Blow-out Record Quarter for Silicom: $9.9m Revenues, $2.0m Net Income, $0.28 Diluted EPS
finance.yahoo.com
– Strong Performance of All Growth Engines Represents Powerful Base for Continued Significant Growth in 2011 –
Monday January 24, 2011, 8:23 am
KFAR SAVA, Israel--(BUSINESS WIRE)-- Silicom Ltd. (NASDAQ and TASE: SILC) today reported financial results for the fourth quarter and twelve months ended December 31, 2010.
Financial Results
Silicom’s Q4 revenues reached $9.9 million, a new record for the Company. This is an increase of 45% compared with $6.8 million in the fourth quarter of 2009 and 34% compared with $7.4 million in the third quarter of 2010.
Net income was a record $2.0 million or $0.28 per diluted share ($0.29 per basic share), up 45% compared with $1.4 million, or $0.19 per diluted share ($0.20 per basic share), for the fourth quarter of 2009, and 36% compared with $1.4 million or $0.21 per basic and diluted share for the third quarter of 2010.
For the twelve-month period, revenues were a record $30.4 million, up 48% compared with $20.5 million in 2009. Net income for the year increased by 103% to $5.7 million, or $0.82 per diluted share ($0.84 per basic share) compared with $2.8 million, or $0.41 per diluted share ($0.42 per basic share), for 2009.
As of December 31, 2010, the Company’s cash, cash equivalents, bank deposits and marketable securities totaled $45.8 million, or $6.66 per outstanding share.
Comments of Management
Commenting on the results, Shaike Orbach, President and CEO, said, “We are extremely excited to announce our fourth quarter results - our best ever from every perspective. Q4 revenues rose 45% year-over-year and 34% on a sequential basis, capping off a fantastic 48% increase for the year as a whole, a much faster growth than our markets. Our performance demonstrates the power of a winning combination: our strong base of 70+ OEM customers (many of them industry leaders that offer virtually unlimited potential for additional growth), industry-leading products, and our reputation for out-of-the-box innovation.
“As they have throughout the year, all of our growth engines delivered spectacularly. We continued to secure new customers and succeeded in penetrating new divisions of existing customers. We introduced and sold new products to both current and new customers, and achieved major wins with our SETAC product line. In addition, we enjoyed increased demand from all of our target market segments, which are growing faster than ever due to increased demand for bandwidth-hungry cloud computing and virtualization environments.”
Mr. Orbach concluded, “All indications point toward a continued strengthening of these positive trends in 2011. With strong markets, growing demand for our products, and the exciting momentum of our new SETAC product line, we are confident that we will continue growing Silicom in 2011 and beyond. |
