* During December 2011 we made a one-time early payment of
$9.9 million to the Israeli Office of Chief Scientist,
representing the full balance of the contingent liability
related to the NP-4 and NPA grants received. Upon making
this payment, we have eliminated all future royalty
obligations related to our anticipated NP-4 and NPA revenues
and saved the associated future interest payments related to
such obligations. This amount was excluded from the non-GAAP
statements of operations as it represents future royalty
obligations.
** Taxes on income represent the non-cash utilization of a
deferred tax asset with respect to the Company's estimate of
its accumulated taxable income in accordance with FASB ASC
740. During 2011, EZchip Technologies, the Company's main
subsidiary completed the utilization of the deferred tax
asset, and started to enjoy the ten year period of exemption
from Israeli corporate taxes due to benefits provided
pursuant to its Israeli approved and privileged enterprise
programs.
*** In calculating diluted non-GAAP net income per share,
the diluted weighted average number of shares outstanding
excludes the effects of stock-based compensation expenses in
accordance with FASB ASC 718.
EZchip Semiconductor Ltd.
Condensed Consolidated Balance Sheet
(U.S. Dollars in thousands)
March 31, December 31,
2012 2011
----------- -----------
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS:
Cash, cash equivalents and
marketable securities $ 145,224 $ 126,770
Trade receivables, net 5,807 8,655
Other receivables 4,015 1,837
Inventories 6,966 5,788
--------- ----------
Total current assets 162,012 143,050
NON CURRENT ASSETS:
Severance pay fund 5,582 5,215
Long term investment and others 340 337
--------- ----------
Total non current assets 5,922 5,552
PROPERTY AND EQUIPMENT, NET 786 828
INTANGIBLE ASSETS, NET 1,154 1,205
GOODWILL 96,276 96,276
--------- ----------
TOTAL ASSETS $ 266,150 $ 246,911
========= ==========
LIABILITIES AND SHAREHOLDERS'
EQUITY
CURRENT LIABILITIES:
Trade payables $ 1,355 $ 2,319
Other payables and accrued
expenses 5,880 6,352
--------- ----------
Total current liabilities 7,235 8,671
ACCRUED SEVERANCE PAY 6,637 6,081
SHAREHOLDERS' EQUITY:
Share capital 160 155
Additional paid-in capital 302,647 288,641
Accumulated other comprehensive
income (loss) 16 (960)
Accumulated deficit (50,545) (55,677)
--------- ----------
Total shareholders' equity 252,278 232,159
--------- ----------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 266,150 $ 246,911
========= ==========
