Here's the last financials.
SILICOM REPORTS FIRST NINE MONTHS AND THIRD QUARTER 1999
Operating Results
Business Editors
KFAR-SAVA, Israel--(BUSINESS WIRE)--Oct. 28th, 1999--Silicom Ltd.
(NASDAQ: SILCF) today reported that first nine months 1999 revenues
increased by 5 percent to US$4.41 million from US$4.20 million during
the first nine months of 1998. Net income for the first nine months of
1999 increased to US$ 435,000 or 11 cents per share compared to US$
108,000 or 3 cents per share for the comparable period last year.
Revenues for the third quarter of 1999 were US$ 1.22 million,
compared to US$ 1.45 million in the third quarter of 1998. Net income
in the third quarter of 1999 was US$ 46,000, or 1 cent per share,
compared to US$ 6,000, or no cent per share, for the comparable period
last year.
During the third quarter of 1999 the company shipped evaluation
units of its new family of broad-band Internet access and home
networking products to potential worldwide OEM customers. Last week
the company announced that a leading European manufacturer of mobile
networking products placed a first 2,000 units order for the Silicom
USB Ethernet adapter (U2E).
"Broad-band Internet access and Home networking are very exiting
markets for Silicom", said Avi Eizenman, president and CEO of Silicom.
"We are very encouraged to receive this purchase order from a high
potential OEM customer so early after announcing our new So Easy
product line".
"Our cash reserves as of September 30, 1999 amount to US$ 6.7
million compared to US$ 5.7 million at December 31, 1998", added Ilan
Erez, VP Finance and CFO of Silicom. "Silicom plans to use these
growing cash reserves to fulfill its strategic plan to become a
leading supplier of home networking and broad band Internet access
technology and Intellectual Property (IP). For that purpose Silicom is
now developing a new USB to Ethernet / HPNA controller IC and unique
software drivers for enhanced operating systems support at a lower
product cost."
Silicom Ltd. is a leading provider of high performance
connectivity solutions. The Company offers a broad line of single and
multi-function USB, PC Card and CardBus products with support for Home
networking, Fast Ethernet, Ethernet, Token Ring, 56Kbps modem, USB and
RS-232.
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.
Silicom Ltd. Consolidated Summary of Results
(Unaudited)
(U.S. dollars, in thousands
-except for per share amounts)
Three-month period Nine-month period
ended Sept. 30, ended Sept. 30,
1999 1998 1999 1998
====== ====== ======= =======
Sales $1,219 $1,453 $ 4,408 $ 4,201
Cost of sales 703 795 2,508 2,456
------ ------ ------- -------
Gross profit 516 658 1,900 1,745
------ ------ ------- -------
Research and development costs,
gross 283 310 795 931
Less - royalty bearing participations (127) (43) (326) (334)
------ ------ ------- -------
Research and development costs, net 156 267 469 597
Selling and marketing expenses 244 321 844 838
General and administrative 115 113 322 312
------ ------ ------- -------
515 701 1,635 1,747
------ ------ ------- -------
Operating income 1 (43) 265 (2)
Other expense --- --- --- (16)
Financial income, net 59 56 184 140
------ ------ ------- -------
Income before taxes on income 60 13 449 122
Taxes on income 14 7 14 14
------ ------ ------- -------
Net income $46 $6 $435 $108
====== ====== ======= =======
Basic and diluted earnings per share $ 0.01 $ 0.00 $ 0.11 $ 0.03
====== ====== ======= =======
Weighted average number of shares
outstanding - Basic EPS (in thousands) 3,985 3,985 3,985 3,985
====== ====== ======= =======
Weighted average number of shares
outstanding - Diluted EPS (in
thousands) 3,985 3,985 3,985 3,993
====== ====== ======= =======
Silicom Ltd. Consolidated Balance Sheets
(U.S. dollars, in thousands)
Sept. 30, Dec. 31,
1999 1998
=========== =========
(Unaudited) (Audited)
Assets
Current Assets
Cash and cash equivalents $4,360 $3,436
Short term investments 2,379 1,575
Trade receivable 726 1,093
Other receivables 403 515
Inventories 1,234 1,463
------ ------
9,102 8,082
Long term investments --- 742
Fixed assets, net 370 447
------ ------
Total assets $9,472 $9,271
====== ======
Liabilities and shareholder's equity
Current liabilities
Accounts payable and accruals:
Trade 297 513
Other 516 593
------ ------
813 1,106
Accrued severance pay, net 283 224
------ ------
1,096 1,330
------ ------
Shareholders' Equity
Share capital and additional paid in capital 5,242 5,242
Treasury stock (38) (38)
Retained earnings 3,172 2,737
------ ------
8,376 7,941
------ ------
Total liabilities and shareholders equity $9,472 $9,271
====== ======
Been flat, but could be a turnaround candidate. Will do more DD.
Jack |
