Silicom Ltd. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 29, 2015 at 01:17 pm
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Silicom Ltd. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company's revenues totaled $22.8 million, up 44% compared sequentially with $15.9 million for the third quarter of 2014. For the fourth quarter of 2013 revenues totaled $25.4 million. On a GAAP basis, operating income totaled $5.5 million, compared to $6.71 million a year ago, and up 78% compared sequentially with $3.1 million for third quarter of 2014. Net income totaled $4.7 million, or $0.65 per diluted share ($0.66 per basic share) up 88% compared sequentially with $2.5 million or $0.34 per diluted share ($0.35 per basic share) for the third quarter of 2014. For the fourth quarter of 2013, net income was $6.7 million, or $0.91 per diluted share ($0.94 per basic share). On a non-GAAP basis (as described and reconciled below), operating income for the quarter totaled $6.2 million, compared to $6.9 million a year ago, and up 76% compared sequentially with $3.5 million for the third quarter of 2014. Net income for the period totaled $5.4 million, or $0.74 per diluted share ($0.75 per basic share), up 83% compared sequentially with $3.0 million, or $0.41 per basic and diluted share, in the third quarter of 2014. For the fourth quarter of 2013, non-GAAP net income totaled $6.8 million, or $0.94 per diluted share ($0.96 per basic share). Income before income taxes was $5,545,000 compared to $6,829,000 a year ago.
For the full year of 2014, the company's revenues increased to $75.6 million from $73.3 million in 2013. On a GAAP basis, operating income for the year totaled $17.0 million compared with $17.6 million in 2013. Net income for the year totaled $14.6 million, or $2.00 per diluted share ($2.03 per basic share), compared with $17.1 million, or $2.36 per diluted share ($2.40 per basic share), in 2013. On a non-GAAP basis, operating income for the period totaled $18.7 million compared with $18.3 million in 2013. Net income for the year totaled $16.3 million, or $2.22 per diluted share ($2.26 per basic share), compared with $17.8 million, or $2.45 per diluted share ($2.50 per basic share), in 2013. Income before income taxes was $17,309,000 compared to $17,982,000 a year ago.
Silicom Ltd. (Silicom) is engaged in the design, manufacture, marketing and support of networking and data infrastructure solutions for a range of servers, server-based systems and communications devices. The Company's products include server network interface cards with and without bypass (Server Adapters); Intelligent and programmable cards, with features, such as encryption, acceleration, data compression, redirection, time stamping, network capture solutions, field programmable gate array (FPGA) based ultra-low latency solutions, and/or other offload features and/or compute blades (Smart Cards), and standalone Products. The Company's market segments for its products include network appliances; servers; data storage, including Big Data; The Cloud, virtualized data centers, with and without software-defined networking (SDN), and Internet of Things (IOT).
SILICOM LTD. 
