Silicom reports shrunken Q2 revenues, lower loss

Half-year income halved to $1.42 million
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Kfar Sava-based Silicom (NASDAQ:SILCF) reported shrunken second-quarter 2002 revenues of $765,000 compared to $926,000 for the second quarter of 2001.

Net loss for the quarter was $536,000, or 13 cents per diluted share, including a one-time writeoff of $93,000 for bad debts.

This compares to a net loss of $1.1 million or 26 cents per diluted share, for the second quarter of 2001, including a one-time inventory charge of $923,000.

For the six months ended June 30, 2002, revenues were $1.42 million, compared to $2.97 million for the first six months of 2001.

Net loss for the period was $1.1 million, or 28 cents per fully diluted share, compared to a loss of $892,000, or 21 cents per share for the first six months of 2001.

Commenting on the results, Shaike Orbach, President and CEO, said, "Although the protracted industry slowdown continues to affect our macro-markets, we are pleased to have closed a number of strategic IPlug Self-Install agreements during the second quarter.

"These included an agreement with Hyundai to co-develop the industry's first self-installing ADSL modem, and with Kawasaki LSI to launch the industry's first self-install-enabled USB chips," he said.

Silicom is a provider of communications connectivity solutions and advanced enabling technologies for hardware manufacturers, providers of broadband Internet access and home networking solutions.