Silicom Reports Strong Results For Q2 & H1 2013: 3rd Straight Quarter With ~50% Yoy Revenue Increase; Q2 Non-GAAP EPS Of $0.48

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, 2013.

Financial Results

Q2 2013: Revenues for the second quarter increased by 51% to $15.7 million from $10.4 million in the second quarter of 2012. This is Silicom’s third straight quarter with approximately 50% year-over-year revenue increase.

On a GAAP basis, net income for the period totalled $3.3 million, or $0.45 per diluted share ($0.46 per basic share), a 44% increase compared with $2.3 million, or $0.33 per basic and diluted share in the second quarter of 2012.

On a non-GAAP basis (as described and reconciled below), net income totalled $3.5 million, or $0.48 per diluted share ($0.49 per basic share), a 45% increase compared with $2.4 million, or $0.34 per diluted and basic share, for the second quarter of 2012.

H1 2012: Revenues for the first half of 2013 increased by 50% to $30.7 million from $20.5million in the first half of 2012.

On a GAAP basis, net income for the period totalled $6.4 million, or $0.89 per diluted share ($0.90 per basic share), up 50% compared with $4.3 million, or $0.61 per basic and diluted share, in the first half of 2012.

On a non-GAAP basis (as described and reconciled below), net income for the period totalled $6.7 million, or $0.93 per diluted share ($0.95 per basic share), a 51% increase compared with $4.5 million, or $0.63 per diluted share ($0.64 per basic share), for the first six months of 2012.

Comments of Management

Commenting on the results, Shaike Orbach, President and CEO, said, “The second quarter was another period of strong momentum marked by 50% revenue growth and significant new Design Wins with both new and existing customers.

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