Safe Harbor Statement
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 and the consummation of the merger with Mellanox Technologies, Ltd. 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 31, 2015 and its Current Reports on Form 6-K (including EZchip's Proxy Statement, dated October 13, 2015 (as supplemented on October 26, 2015)). 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.
Important Additional Information
This communication is neither an offer to purchase nor a solicitation of an offer to sell securities. Shareholders are urged to read the Proxy Statement, dated October 13, 2015 (as supplemented on October 26, 2015), together with the Merger Agreement and other exhibits thereto, in their entirety because they contain important information. The Proxy Statement, dated October 13, 2015 (including the Merger Agreement with Mellanox Technologies, Ltd. and the fairness opinion received by the EZchip Board), has been filed by EZchip with the SEC and mailed to shareholders. The Supplement to the Proxy Statement, dated October 26, 2015, has been filed by EZchip with the SEC and is being mailed to shareholders. Shareholders may also obtain a free copy of these statements and other documents filed by EZchip with the SEC at the website maintained by the SEC at www.sec.gov by directing such requests to:
MacKenzie Partners, Inc.
Toll-free: (800) 322-2885
Collect: (212) 929-5500
EZchip Semiconductor Ltd.
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Three Months Ended |
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Nine Months Ended | ||||||
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September 30, |
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June 30, |
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September 30, |
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September 30, |
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September 30, |
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2015 |
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2015 |
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2014 |
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2015 |
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2014 |
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Revenues |
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$ 30,694 |
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$ 28,265 |
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$ 19,241 |
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$ 85,864 |
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$ 61,631 |
Cost of revenues |
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7,941 |
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6,911 |
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3,367 |
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22,924 |
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11,455 |
Repayment of OCS grants* |
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-- |
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-- |
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-- |
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9,636 |
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-- |
Gross profit |
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22,753 |
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21,354 |
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15,874 |
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53,304 |
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50,176 |
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Operating expenses: |
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Research and development, net |
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11,478 |
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10,458 |
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7,953 |
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33,619 |
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22,449 |
Selling, general and administrative |
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6,373 |
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5,964 |
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4,060 |
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18,408 |
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12,310 |
Total operating expenses |
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17,851 |
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16,422 |
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12,013 |
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52,027 |
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34,759 |
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Operating income |
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4,902 |
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4,932 |
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3,861 |
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1,277 |
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15,417 |
Financial income, net |
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363 |
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487 |
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338 |
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1,141 |
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1,082 |
Income before income taxes |
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5,265 |
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5,419 |
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4,199 |
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2,418 |
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16,499 |
Income taxes |
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(31) |
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-- |
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-- |
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(31) |
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-- |
Net income |
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$ 5,234 |
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$ 5,419 |
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$ 4,199 |
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$ 2,387 |
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$ 16,499 |
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Net income per share: |
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Basic |
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$ 0.18 |
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$ 0.18 |
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$ 0.14 |
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$ 0.08 |
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$ 0.57 |
Diluted |
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$ 0.17 |
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$ 0.18 |
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$ 0.14 |
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$ 0.08 |
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$ 0.56 |
Weighted average shares used in
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Basic |
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29,833,740 |
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29,980,199 |
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29,297,876 |
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29,896,108 |
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29,145,777 |
Diluted |
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30,133,445 |
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30,095,969 |
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29,657,471 |
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30,253,706 |
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29,620,204 |
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