About Silicom

Silicom Ltd. is an industry-leading provider of high-performance networking solutions designed to increase the throughput and availability of networking appliances and server-based systems.

Silicom’s large and growing base of OEM customers includes most of the market-leading players in the areas of WAN Optimization, Security and other mission-critical gateway applications. Silicom’s products include a variety of multi-port 1/10 Gigabit Ethernet server adapters, innovative internal and external BYPASS solutions and advanced Smart adapters, including SSL encryption solutions and Redirector adapters.

In addition, Silicom's patent-pending new SETAC (Server To Appliance Converter) product family is a unique solution that enables standard servers to be configured as network appliances with high-density front networking ports and no-hassle port modularity.

For more information, please visit: www.silicom.co.il.

Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties, or other factors not under the Company's control, which may cause actual results, performance, or achievements of the Company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission. The Company disclaims any duty to update such statements.

Company Contact:

Eran Gilad, CFO

Silicom Ltd.

Tel: +972-9-764-4555

E-mail: erang@silicom.co.il

 
   

Investor relations contact:

Kenny Green / Ehud Helft

CCG Israel Investor Relations

Tel: +1 646 201 9246

E-mail : silicom@ccgisrael.com

-- FINANCIAL TABLES FOLLOW --

Silicom Ltd. Consolidated Balance Sheets

(US$ thousands)

 
 

March 31, 2012
   

December 31,2011

Assets
 

Current assets
Cash and cash equivalents

$7,761
$11,483
Short-term bank deposits

6,527

5,010

Marketable securities

6,871
9,027
Accounts receivables: Trade, net

8,675
8,613
Accounts receivables: Other

1,201
1,597
Inventories

11,418
11,173
Deferred tax assets

49
48

Total current assets

42,502
46,951
 

Marketable securities

30,188
23,667

Assets held for employees’ severance benefits

1,328

1,275

Deferred tax assets

143
135

Property, plant and equipment, net

982
837
 

Total assets

$75,143
$72,865
 
 

Liabilities and shareholders' equity
 

Current liabilities

 
Trade accounts payable

$4,533

$3,978

Other accounts payable and accruedexpenses

1,967

2,460

Total current liabilities

6,500
6,438
 

Liability for employees’ severance benefits

2,277

2,153
 
Total liabilities

8,777
8,591
 

Shareholders' equity

Ordinary shares and additional paid-incapital

35,380

35,265
Treasury shares

(38)

(38)
Retained earnings

31,024
29,047

Total Shareholders' equity

66,366
64,274

Total liabilities and shareholders' equity

 

$75,143
$72,865

Silicom Ltd. Consolidated Statements of Operations

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

Three-month period ended March 31,

 
2012     2011
Sales $10,101 $9,177
Cost of sales 5,938 5,197
Gross profit 4,163

3,980
 
Research and development expenses 1,091 1,038
Selling and marketing expenses 634 661
General and administrative expenses 532 512
Total operating expenses 2,257 2,211
 
Operating income 1,906 1,769
 
Financial income, net 240 182
Income before income taxes 2,146 1,951
Income taxes 169 186
Net income $1,977 $1,765
 
 

Basic income per ordinary share (US$)

$0.29

$0.26
 

Weighted average number of ordinaryshares used to compute basic income pershare (in thousands)

 

6,928

 

6,886
 

Diluted income per ordinary share (US$)

$0.28

$0.25
 

Weighted average number of ordinaryshares used to compute diluted income pershare (in thousands)

 

7,022

 

7,013

Silicom Ltd. Reconciliation of Non-GAAP Financial Results

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

Three-month period ended March 31,

 
    2012       2011
GAAP

(as reported)
  Adjustments (*)   Non-GAAP Non-GAAP
Sales $10,101     $10,101 $9,177
Cost of sales 5,938   4   5,934 5,190
Gross profit 4,163       4,167 3,987
 
Research and development expenses 1,091 21 1,070 1,012
Selling and marketing expenses 634 30 604 625
General and administrative expenses 532   43   489 464
Total operating expenses 2,257       2,163 2,101
 
Operating income 1,906 2,004 1,886
 
Financial income, net 240       240 182
Income before income taxes 2,146 2,244 2,068
Income taxes 169       169 186
Net income $1,977       $2,075 $1,882
 
 

Basic income per ordinary share (US$)

$0.29
 

 
 

$0.30

$0.27
 

Weighted average number of ordinaryshares used to compute basic income pershare (in thousands)

 

6,928
     

 

6,928

 

6,886
 

Diluted income per ordinary share (US$)

$0.28
 

 
 

$0.30

$0.27
 

Weighted average number of ordinaryshares used to compute diluted income pershare (in thousands)

 

7,022
     

 

7,022

 

7,013
 

Total Adjustments
98
 

(*) Adjustments related to share-basedcompensation expenses according to ASCtopic 718 (SFAS 123 (R))

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