EZchip Semiconductor Ltd.
Condensed Consolidated Statements of Operations
(U.S. Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
---------------------------------------
March 31, December 31, March 31,
2012 2011 2011
---------- ------------- ----------
Revenues $ 14,415 $ 14,269 $ 13,179
Cost of revenues 2,179 3,386 2,979
Amortization of
purchased technology -- -- 299
Repayment of OCS
grants -- 9,938 --
---------- ---------- ----------
12,236 945 9,901
Gross profit
Operating expenses:
Research and
development, net 4,534 4,352 4,399
Selling, general and
administrative 3,167 3,097 2,944
---------- ---------- ----------
Total operating
expenses 7,701 7,449 7,343
---------- ---------- ----------
Operating income 4,535 (6,504) 2,558
(loss)
Financial income,
net 597 551 326
---------- ---------- ----------
Income (loss) before
taxes 5,132 (5,953) 2,884
-- --
Taxes on income (1,411)
---------- ---------- ----------
Net income (loss) $ 5,132 $ (5,953) $ 1,473
========== ========== ==========
Net income (loss)
per share:
Basic $ 0.19 $ (0.22) $ 0.06
Diluted $ 0.18 $ (0.22) $ 0.05
Weighted average
shares used in per
share calculation:
Basic 27,525,386 27,015,478 26,199,053
Diluted 28,517,609 27,015,478 27,495,138
------------ ----------- ----------
EZchip Semiconductor Ltd.
Reconciliation of GAAP to Non-GAAP Measures
(U.S. Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended
---------------------------------------
March 31, December 31, March 31,
2012 2011 2011
---------- ------------- ----------
GAAP gross profit $ 12,236 $ 945 $ 9,901
Stock-based compensation 77 73 140
Amortization of purchased
technology -- -- 299
Repayment of OCS grants* -- 9,938 --
---------- ------------- ----------
Non-GAAP gross profit $ 12,313 $ 10,956 $ 10,340
---------- ------------- ----------
GAAP gross profit as
percentage of revenues 84.9% 6.6% 75.1%
---------- ------------- ----------
Non-GAAP gross profit as
percentage of revenues 85.4% 76.8% 78.5%
---------- ------------- ----------
GAAP operating expenses $ 7,701 $ 7,449 $ 7,343
Stock-based compensation:
Research and development (1,361) (1,094) (1,126)
Selling, general and
administrative (1,144) (1,051) (830)
Amortization of intangible
assets
Selling, general and
administrative (51) (95) (95)
---------- ------------- ----------
Non-GAAP operating
expenses $ 5,145 $ 5,209 $ 5,292
---------- ------------- ----------
GAAP operating income
(loss) $ 4,535 $ (6,504) $ 2,558
---------- ------------- ----------
Non-GAAP operating income $ 7,168 $ 5,747 $ 5,048
---------- ------------- ----------
GAAP net income (loss) $ 5,132 $ (5,953) $ 1,473
Stock-based compensation 2,582 2,218 2,096
Amortization of purchased
intangible assets 51 95 394
Repayment of OCS grants* -- 9,938 --
Taxes on income** -- -- 1,411
---------- ------------- ----------
Non-GAAP net income $ 7,765 $ 6,298 $ 5,374
---------- ------------- ----------
Non-GAAP net income per
share - Diluted $ 0.27 $ 0.22 $ 0.19
Non-GAAP weighted average
shares - Diluted*** 29,144,661 28,605,559 28,003,376
