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 based on its current knowledge. 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 (including in-house customer developed 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 21, 2013 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) | ||||||||||
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Three Months Ended |
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Nine Months Ended | ||||||
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Sept. 30, |
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June 30, |
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Sept. 30, |
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Sept. 30, |
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Sept. 30, |
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2013 |
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2013 |
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2012 |
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2013 |
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2012 |
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Revenues |
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$ 18,804 |
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$ 16,653 |
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$ 9,287 |
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$ 50,753 |
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$ 39,500 |
Cost of revenues |
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2,926 |
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2,475 |
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1,497 |
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8,342 |
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6,563 |
Gross profit |
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15,878 |
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14,178 |
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7,790 |
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42,411 |
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32,937 |
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Operating expenses: |
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Research and development, net |
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6,527 |
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6,267 |
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5,182 |
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18,892 |
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14,556 |
Selling, general and administrative |
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3,310 |
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3,269 |
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3,047 |
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9,836 |
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9,414 |
Total operating expenses |
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9,837 |
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9,536 |
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8,229 |
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28,728 |
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23,970 |
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Operating income (loss) |
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6,041 |
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4,642 |
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(439) |
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13,683 |
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8,967 |
Financial income, net |
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487 |
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505 |
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566 |
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1,502 |
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1,845 |
Net income |
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$ 6,528 |
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$ 5,147 |
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$ 127 |
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$ 15,185 |
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$ 10,812 |
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Net income per share: |
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Basic |
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$ 0.23 |
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$ 0.18 |
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$ 0.00 |
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$ 0.53 |
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$ 0.39 |
Diluted |
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$ 0.22 |
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$ 0.18 |
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$ 0.00 |
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$ 0.52 |
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$ 0.38 |
Weighted average shares used in per share calculation: |
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Basic |
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28,717,575
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28,571,954
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28,119,713
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28,562,581
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27,896,611
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Diluted |
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29,151,003
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28,917,717
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28,748,784
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29,092,293
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28,762,602
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