AI assistant
SILICOM LTD. — Regulatory Filings 2008
Jan 28, 2008
34188_ffr_2008-01-28_90d3d376-122d-4b49-b36e-9d88d715a8bb.zip
Regulatory Filings
Open in viewerOpens in your device viewer
6-K 1 zk84764.htm Created by EDGAR Ease Plus (EDGAR Ease+) Project: F:\EDGAR Filing\Silicom Ltd\84764\a84764.eep Control Number: 84764 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
MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation"
WASHINGTON, D.C. 20549
MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation"
FORM 6-K
MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation"
REPORT OF FOREIGN PRIVATE ISSUER
MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation"
PURSUANT TO RULE 13a-16 OR 15d-16 OF
MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation"
THE SECURITIES EXCHANGE ACT OF 1934
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation"
For the month of January, 2008
MARKER FORMAT-SHEET="Footnote Rule-TNR" FSL="Workstation" MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Workstation"
SILICOM LTD.
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation"
(Translation of Registrants name into English)
MARKER FORMAT-SHEET="Footnote Rule-TNR" FSL="Workstation" MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation"
8 Hanagar St., P.O.Box 2164, Kfar-Sava 44425, Israel
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation"
(Address of Principal Executive Offices)
MARKER FORMAT-SHEET="Footnote Rule-TNR" FSL="Workstation" MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default"
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F o
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default"
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:
Yes o No x
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation"
This report on Form 6-K is incorporated by reference into the Registrants Registration Statement on Form F-3, Registration Statement No. 333-143565. This report on Form 6-K is also incorporated by reference into all other effective registration statements filed by the Registrant under the Securities Act of 1933.
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation"
Signature
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default"
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.
MARKER FORMAT-SHEET="Signature (Single)" FSL="Workstation"
SILICOM Ltd. (Registrant) By: /s/ Eran Gilad Eran Gilad CFO
MARKER FORMAT-SHEET="Head Left-TNR" FSL="Default"
Dated: January 28 th , 2008
MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation"
FOR IMMEDIATE RELEASE
MARKER FORMAT-SHEET="Head Right-TNR" FSL="Workstation"
EARNINGS RELEASE
MARKER FORMAT-SHEET="Head Sub 2 Left-TNR" FSL="Workstation"
SILICOMS MOMENTUM CONTINUES: ACHIEVES RECORD RESULTS FOR Q4 & 2007
MARKER FORMAT-SHEET="Head Minor Center-TNR" FSL="Workstation"
Q4- $7.5M Revenues, $1.8M Net Profit, 22% Operating Margin 2007- $26.8M Revenues, $1.00 EPS
MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation"
KFAR SAVA, Israel January 28, 2008 Silicom Ltd. (NASDAQ and TASE: SILC ) today reported record results for the fourth quarter and twelve months ended December 31, 2007.
MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation"
Revenues for the fourth quarter of 2007 increased by 49% to $7.5 million compared with $5.0 million for the fourth quarter of 2006. These are the Companys highest quarterly revenues on record, and represent 13% sequential growth compared to the third quarter of 2007. Net income for the period increased by 71% to $1.8 million, or $0.27 per diluted share ($0.28 per basic share), compared to $1.1 million, or $0.20 per diluted share ($0.21 per basic share), for the fourth quarter of 2006. Operating margin for the quarter increased to 22% compared with 19% for the fourth quarter of 2006.
MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation"
Revenues for 2007 increased by 66% to $26.8 million compared with $16.1 million for 2006. These are the Companys highest annual revenues on record. Net income for 2007 increased by 142% to $6.3 million, or $1.00 per diluted share ($1.03 per basic share), compared with $2.6 million, or $0.49 per diluted share ($0.51 per basic share), for 2006. Operating margin for the year increased to 21%, compared with 15% for 2006.
MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation"
As of the end of 2007, the Companys cash and equivalents totaled $32.9 million, compared with $9.3 million at the end of 2006.
MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation"
Commenting on the results, Shaike Orbach, President and CEO, said, We are proud to report the strongest quarter and year in our history, both of which set new records in terms of revenues, operating profit and net income. These exciting results are being driven by the accelerated growth of our target WAN Optimization, Security and other Network Appliances markets, which continue to exhibit strong demand for our advanced multi-port connectivity and BYPASS products; moreover, we have been growing faster than our target markets through our success at expanding our business with existing customers while continuing to achieve new design wins.
MARKER FORMAT-SHEET="Para Indent Lv 0-TNR" FSL="Workstation"
Mr. Orbach continued, We are particularly pleased to record a steady rise in our operating margin to its current level of 21%, a demonstration of the leverage inherent in our business model. Having accumulated a total of more than 50 Design Wins in a variety of market segments for the full range of our products, we are not dependent upon any single market segment, and feel well positioned to continue delivering growth in the future.
MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation"
Conference Call Details:
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default"
Silicoms Management will host an interactive conference today, January 28 th , at 9am EST (6am Pacific Time, 4pm Israel Time) to review and discuss the results. To participate, please call one of the following numbers approximately 10 minutes before that time.
US: 1 888 281 1167 UK: 0 800 917 9141 ISRAEL: 03 918 0609 INTERNATIONAL: +972 3 918 0609 At: 9am Eastern Time, 6am Pacific Time, 4pm Israel Time
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Default"
For those unable to listen to the live call, a replay of the call will be available for three months from the day after the call under the investor relations section of Silicoms website, at: www.silicom.co.il
MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation"
About Silicom
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation"
Silicom Ltd. is an industry-leading provider of high-performance server/appliances networking solutions. The Companys flagship products include a variety of multi-port Gigabit Ethernet, copper and fiber-optic, server adapters and innovative BYPASS adapters designed to increase throughput and availability of server-based systems, WAN Optimization and security appliances and other mission-critical gateway applications. For more information, please visit: www.silicom.co.il .
MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation"
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.
| Company Contact: | Investor relations contact: |
|---|---|
| Eran Gilad, CFO | Kenny Green / Ehud Helft |
| Silicom Ltd. | GK Investor Relations |
| Tel: +972-9-764-4555 | Tel: 1 646 201 9246 |
| E-mail: [email protected] | E-mail : [email protected] |
MARKER FORMAT-SHEET="Head Major Center Bold-TNR" FSL="Default"
FINANCIAL TABLES FOLLOW
Silicom Ltd. Consolidated Summary of Results U.S. dollars, in thousands, except for per share amounts
| Three-month period ended December 31, — 2007 | 2006 | 2007 | 2006 | |||
|---|---|---|---|---|---|---|
| Sales | $ 7,478 | $ 5,017 | $ | 26,784 | $ 16,118 | |
| Cost of sales | 4,470 | 3,022 | 16,094 | 9,827 | ||
| Gross profit | 3,008 | 1,995 | 10,690 | 6,291 | ||
| Research and development costs | 621 | 460 | 2,208 | 1,820 | ||
| Selling and marketing expenses | 390 | 294 | 1,537 | 1,105 | ||
| General and administrative | 331 | 291 | 1,189 | 980 | ||
| 1,342 | 1,045 | 4,934 | 3,905 | |||
| Operating income | 1,666 | 950 | 5,756 | 2,386 | ||
| Financial income, net | 307 | 70 | 956 | 167 | ||
| Income before taxes on income | 1,973 | 1,020 | 6,712 | 2,553 | ||
| Taxes on income | 153 | (46 | ) | 432 | (46 | ) |
| Net income | $ 1,820 | $ 1,066 | $ | 6,280 | $ 2,599 | |
| Basic income per share | $ 0.28 | $ 0.21 | $ | 1.03 | $ 0.51 | |
| Weighted average number of shares | ||||||
| outstanding - Basic EPS (in thousands) | 6,560 | 5,199 | 6,122 | 5,138 | ||
| Diluted income per share | $ 0.27 | $ 0.20 | $ | 1.00 | $ 0.49 | |
| Weighted average number of shares | ||||||
| outstanding - Diluted EPS (in thousands) | 6,760 | 5,404 | 6,309 | 5,341 |
Silicom Ltd. Consolidated Balance Sheets (U.S. dollars, in thousands)
| December 31, 2007 | ||||
|---|---|---|---|---|
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | $ 14,216 | $ | 4,513 | |
| Short term investments | 3,516 | 1,009 | ||
| Trade receivables | 6,545 | 3,277 | ||
| Other receivables | 505 | 301 | ||
| Inventories | 4,078 | 3,739 | ||
| Deferred taxes | 73 | 46 | ||
| 28,933 | 12,885 | |||
| Long term investments | 15,210 | 3,811 | ||
| Assets held for employees' severance benefits | 952 | 730 | ||
| Property and equipment, net | 675 | 379 | ||
| Other assets | 39 | 48 | ||
| Total assets | $ 45,809 | $ | 17,853 | |
| Liabilities and shareholder's equity | ||||
| Current liabilities | ||||
| Trade payables | 2,997 | 2,481 | ||
| Other payables and accrued liabilities | 1,882 | 971 | ||
| Total current liabilities | 4,879 | 3,452 | ||
| Liability for severance pay | 1,596 | 1,220 | ||
| Total liabilities | 6, 475 | 4,672 | ||
| Shareholders' Equity | ||||
| Share capital and additional paid in capital | 31,747 | 11,874 | ||
| Treasury stock | (38 | ) | (38 | ) |
| Retained earnings | 7,625 | 1,345 | ||
| 39,334 | 13,181 | |||
| Total liabilities and shareholders equity | $ 45,809 | $ | 17,853 |