SILICOM Ltd.
(Registrant)
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By:
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/s/ Eran Gilad | |
Eran Gilad
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CFO
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Dated: April 26th, 2010
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We are seeing a ramp-up in the orders flowing from recent design wins with large customers.
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Several of our customers have integrated our products into more of their product lines, and therefore are increasing their business with us.
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We are seeing increased revenues from many of the 70+ customers in our customer base, many of whom are market leaders in various networking and security market segments.
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We are starting to see initial sales of our new products, as demonstrated by the significant win that we achieved during the quarter for our 10 Gbps external Intelligent Bypass Switch. This innovative new product extends our positioning as the industry’s trusted ‘one-stop shop’ for top-performing Bypass solutions.
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Market traction for our SETAC (SErver To Appliance Converter) is beginning to build, as illustrated by the selection of SETAC by a leading Chinese network appliance manufacture, which is the third SETAC marketing success we have announced since our recent launch of the product.
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Company Contact:
Eran Gilad, CFO
Silicom Ltd.
Tel: +972-9-764-4555
E-mail: erang@silicom.co.il
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Investor relations contact:
Kenny Green / Ehud Helft
CCG Israel Investor Relations
Tel: +1 646 201 9246
E-mail : silicom@ccgisrael.com
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March 31,
2010
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December 31,
2009
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Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents
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$ | 7,559 | $ | 7,253 | ||||
Short-term bank deposits
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7,503 | 7,253 | ||||||
Marketable securities
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11,147 | 10,425 | ||||||
Accounts receivables: Trade, net
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5,765 | 5,172 | ||||||
Accounts receivables: Other
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560 | 371 | ||||||
Inventories
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5,886 | 4,677 | ||||||
Deferred tax assets
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175 | 233 | ||||||
Total current assets
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38,595 | 35,384 | ||||||
Marketable securities
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17,640 | 18,308 | ||||||
Assets held for employees’ severance benefits
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1,126 | 1,105 | ||||||
Deferred tax assets
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241 | 192 | ||||||
Property, plant and equipment, net
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568 | 602 | ||||||
Total assets
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$ | 58,170 | $ | 55,591 |
Current liabilities
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Trade accounts payable
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$ | 3,785 | $ | 2,261 | ||||
Other accounts payable and accrued expenses
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2,108 | 2,138 | ||||||
Total current liabilities
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5,893 | 4,399 | ||||||
Liability for employees’ severance benefits
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2,045 | 1,967 | ||||||
Total liabilities
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7,938 | 6,366 | ||||||
Shareholders' equity
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Ordinary shares and additional paid-in capital
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34,243 | 34,174 | ||||||
Treasury shares
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(38 | ) | (38 | ) | ||||
Retained earnings
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16,027 | 15,089 | ||||||
Total Shareholders' equity
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50,232 | 49,225 | ||||||
Total liabilities and shareholders equity
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$ | 58,170 | $ | 55,591 |
Three-month period
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ended March 31,
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2010
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2009
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Sales
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$ | 6,400 | $ | 5,018 | ||||
Cost of sales
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3,698 | 3,078 | ||||||
Gross profit
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2,702 | 1,940 | ||||||
Research and development expenses
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837 | 637 | ||||||
Selling and marketing expenses
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498 | 379 | ||||||
General and administrative expenses
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360 | 275 | ||||||
Total operating expenses
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1,695 | 1,291 | ||||||
Operating income
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1,007 | 649 | ||||||
Financial income, net
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141 | 344 | ||||||
Income before income taxes
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1,148 | 993 | ||||||
Income taxes
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210 | 126 | ||||||
Net income
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$ | 938 | $ | 867 | ||||
Basic income per ordinary share
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$ | 0.14 | $ | 0.13 | ||||
Weighted average number of ordinary shares used to compute basic income per share (in thousands)
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6,809 | 6,694 | ||||||
Diluted income per ordinary share
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$ | 0.13 | $ | 0.13 | ||||
Weighted average number of ordinary shares used to compute diluted income per share (in thousands)
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6,964 | 6,791 |