|By PR Newswire||
|February 13, 2013 08:01 AM EST||
YOKNEAM, Israel, February 13, 2013 /PRNewswire/ --
EZchip Semiconductor Ltd. (NASDAQ: EZCH), a leader in Ethernet network processors, today announced its results for the fourth quarter and full year ended December 31, 2012.
Fourth Quarter and Full Year 2012 Highlights:
- Annual revenues for 2012 of $54.7 million
- Fourth quarter revenues of $15.2 million
- Fourth quarter gross margin reached 83.2% on a GAAP basis and 83.7% on a non-GAAP basis
- Net income, on a GAAP basis, was $15.7 million for 2012 and $4.8 million for the fourth quarter
- Net income, on a non-GAAP basis, was $27.1 million for 2012 (49% of revenues) and $7.8 million for the fourth quarter (51% of revenues)
- Non-GAAP operating cash flow of $29.2 million for 2012 and $7.1 million for the fourth quarter
- Net cash at end of 2012 was $168.0 million
Fourth Quarter 2012 Results:
Total revenues in the fourth quarter of 2012 were $15.2 million, an increase of 7% compared to $14.3 million in the fourth quarter of 2011, and an increase of 64% compared to $9.3 million in the third quarter of 2012.
Net income, on a GAAPbasis, for the fourth quarter of 2012 was $4.8 million, or $0.17 per share (diluted), compared to net loss of $6.0 million, which included a one-time charge due to early repayment of $9.9 million to the Israeli Office of Chief Scientist (OCS), or $0.22 per share, in the fourth quarter of 2011, and net income of $0.1 million, or $0.00 per share (diluted), in the third quarter of 2012.
Net income, on a non-GAAP basis, for the fourth quarter of 2012 was $7.8 million, or $0.26 per share (diluted), compared to non-GAAP net income of $6.3 million, or $0.22 per share (diluted), in the fourth quarter of 2011, and non-GAAP net income of $3.1 million, or $0.10 per share (diluted), in the third quarter of 2012.
Full Year 2012 Results:
Total revenues for the year ended December 31, 2012 were $54.7 million, a year-over-year decrease of 14% compared to $63.5 million in 2011.
Net income on a GAAP basis for 2012 was $15.7 million, or $0.54 per share (diluted), compared to net income of $7.9 million, or $0.28 per share (diluted), in 2011.
Net income on a non-GAAP basis for 2012 was $27.1 million or $0.92 per share (diluted), compared with non-GAAP net income of $31.0 million, or $1.09 per share (diluted), in 2011.
Cash, cash equivalents, marketable securities and deposits as of December 31, 2012, totaled $168.0 million, compared to $160.1 million as of September 30, 2012 and compared to $126.8 million as of December 31, 2011. Cash generated from operations was $7.1 million for the fourth quarter and $29.2 million for the year, cash used in investing activities was $0.2 million for the fourth quarter and $1.5 million for the year, cash provided by financing activities (resulting from the exercise of options) was $1.0 million for the fourth quarter and $12.9 million for the year and an additional $0.6 million increase resulted from unrealized gains in marketable securities during 2012.
Eli Fruchter, CEO of EZchip, commented, "2012 was another transition year for EZchip. First, we completed the transition to Cisco becoming our largest customer, with all revenues being royalty-based, thereby increasing our gross margins to 84% and maintaining our outstanding 49% net margin in line with the net margin we achieved in 2010 and 2011. Second, we transitioned to NP-4, which surpassed the NP-3 run rate in its first full production year, and became our largest revenue generator. Finally, we laid the foundation for the NPS line of network processors for smart networks that will target both next-generation edge routers and data centers, and we believe could double our total available market.
"Of our five major NP-4 customers, two are in production and two entered production at the end of the third quarter and have placed initial production orders. The fifth customer, Huawei, is also expected to enter production in the first quarter; however, it has not yet placed any production orders and we believe Huawei may proceed to offer a lower-end in-house solution in parallel to the high-end NP-4 solution.
"Looking ahead, we believe that high-end NPUs, such as the NP-4, are required for high-end edge routers to be competitive. Therefore, based on the success of our customer products in the marketplace and the level of carriers' investment in Internet infrastructure, we believe NP-4 can significantly increase our revenues in the next few years. As for this year, we expect year-over-year growth in both Q1 and 2013, also when compared with 2011."
The Company will be hosting a conference call later today, February 13, 2013, at 10:00am ET, 7:00am PT, 3:00pm UK time and 5:00pm Israel time. On the call, management will review and discuss the results, and will be available to answer investor questions.
To participate through the live webcast, please access the investor relations section of the Company's web site at: http://www.ezchip.com/investor_relations.htm, at least 10 minutes before the conference call commences. If you would like to ask a question on the call, please contact the investor relations team for the telephone dial in numbers.
For those unable to listen to the live webcast, a replay of the webcast will be available the day after the call under the 'Investor Relations' section of the website.
Use of Non-GAAP Financial Information
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this release of operating results also contains non-GAAP financial measures, which EZchip believes are the principal indicators of the operating and financial performance of its business. The non-GAAP financial measures exclude the effects of stock-based compensation expenses recorded in accordance with FASB ASC 718, amortization of intangible assets, one-time charge due to early repayment of OCS grants and taxes on income. Management believes the non-GAAP financial measures provided are useful to investors' understanding and assessment of the Company's on-going core operations and prospects for the future, as the charges eliminated are not part of the day-to-day business or reflective of the core operational activities of the Company. Management uses these non-GAAP financial measures as a basis for strategic decisions, forecasting future results and evaluating the Company's current performance. However, such measures should not be considered in isolation or as substitutes for results prepared in accordance with GAAP. Reconciliation of the non-GAAP measures to the most comparable GAAP measures are provided in the schedules attached to this release.
EZchip is a fabless semiconductor company that provides Ethernet network processors for networking equipment. EZchip provides solutions that scale from a few to hundreds of Gigabits-per-second. EZchip's network processors provide great flexibility and high performance coupled with superior integration and power efficiency for a wide range of applications in carrier, cloud and data center network equipment. For more information on our company, visit the web site at http://www.ezchip.com.
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 Twelve Months Ended ________________________________________________________________ December September December December December 31, 30, 31, 31, 31, 2012 2012 2011 2012 2011 ________ _________ _________ __________ _________ Revenues $ 15,207 $ 9,287 $ 14,269 $ 54,707 $ 63,457 Cost of revenues 2,555 1,497 3,386 9,118 14,409 Amortization of purchased technology -- -- -- -- 597 Repayment of OCS grants -- -- 9,938 -- 9,938 _________ _________ _________ _________ _________ Gross profit 12,652 7,790 945 45,589 38,513 Operating expenses: Research and development, net 5,180 5,182 4,352 19,736 16,695 Selling, general and administrative 3,220 3,047 3,097 12,634 12,059 _________ _________ _________ _________ _________ Total operating 32,370 28,754 expenses 8,400 8,229 7,449 Operating 4,252 (439) (6,504) 13,219 9,759 income (loss) Financial income, net 587 566 551 2,432 1,713 _________ _________ _________ _________ _________ Income (loss) before taxes 4,839 127 (5,953) 15,651 11,472 ========= ========= ========= ========= ========= Taxes on income -- -- -- -- (3,530) Net income (loss) $ 4,839 $ 127 $ (5,953) $ 15,651 $ 7,942 Net income (loss) per share: Basic $ 0.17 $ 0.00 $ (0.22) $ 0.56 $ 0.30 Diluted $ 0.17 $ 0.00 $ (0.22) $ 0.54 $ 0.28 Weighted average shares used in per share calculation: Basic 28,233,299 28,119,713 27,015,478 27,981,243 26,681,749 Diluted 28,869,499 28,748,784 27,015,478 28,842,408 28,001,428 __________ __________ __________ __________ __________
EZchip Semiconductor Ltd. Reconciliation of GAAP to Non-GAAP Measures (U.S. Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended Twelve Months Ended ________________________________________________________________ December September December December December 31, 30, 31, 31, 31, 2012 2012 2011 2012 2011 _________ _________ _________ _________ _________ GAAP gross profit $ 12,652 $ 7,790 $ 945 $ 45,589 $ 38,513 Stock-based compensation 74 73 73 298 359 Amortization of purchased technology -- -- -- -- 597 Repayment of OCS grants* -- -- 9,938 -- 9,938 Non-GAAP gross profit $ 12,726 $ 7,863 $ 10,956 $ 45,887 $ 49,407 _________ _________ _________ _________ _________ GAAP gross profit as percentage of revenues 83.2% 83.9% 6.6% 83.3% 60.7% Non-GAAP gross profit as percentage of revenues 83.7% 84.7% 76.8% 83.9% 77.9% _________ __________ _________ _________ _________ GAAP operating expenses $ 8,400 $ 8,229 $ 7,449 $ 32,370 $ 28,754 Stock-based compensation: Research and development (1,563) (1,557) (1,094) (6,026) (4,446) Selling, general and administrative (1,265) (1,249) (1,051) (4,874) (3,801) Amortization of intangible assets Selling, general and administrative (51) (51) (95) (204) (380) Non-GAAP operating expenses $ 5,521 $ 5,372 $ 5,209 $ 21,266 $ 20,127 _________ _________ _________ _________ _________ GAAP operating income (loss) $ 4,252 $ (439) $ (6,504) $ 13,219 $ 9,759 Non-GAAP operating income $ 7,205 $ 2,491 $ 5,747 $ 24,621 $ 29,280 _________ _________ _________ _________ _________ GAAP net income (loss) $ 4,839 $ 127 $ (5,953) $ 15,651 $ 7,942 Stock-based compensation 2,902 2,879 2,218 11,198 8,606 Amortization of purchased intangible assets 51 51 95 204 977 Repayment of OCS grants* -- -- 9,938 -- 9,938 Taxes on income** -- -- -- -- 3,530 _________ _________ _________ _________ _________ Non-GAAP net income $ 7,792 $ 3,057 $ 6,298 $ 27,053 $ 30,993 _________ _________ _________ _________ _________ Non-GAAP net income per share - Diluted $ 0.26 $ 0.10 $ 0.22 $ 0.92 $ 1.09 Non-GAAP weighted average shares - Diluted*** 29,634,765 29,588,230 28,605,559 29,473,851 28,432,175
* 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. Selected Condensed Consolidated Cash Flow Data on a Non-GAAP Basis (U.S. Dollars in thousands) (Unaudited) Three Months Ended Twelve Months Ended _________________________________________________________ December September December December December 31, 30, 31, 31, 31, 2012 2012 2011 2012 2011 _________ _________ _________ _________ _________ Cash flows from operating activities: Net income (loss) $ 4,839 $ 127 $ (5,953) $ 15,651 $ 7,942 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Repayment of OCS grants* -- -- 9,938 -- 9,938 Depreciation and amortization 183 178 163 661 1,227 Decrease (increase) in trade and other receivables, net (1,878) 2,991 1,113 1,870 (621) Decrease (increase) in inventory 948 521 259 1,265 (1,266) Decrease in deferred tax asset -- -- -- -- 3,513 Increase (decrease) in trade payables and other accrued liabilities, net 138 (585) 1,213 (1,400) (494) Stock-based compensation 2,902 2,879 2,218 11,198 8,606 Net cash provided by operating _________ _________ _________ _________ _________ activities 7,132 6,111 8,951 29,245 28,845 _________ _________ _________ _________ _________ Cash flows from investing activities: Purchase of property and _________ _________ _________ _________ _________ equipment (239) (95) (97) (1,008) (411) Purchase of _________ _________ _________ _________ _________ technology -- -- (500) (500) (500) Net cash used in investing activities (239) (95) (597) (1,508) (911) Cash flows from financing activities: Proceeds from exercise of options 1,027 96 711 12,890 8,082 Net cash provided by financing _________ _________ _________ _________ _________ activities 1,027 96 711 12,890 8,082 _________ _________ _________ _________ _________ Repayment of OCS grants* -- -- (9,938) -- (9,938) Unrealized gain (loss) on marketable securities, net (33) 205 6 571 (618) _________ _________ _________ __________ _________ Increase (decrease) in cash, cash equivalents, marketable securities and deposits 7,887 6,317 (867) 41,198 25,460 Cash, cash equivalents, marketable securities and deposits at the beginning of the period 160,081 153,764 127,637 126,770 101,310 Cash, cash equivalents, marketable securities and deposits at the end of the period _________ _________ __________ _________ _________ $ 167,968 $ 160,081 $ 126,770 $ 167,968 $ 126,770 ========= ========= ========== ========= =========
* 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 operating cash flow as it represents future royalty obligations.
Ehud Helft / Kenny Green
CCG Investor Relations
Tel: (US) +1-646-201-9246
SOURCE EZchip Semiconductor Ltd
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