* 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. Once the Company completes the utilization of the deferred tax asset, the Company expects to be exempt from Israeli companies taxes for a period of ten years due to benefits provided to the Company pursuant to the Company's 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)
September 30, December 31,
2011 2010
------------- -------------
(Unaudited) (Audited)
ASSETS
CURRENT ASSETS:
Cash, cash
equivalents and
marketable
securities $ 127,637 $ 101,310
Trade receivables,
net 10,339 8,988
Other receivables 1,260 1,178
Inventories 6,047 4,522
Deferred tax
assets, net -- 3,443
---------- ----------
Total current
assets 145,283 119,441
NON CURRENT
ASSETS:
Severance pay fund 5,185 5,209
Long term
investment and
others 343 335
---------- ----------
Total non current
assets 5,528 5,544
PROPERTY AND
EQUIPMENT, NET 510 419
Goodwill 96,276 96,276
Intangible assets,
net 300 1,181
---------- ----------
TOTAL ASSETS $ 247,897 $ 222,861
========== ==========
LIABILITIES AND
SHAREHOLDERS'
EQUITY
CURRENT
LIABILITIES:
Trade payables $ 716 $ 1,289
Other payables and
accrued expenses 5,663 6,569
---------- ----------
Total current
liabilities 6,379 7,858
LONG TERM
LIABILITIES:
Accrued severance
pay 6,082 5,974
SHAREHOLDERS'
EQUITY:
Share capital 154 149
Additional paid-in
capital 285,713 271,959
Accumulated other
comprehensive
income (loss) (707) 540
Accumulated
deficit (49,724) (63,619)
---------- ----------
Total
shareholders'
equity 235,436 209,029
---------- ----------
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY $ 247,897 $ 222,861
========== ==========
