Silicom Ltd. (NASDAQ:SILC)(TASE:SILC), an industry-leading provider of high-performance server/appliances networking solutions, today reported its financial results for the second quarter and first half ended June 30, 2011.

Financial Results

Financial results for the second quarter of 2011: Revenues for the second quarter increased by 39% to $9.4 million from $6.7 million in the second quarter of 2010.

On a GAAP basis, reported net income totalled $2.0 million, or $0.28 per diluted share ($0.29 per basic share), up 43% from $1.4 million, or $0.20 per basic and diluted share, in the second quarter of 2010.

On a non-GAAP basis, which excludes non-cash share-based compensation, as described and reconciled below, net income totalled $2.1 million, or $0.30 per diluted and basic share. This is up 45% compared with $1.4 million, or $0.21 per basic and diluted share in the second quarter of 2010.

Financial results for the first half of 2011: Revenues for the first half of 2011 increased by 41% to $18.5 million from $13.1 million in the first half of 2010.

On a GAAP basis, reported net income for the period totalled $3.7 million, or $0.53 per diluted share ($0.54 per basic share), up 61% from $2.3 million, or $0.33 per diluted share ($0.34 per basic share) in the first half of 2010.

On a non-GAAP basis, which excludes non-cash share-based compensation, as described and reconciled below, net income for the period totalled $4.0 million, or $0.56 per diluted share ($0.58 per basic share). This is up 62% compared with $2.4 million, or $0.35 per diluted share ($0.36 per basic share) in the first six months of 2010.

As of June 30, 2011, the Company’s cash, cash equivalents, bank deposits and marketable securities totalled $46.8 million, or $6.79 per outstanding share, up $1 million from the $45.8 million recorded at the end of 2010.

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