 Reply to jollyjoekerr - Msg #44 - 10/28/2010 09:27
Re: Record Third Quarter 2010 Results; Third Quarter Revenues Increase 54%
Year-Over-Year to $16.4 Million
Last update: 10/28/2010 8:11:00 AM
YOKNEAM, Israel, Oct 28, 2010 /PRNewswire via COMTEX/ -- EZchip Semiconductor Ltd. (EZCH), a leader in Ethernet network processors, today announced its results for the third quarter ended September 30, 2010.
Third Quarter 2010 Highlights
Third quarter revenues increased 54% year-over-year and 10% sequentially, reaching $16.4 million
Gross margin reached 73.7% on a GAAP basis and 76.9% on a non-GAAP basis
Net income was $4.5 million on a GAAP basis, 28% of revenues
Net income was $8.7 million on a non-GAAP basis, 53% of revenues
Operating cash flow of $7.0 million
End of quarter net cash was $93.1 million
Third Quarter 2010 Results
Total revenues in the third quarter of 2010 were $16.4 million, an increase of 54% compared to $10.7 million in the third quarter of 2009, and an increase of 10% compared to $14.9 million in the second quarter of 2010.
Net income, on a GAAP basis, for the third quarter of 2010 was $4.5 million (which included utilization of a deferred tax asset of $2.0 million) or $0.17 per share (diluted), compared to net income of $1.8 million, or $0.07 per share (diluted), in the third quarter of 2009, and net income of $2.2 million (which included utilization of a deferred tax asset of $2.7 million), or $0.09 per share (diluted), in the second quarter of 2010.
Net income, on a non-GAAP basis, for the third quarter of 2010 was $8.7 million, or $0.32 per share (diluted), compared to non-GAAP net income of $3.9 million, or $0.15 per share (diluted), in the third quarter of 2009, and non-GAAP net income of $7.1 million, or $0.26 per share (diluted), in the second quarter of 2010.
Cash, cash equivalents and marketable securities as of September 30, 2010, totaled $93.1 million, compared to $83.3 million as of June 30, 2010. Cash generated from operations during the third quarter was $7.0 million, cash used in investing activities was $0.3 million, cash provided by financing activities (resulting from the exercise of options) was $2.8 million and an additional $0.3 million increase resulted from unrealized gains in marketable securities.
First Nine Months 2010 Results
Total revenues for the nine months ended September 30, 2010 were $44.9 million, a year-over-year increase of 65% compared to $27.2 million for the nine months ended September 30, 2009. Net income on a GAAP basis for the nine months ended September 30, 2010 was $9.6 million (which include utilization of a deferred tax asset of $5.9 million), or $0.37 per share (diluted), compared to net income of $2.5 million, or $0.09 per share (diluted), for the nine months ended September 30, 2009. Net income on a non-GAAP basis for the nine months ended September 30, 2010 was $21.8 million or $0.82 per share (diluted), compared with non-GAAP net income of $8.5 million, or $0.33 per share (diluted), for the nine months ended September 30, 2009.
Eli Fruchter, CEO of EZchip, commented, "The third quarter of 2010 continues our growth trend and was another record quarter for EZchip in all our financial parameters. NP-4 continued to win in the marketplace and has already accumulated over twice as many important design wins as NP-2 and NP-3 combined, garnering design wins from the vast majority of high volume CESR platforms that use high-speed merchant NPUs. Our NPA access network processor is now in production and can benefit from the transition of the access market to Ethernet, similar to the transition that took place in the high speed market. All in all we believe we have established a strong base for a continued strong growth over the long term." Took a double on some Jan 26 calls but like it enough to stay with some l...
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