SILICOM LTD.
(Registrant)
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Date: April 21, 2016
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By
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/s/ Eran Gilad
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Eran Gilad
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Chief Financial Officer
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Company Contact:
Eran Gilad, CFO
Silicom Ltd.
Tel: +972-9-764-4555
E-mail: erang@silicom.co.il
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Investor relations contact:
Kenny Green / Ehud Helft
GK Investor Relations
Tel: +1 646 201 9246
E-mail : silicom@gkir.com
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March 31,
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December 31,
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2016
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2015
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Assets
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Current assets
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Cash and cash equivalents
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$ | 26,069 | $ | 18,178 | ||||
Marketable securities
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13,024 | 8,636 | ||||||
Accounts receivables: Trade, net
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18,985 | 23,768 | ||||||
Accounts receivables: Other
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3,545 | 1,380 | ||||||
Inventories
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31,836 | 26,321 | ||||||
Deferred tax assets
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- | 950 | ||||||
Total current assets
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93,459 | 79,233 | ||||||
Marketable securities
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16,156 | 24,246 | ||||||
Assets held for employees’ severance benefits
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1,421 | 1,374 | ||||||
Deferred tax assets
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1,530 | 595 | ||||||
Property, plant and equipment, net
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3,768 | 3,825 | ||||||
Intangible assets, net
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4,395 | 5,164 | ||||||
Goodwill
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25,741 | 25,561 | ||||||
Total assets
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$ | 146,470 | $ | 139,998 | ||||
Liabilities and shareholders' equity
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Current liabilities
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Trade accounts payable
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$ | 10,953 | $ | 8,556 | ||||
Other accounts payable and accrued expenses
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12,081 | 11,147 | ||||||
Deferred tax liabilities
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- | 111 | ||||||
Total current liabilities
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23,034 | 19,814 | ||||||
Contingent consideration
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4,929 | 4,942 | ||||||
Liability for employees’ severance benefits
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2,523 | 2,251 | ||||||
Deferred tax liabilities
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296 | 157 | ||||||
Total liabilities
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30,782 | 27,164 | ||||||
Shareholders' equity
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Ordinary shares and additional paid-in capital
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45,068 | 44,122 | ||||||
Treasury shares
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(38 | ) | (38 | ) | ||||
Retained earnings
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70,658 | 68,750 | ||||||
Total shareholders' equity
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115,688 | 112,834 | ||||||
Total liabilities and shareholders' equity
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$ | 146,470 | $ | 139,998 |
Silicom Ltd. Consolidated Statements of Operations
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(US$ thousands, except for share and per share data)
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Three-month period
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ended March 31,
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2016
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2015
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Sales
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$ | 21,357 | $ | 18,763 | ||||
Cost of sales
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13,425 | 10,892 | ||||||
Gross profit
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7,932 | 7,871 | ||||||
Research and development expenses
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3,028 | 2,298 | ||||||
Selling and marketing expenses
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1,527 | 1,293 | ||||||
General and administrative expenses
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968 | 953 | ||||||
Total operating expenses
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5,523 | 4,544 | ||||||
Operating income
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2,409 | 3,327 | ||||||
Financial income (expenses), net
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(65 | ) | 109 | |||||
Income before income taxes
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2,344 | 3,436 | ||||||
Income taxes
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436 | 450 | ||||||
Net income
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$ | 1,908 | $ | 2,986 | ||||
Basic income per ordinary share (US$)
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$ | 0.26 | $ | 0.41 | ||||
Weighted average number of ordinary shares used to compute basic income per share (in thousands)
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7,297 | 7,246 | ||||||
Diluted income per ordinary share (US$)
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$ | 0.26 | $ | 0.41 | ||||
Weighted average number of ordinary shares used to compute diluted income per share (in thousands)
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7,396 | 7,366 |
Silicom Ltd. Reconciliation of Non-GAAP Financial Results
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(US$ thousands, except for share and per share data)
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Three-month period
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ended March 31,
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2016
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2015
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GAAP gross profit
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$ | 7,932 | $ | 7,871 | ||||
(1) Share-based compensation (*)
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38 | 26 | ||||||
(2) Adjustment of inventory step up related to acquisition
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- | 95 | ||||||
(4)Amortization of acquired intangible assets
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274 | - | ||||||
Non-GAAP gross profit
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$ | 8,244 | $ | 7,992 | ||||
GAAP operating income
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$ | 2,409 | $ | 3,327 | ||||
Gross profit adjustments
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312 | 121 | ||||||
(1) Share-based compensation (*)
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406 | 338 | ||||||
(3) Acquisition-related expenses
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- | 88 | ||||||
(4) Amortization of acquired intangible assets
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492 | 181 | ||||||
(5) Changes in the fair value of contingent consideration
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(47 | ) | 197 | |||||
Non-GAAP operating income
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$ | 3,572 | $ | 4,252 | ||||
GAAP net income
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$ | 1,908 | $ | 2,986 | ||||
Operating income adjustments
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1,163 | 925 | ||||||
(6) Taxes on amortization of acquired intangible assets
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(39 | ) | (62 | ) | ||||
Non-GAAP net income
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$ | 3,032 | $ | 3,849 | ||||
GAAP net income
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$ | 1,908 | $ | 2,986 | ||||
Adjustments for Non-GAAP cost of sales
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312 | 121 | ||||||
Adjustments for Non-GAAP Research and development expenses
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468 | 299 | ||||||
Adjustments for Non-GAAP Selling and marketing expenses
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279 | 163 | ||||||
Adjustments for Non-GAAP General and administrative expenses
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104 | 342 | ||||||
Adjustments for Non-GAAP Income taxes
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(39 | ) | (62 | ) | ||||
Non-GAAP net income
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$ | 3,032 | $ | 3,849 | ||||
GAAP basic income per ordinary share (US$)
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$ | 0.26 | $ | 0.41 | ||||
(1) Share-based compensation (*)
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0.06 | 0.05 | ||||||
(2-6) Acquisition-related adjustments
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0.10 | 0.07 | ||||||
Non-GAAP basic income per ordinary share (US$)
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$ | 0.42 | $ | 0.53 | ||||
GAAP diluted income per ordinary share (US$)
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$ | 0.26 | $ | 0.41 | ||||
(1) Share-based compensation (*)
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0.06 | 0.05 | ||||||
(2-6) Acquisition-related adjustments
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0.09 | 0.06 | ||||||
Non-GAAP diluted income per ordinary share (US$)
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$ | 0.41 | $ | 0.52 | ||||
(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))
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