Silicom Ltd. Reports Un-Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 23, 2013 at 08:15 am
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Silicom Ltd. reported un-audited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported sales of $16.7 million, a 51% increase compared with $11.1 million in the fourth quarter of 2011. This represents 45% sequential growth compared with sales of $11.5 million in the third quarter of 2012. On a GAAP basis, net income increased 26% to a record $3.0 million, or $0.43 per diluted share compared with $2.4 million or $0.34 per diluted share in the fourth quarter of 2011. On a non-GAAP basis, net income increased 37% to a record $3.4 million, or $0.49 per diluted and basic share, compared with $2.5 million, or $0.36 per diluted and basic share, for the fourth quarter of 2011. The company reported operating income of $3.2 million compared to $2.5 million, income before income taxes of $3.3 million compared to $2.6 million and non-GAAP operating income of $3.6 million compared to $2.4 million for the last year.
For the year, the company's revenues increased by 23% to a record $48.7 million from $39.6 million in 2011. On a GAAP basis, the company's net income increased by 20% to a record $9.9 million, or $1.42 per diluted and basic share, compared with $8.2 million, or $1.18 per diluted share for 2011. On a non-GAAP basis, net income increased by 22% to a record $10.6 million, or $1.52 per diluted share compared with $8.7 million or $1.24 per diluted share for 2011. The company reported operating income of $10.0 million compared to $8.5 million, income before income taxes of $10.8 million compared to $8.9 million and non-GAAP operating income of $10.7 million compared to $8.9 million for the last year.
Silicom Ltd. (Silicom) is engaged in the design, manufacture, marketing and support of networking and data infrastructure solutions for a range of servers, server-based systems and communications devices. The Company's products include server network interface cards with and without bypass (Server Adapters); Intelligent and programmable cards, with features, such as encryption, acceleration, data compression, redirection, time stamping, network capture solutions, field programmable gate array (FPGA) based ultra-low latency solutions, and/or other offload features and/or compute blades (Smart Cards), and standalone Products. The Company's market segments for its products include network appliances; servers; data storage, including Big Data; The Cloud, virtualized data centers, with and without software-defined networking (SDN), and Internet of Things (IOT).