This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements that are not historical facts and may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. These statements are only predictions based on EZchip's current expectations and projections about future events. There are important factors that could cause EZchip's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors include, but are not limited to, the impact of general economic conditions, competitive products, product demand and market acceptance risks, customer order cancellations, reliance on key strategic alliances, fluctuations in operating results, delays in development of highly-complex products and other factors indicated in EZchip's filings with the Securities and Exchange Commission (SEC). For more details, refer to EZchip's SEC filings and the amendments thereto, including its Annual Report on Form 20-F filed on March 29, 2012 and its Current Reports on Form 6-K. EZchip undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in our expectations, except as may be required by law.
EZchip Semiconductor Ltd.
Condensed Consolidated Statements of Operations
(U.S. Dollars in thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
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June 30, March 31, June 30, June 30, June 30,
2012 2012 2011 2012 2011
----------- ----------- ----------- ----------- -----------
Revenues $ 15,798 $ 14,415 $ 17,306 $ 30,213 $ 30,485
Cost of revenues 2,887 2,179 3,535 5,066 6,514
Amortization of
purchased technology - - 298 - 597
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Gross profit 12,911 12,236 13,473 25,147 23,374
Operating expenses:
Research and
development, net 4,840 4,534 3,892 9,374 8,291
Selling, general
and administrative 3,200 3,167 3,062 6,367 6,006
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Total operating
expenses 8,040 7,701 6,954 15,741 14,297
----------- ----------- ----------- ----------- -----------
Operating income 4,871 4,535 6,519 9,406 9,077 Financial income,
net 682 597 369 1,279 695
----------- ----------- ----------- ----------- -----------
Income before taxes 5,553 5,132 6,888 10,685 9,772
Taxes on income - - (2,116) - (3,527)
----------- ----------- ----------- ----------- -----------
Net income $ 5,553 $ 5,132 $ 4,772 $ 10,685 $ 6,245
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Net income per share:
Basic $ 0.20 $ 0.19 $ 0.18 $ 0.38 $ 0.24
Diluted $ 0.19 $ 0.18 $ 0.17 $ 0.37 $ 0.22
Weighted average
shares used in per
share calculation:
Basic 28,042,283 27,525,386 26,600,650 27,783,834 26,400,961
Diluted 28,823,804 28,517,609 27,911,054 28,700,836 27,798,963
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