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SILICOM LTD. — Regulatory Filings 2004
Jan 26, 2004
34188_ffr_2004-01-26_15167b0d-25fd-4cc9-b367-702cbc4baaaa.zip
Regulatory Filings
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6-K 1 d40463.htm Created by EDGAR Ease Plus (EDGAR Ease+ 1.3a) Project: \Backup\office\EDGAR Filing\Silicom Ltd\40463\a40463.eep Control Number: 40463 Rev Number: 1 Client Name: Silicom Ltd Project Name: 6-K Firm Name: Zadok-Keinan Ltd 6-K MARKER FORMAT-SHEET="Scotch Rule Top-TNR" FSL="Workstation" MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation"
SECURITIES AND EXCHANGE COMMISSION
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WASHINGTON, D.C. 20549
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FORM 6-K
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REPORT OF FOREIGN PRIVATE ISSUER
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PURSUANT TO RULE 13a-16 OR 15d-16 OF
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THE SECURITIES EXCHANGE ACT OF 1934
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For the month of January, 2004
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SILICOM LTD.
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(Translation of Registrants name into English)
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8 Hanagar St., P.O.Box 2164, Kfar-Sava 44425, Israel
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(Address of Principal Executive Offices)
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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
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Form 20-F x Form 40-F o
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Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
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Yes o No x
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Attached hereto and incorporated by reference herein is Registrants press release dated January 26 th , 2004 announcing Registrants fourth quarter financial results.
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Signature
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
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SILICOM Ltd. (Registrant) BY: /S/ Ilan Erez Ilan Erez Chief Financial Officer
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Dated: January 26 th , 2004
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EARNINGS RELEASE
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FOR IMMEDIATE RELEASE
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SILICOM REPORTS FOURTH QUARTER AND FULL YEAR 2003 RESULTS
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KFAR SAVA, IsraelJanuary 26, 2004 Silicom Ltd. (NASDAQ: SILCF ) today reported financial results for the fourth quarter and full year ended December 31, 2003.
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Revenues for the fourth quarter of 2003 were $1,020,000, an increase of 28% compared to $795,000 for the fourth quarter of 2002. Net loss for the quarter was ($282,000), or ($0.07) per share, compared to ($674,000), or ($0.16) per share for the fourth quarter of 2002.
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Revenues for 2003 were $3,725,000, an increase of 37% compared to $2,726,000 for 2002. Net loss for 2003 was ($1,509,000), or ($0.37) per share, compared to ($2,485,000), or ($0.60) per share, for 2002.
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Commenting on the results, Shaike Orbach, President and CEO, said, We are pleased to report improved revenues, margins, and net loss for both the three-month and twelve-month periods. These encouraging results are due primarily to the emerging sales of our strategic Server/Storage Networking adapters, which now represent a significant portion of our revenues. The initial orders that we have received for these new products, including the latest design wins with a first-tier and several second-tier server manufacturers, have also served to validate our technology and target markets. We continue with intensive sales efforts, and are making progress in discussions with many additional potential customers. However, with the long sales cycles typical of these products, it remains difficult to predict when and to what extent these discussions will transform into sales.
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Silicom Ltd. is an industry-leading provider of communications connectivity solutions and advanced enabling technologies, making it the preferred time-to-market and performance partner to many of the industrys significant players. With core expertise in high performance, innovative technologies for networking and operating systems, the Company develops high-performance networking solutions for manufacturers of storage, Internet traffic management, security, and other types of server-based systems characterized by multi-port high-performance environments. Silicom also offers an extensive range of PC Cards, PCI cards and USB products. For more information, please visit: www.silicom.co.il.
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Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties, or other factors not under the Companys control, which may cause actual results, performance, or achievements of the Company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, those detailed in the Companys periodic filings with the Securities and Exchange Commission. The Company disclaims any duty to update such statements.
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Contact:
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Ilan Erez, CFO Silicom Ltd. Tel: +972-9-764-4555 E-mail: [email protected]
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FINANCIAL TABLES FOLLOW
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Silicom Ltd. Consolidated Summary of Results
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U.S. dollars, in thousands, except for per share amounts
| Three-month period ended December 31, (Unaudited) — 2003 | 2002 | Full year ended December 31, (Audited) — 2003 | 2002 | |||||
|---|---|---|---|---|---|---|---|---|
| Sales | $ 1,020 | $ 795 | $ 3,725 | $ 2,726 | ||||
| Cost of sales | 569 | 578 | 2,160 | 2,091 | ||||
| Gross profit | 451 | 217 | 1,565 | 635 | ||||
| Research and development costs, | ||||||||
| gross | 407 | 446 | 1,647 | 1,523 | ||||
| Less - royalty bearing participations | (48 | ) | 49 | (150 | ) | 15 | ||
| Research and development costs, net | 359 | 495 | 1,497 | 1,538 | ||||
| Selling and marketing expenses | 230 | 250 | 1,006 | 1,022 | ||||
| General and administrative | 148 | 175 | 598 | 712 | ||||
| 737 | 920 | 3,101 | 3,272 | |||||
| Operating income (loss) | (286 | ) | (703 | ) | (1,536 | ) | (2,637 | ) |
| Financial income (expenses), net | 4 | 29 | 27 | 152 | ||||
| Income (Loss) before taxes on income | (282 | ) | (674 | ) | (1,509 | ) | (2,485 | ) |
| Taxes on income | --- | --- | --- | --- | ||||
| Net income (loss) | $ (282 | ) | $ (674 | ) | $ (1,509 | ) | $ (2,485 | ) |
| Basic and diluted earnings (loss) per | ||||||||
| share | $ (0.07 | ) | $ (0.16 | ) | $ (0.37 | ) | $ (0.60 | ) |
| Weighted average number of shares | ||||||||
| outstanding - Basic and Diluted (in | ||||||||
| thousands) | 4,112 | 4,110 | 4,112 | 4,110 |
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Silicom Ltd. Consolidated Balance Sheets (U.S. dollars, in thousands)
| December 31, 2003 (Audited) | ||||
|---|---|---|---|---|
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | $ 1,811 | $ | 861 | |
| Short term investments | 767 | 3,799 | ||
| Trade receivables | 628 | 504 | ||
| Other receivables | 290 | 277 | ||
| Inventories | 1,225 | 1,221 | ||
| 4,721 | 6,662 | |||
| Long-term investments | 549 | - | ||
| Severance pay fund | 504 | 408 | ||
| Property and equipment, net | 277 | 257 | ||
| Other assets | 67 | 77 | ||
| Total assets | $ 6,118 | $ | 7,404 | |
| Liabilities and shareholder's equity | ||||
| Current liabilities | ||||
| Trade payables | 558 | 561 | ||
| Other payables and accrued liabilities | 488 | 415 | ||
| Total current liabilities | 1,046 | 976 | ||
| Liability for severance pay | 895 | 743 | ||
| Total liabilities | 1,941 | 1,719 | ||
| Shareholders' Equity | ||||
| Share capital and additional paid in | ||||
| capital | 5,551 | 5,550 | ||
| Treasury stock | (38 | ) | (38 | ) |
| Retained earnings (deficit) | (1,336 | ) | 173 | |
| 4,177 | 5,685 | |||
| Total liabilities and shareholders equity | $ 6,118 | $ | 7,404 |