensation, amortization from acquired intangible assets and certain other items as set forth in the reconciliation table below):
  • Gross margins increased sequentially to 61.2 percent
  • R&D expenses increased sequentially to $34.5 million
  • SG&A expenses declined sequentially to $27.7 million
  • Operating income increased sequentially to 18.7 percent
  • Diluted earnings per share increased sequentially to $0.49

Business Highlights
  • Broad-based revenue was $72.4 million, reflecting a record quarter in microcontrollers and wireless offset by lower than expected revenue for timing due to general weakness in the telecom infrastructure market.
  • Broadcast outperformed expectations in the fourth quarter with revenue of $49.6 million.
  • Access grew slightly in the fourth quarter, exceeding expectations, with revenue of $24.3 million.
  • During the fourth quarter, the company announced several important mixed-signal products for Internet of Things applications, including the energy-friendly EFM32™ Zero Gecko MCU family, the ultra-low-power Si106x/8x wireless MCU family, and the next-generation Si701x/2x relative humidity and temperature sensor family.

“We are very pleased with our performance in the fourth quarter, as our microcontroller and wireless products delivered another record revenue quarter, and we experienced better than expected revenue from Broadcast and Access products,” said Tyson Tuttle, CEO of Silicon Labs. “Revenue for 2013 was a record for the company, and we believe we are entering 2014 well positioned in growth markets such as the Internet of Things, smart energy and Internet infrastructure.”

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