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SILICOM LTD. — Regulatory Filings 2005
Dec 29, 2005
34188_ffr_2005-12-29_e93201ad-a58a-41c9-864c-7421676e4468.zip
Regulatory Filings
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6-K 1 zk52095.htm Created by EDGAR Ease Plus (EDGAR Ease+) Project: \backup\office\EDGAR Filing\Silicom Ltd\52095\a52095.eep Control Number: 52095 Rev Number: 1 Client Name: Silicom Ltd Project Name: 6-K Firm Name: Zadok-Keinan Ltd 6-K MARKER FORMAT-SHEET="Scotch Rule Top-TNR2" 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 December, 2005
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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 x
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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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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/ Eran Gilad Eran Gilad CFO
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Dated: December 29 th , 2005
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Silicom Ltd.
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(An Israeli Corporation)
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and its Consolidated Subsidiary
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Unaudited Interim Financial Statements
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September 30, 2005
| Silicom Ltd. (An Israeli Corporation)
and its Consolidated Subsidiary |
| --- |
| Consolidated Unaudited Interim Financial Statements as of September 30, 2005 |
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Contents
| Page | |
|---|---|
| Consolidated Unaudited Interim Financial Statements: | |
| Consolidated Unaudited Interim Balance Sheets | 2-3 |
| Consolidated Unaudited Interim Statements of Income | 4 |
| Consolidated Unaudited Interim Statements of Changes in Shareholders' Equity | 5 |
| Consolidated Unaudited Interim Statements of Cash Flows | 6 |
| Silicom Ltd. (An Israeli Corporation) and its Consolidated Subsidiary |
|---|
| Consolidated Unaudited Interim Balance Sheets at September 30, 2005 |
| U.S. dollars in thousands | U.S. dollars in thousands | |
|---|---|---|
| Unaudited | Audited | |
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | 1,707 | 1,086 |
| Investment securities | - | 519 |
| Receivables: | ||
| Trade | 1,566 | 741 |
| Other | 367 | 337 |
| Inventories | 3,125 | 1,994 |
| Total current assets | 6,765 | 4,677 |
| Investment securities | - | - |
| Assets held for severance benefits | 561 | 559 |
| Property, plant and equipment | ||
| Cost | 1,762 | 1,657 |
| Less - accumulated depreciation | 1,533 | 1,425 |
| Net, property and equipment | 229 | 232 |
| Other assets | 50 | 57 |
| Total assets | 7,605 | 5,525 |
| Silicom Ltd. (An Israeli Corporation) and its Consolidated Subsidiary |
|---|
| Consolidated Unaudited Interim Balance Sheets at September 30, 2005 |
| U.S. dollars in thousands | U.S. dollars in thousands | |||
|---|---|---|---|---|
| Unaudited | Audited | |||
| Liabilities and shareholders' equity | ||||
| Current liabilities | ||||
| Trade accounts payable | 1,677 | 1,008 | ||
| Other accounts payable and accrued expenses | 892 | 522 | ||
| Total current liabilities | 2,569 | 1,530 | ||
| Long-term liability | ||||
| Liability for employees severance benefits | 963 | 957 | ||
| Total liabilities | 3,532 | 2,487 | ||
| Commitments and contingencies | ||||
| Shareholders' equity | ||||
| Share capital and additional paid in capital | 5,838 | 5,652 | ||
| Treasury shares | (38 | ) | (38 | ) |
| Retained deficit | (1,727 | ) | (2,576 | ) |
| Total shareholders' equity | 4,073 | 3,038 | ||
| Total liabilities and shareholders' equity | 7,605 | 5,525 |
| Silicom Ltd. (An Israeli Corporation) and its Consolidated Subsidiary |
|---|
| Consolidated Unaudited Interim Statements of Income for the Nine-month period Ended September 30, 2005 |
| Three-month period ended September 30, — 2005 Unaudited | 2004 Unaudited | Nine-month period ended September 30, — 2005 Unaudited | 2004 Unaudited | |||||
|---|---|---|---|---|---|---|---|---|
| Sales | $ 2,832 | $ | 1,235 | $ 7,750 | $ | 2,978 | ||
| Cost of sales | 1,688 | 770 | 4,652 | 2,045 | ||||
| Gross profit | 1,144 | 465 | 3,098 | 933 | ||||
| Research and development costs, | ||||||||
| gross | 395 | 414 | 1,163 | 1,222 | ||||
| Less - royalty bearing participations | (27 | ) | (75 | ) | (71 | ) | (103 | ) |
| Research and development costs, net | 368 | 339 | 1,092 | 1,119 | ||||
| Selling and marketing expenses | 216 | 182 | 662 | 513 | ||||
| General and administrative | 165 | 150 | 511 | 458 | ||||
| 749 | 671 | 2,265 | 2,090 | |||||
| Operating income (Loss) | 395 | (206 | ) | 833 | (1,157 | ) | ||
| Financial income (expenses), net | (11 | ) | (1 | ) | 16 | 4 | ||
| Income (Loss) before taxes on income | 384 | (207 | ) | 849 | (1,153 | ) | ||
| Taxes on income | --- | --- | --- | --- | ||||
| Net income (Loss) | $ 384 | $ | (207 | ) | $ 849 | $ | (1,153 | ) |
| Basic income (Loss) per share | $ 0.09 | $ | (0.05 | ) | $ 0.20 | $ | (0.27 | ) |
| Weighted average number of shares | ||||||||
| outstanding - Basic EPS (in thousands) | 4,276 | 4,199 | 4,241 | 4,199 | ||||
| Diluted income (Loss) per share | $ 0.09 | $ | (0.05 | ) | $ 0.20 | $ | (0.27 | ) |
| Weighted average number of shares | ||||||||
| outstanding - Diluted EPS (in | ||||||||
| thousands) | 4,402 | 4,199 | 4,349 | 4,199 |
| Silicom Ltd. (An Israeli Corporation) and its Consolidated Subsidiary |
|---|
| Consolidated Unaudited Interim Statements of Changes in Shareholders' Equity |
| Numbers* | U.S. dollars in thousands | ||||||||
| Balance at | |||||||||
| December 31, 2003 | 4,111,829 | 14 | 5,537 | (38 | ) | (1,336 | ) | 4,177 | |
| Changes during 2004 | |||||||||
| Ordinary shares issued | |||||||||
| in connection with the | |||||||||
| exercise of stock | |||||||||
| options | 86,750 | - | 101 | - | - | 101 | |||
| Net loss for the year | - | - | - | - | (1,240 | ) | (1,240 | ) | |
| Balance at | |||||||||
| December 31, 2004 | 4,198,579 | 14 | 5,638 | (38 | ) | (2,576 | ) | 3,038 | |
| Changes during Nine-month | |||||||||
| period Ended September 30, | |||||||||
| 2005 | |||||||||
| Ordinary shares issued | |||||||||
| in connection with the | |||||||||
| exercise of stock | |||||||||
| options | 81,850 | - | 186 | - | - | 186 | |||
| Net Income for the Nine-month | |||||||||
| period Ended September 30, 2005 | - | - | - | - | 849 | 849 | |||
| Balance at | |||||||||
| September 30, 2005, Unaudited | 4,280,429 | 14 | 5,824 | (38 | ) | (1,727 | ) | 4,073 |
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- Net of 14,971 shares held by subsidiary.
| Silicom Ltd. (An Israeli Corporation) and its Consolidated Subsidiary |
|---|
| Consolidated Unaudited Interim Statements of Cash Flows for the Nine-month period Ended September 30, 2005 |
| Unaudited | Unaudited | |||
|---|---|---|---|---|
| Cash flows from operating activities | ||||
| Net Income (loss) | 849 | (1,153 | ) | |
| Adjustments to reconcile net income to net cash | ||||
| provided by operating activities: | ||||
| Depreciation and amortization of property, plant and | ||||
| Equipment | 115 | 117 | ||
| Severance, net | 4 | (6 | ) | |
| Amortization of discounts or premium of | ||||
| investment security and interest | (17 | ) | (11 | ) |
| Changes in operating assets and liabilities | ||||
| Decrease (increase) in trade receivables | (825 | ) | (295 | ) |
| Decrease (increase) in other receivables | (30 | ) | (51 | ) |
| Decrease (increase) in inventories | (1,131 | ) | (533 | ) |
| Increase (decrease) in trade payables and accruals | 669 | 283 | ||
| Increase (decrease) in other payables and accruals | 370 | (20 | ) | |
| Net cash used in operating activities | 4 | (1,669 | ) | |
| Cash flows from investing activities | ||||
| Acquisition of property and equipment | (105 | ) | (72 | ) |
| Acquisition of other assets | - | - | ||
| Proceeds from maturity of investment securities and deposits | 536 | 1,460 | ||
| Purchase of investment securities and deposits | - | (1,165 | ) | |
| Net cash provided by (used in) investing activities | 431 | 223 | ||
| Cash flows from financing activities | ||||
| Issuance of ordinary shares in connection with the | ||||
| exercise of stock options | 186 | 101 | ||
| Net cash provided by financing activities | 186 | 101 | ||
| Net increase (decrease) in cash and cash equivalents | 621 | (1,345 | ) | |
| Cash and cash equivalents at beginning of year | 1,086 | 1,811 | ||
| Cash and cash equivalents at end of year | 1707 | 466 | ||
| Supplementary disclosure of cash flow information: | ||||
| Cash paid during the year for: | ||||
| Financing expenses | 14 | 11 | ||
| Taxes on income | 9 | 9 |