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
- 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.