Silicom Reports Q4 EPS $0.36 vs $0.32 Est; Revs $11M vs $10.8M Est

Silicom Ltd.

today reported record financial results for the fourth quarter and full year ended December 31, 2011. Financial Results Financial results for 2011: Silicom's financial results for 2011 broke all previous records in terms of revenues, operating income, net income and earnings per share (

). Revenues for the year increased by 30% to $39.6 million from $30.4 million in 2010. As such, Silicom has virtually doubled its revenues in two years from $20.5 million in 2009. On a GAAP basis, the Company's net income for the period totalled $8.2 million, or $1.18 per diluted share ($1.20 per basic share), up 44% from $5.7 million, or $0.82 per diluted share ($0.84 per basic share) for 2010. As such, Silicom has nearly tripled its net income in two years from $2.8 million in 2009. On a non-GAAP basis, which excludes non-cash share-based compensation, as described and reconciled below, net income for the period totalled $8.7 million, or $1.24 per diluted share ($1.26 per basic share). This is up 46% compared with $5.9 million, or $0.86 per diluted share ($0.87 per basic share) for 2010. As of December 31, 2011, the Company's cash, cash equivalents, bank deposits and marketable securities totalled $49.2 million, or $7.10 per outstanding share, up $2.1 million compared with the end of the third quarter of 2011 and up $3.7 million compared with the end of 2010. Financial results for Q4 2011: For the fourth quarter of 2011, Silicom's financial results broke all previous records in terms of revenues, operating income, net income and earnings per share (

). Revenues for the quarter reached $11.1 million, a 12% increase compared with $9.9 million in the fourth quarter of 2010. On a GAAP basis, reported net income for the quarter totalled $2.4 million, or $0.34 per diluted share ($0.35 per basic share), up 23% from the $2.0 million, or $0.28 per diluted share ($0.29 per basic share), recorded in the fourth quarter of 2010. On a non-GAAP basis, which excludes non-cash share-based compensation, as described and reconciled below, net income for the quarter totalled $2.5 million, or $0.36 per diluted and basic share. This is up 25% compared with $2.0 million, or $0.29 per diluted and basic share for the fourth quarter of 2010.