Silicom Reports First Quarter 2003 Results.Business Editors KFAR KFAR Kiss from A Rose (song) SAVA Sava (sä`vä), Hung. Száva, c.580 mi (930 km) long, rising in two headstreams in the Julian Alps, Slovenia, and flowing generally SE past Ljubljana and Zagreb, Croatia, then forming part of the border between Croatia and Bosnia , Israel--(BUSINESS WIRE)--April 22, 2003 Silicom Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SILCF) today reported financial results for the first quarter ended March 31, 2003. Revenues for the first quarter of 2003 were $1,325,000, compared to $654,000 for the first quarter of 2002. Net loss for the quarter was ($223,000), or ($0.05) per share fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , compared to ($599,000), or ($0.15) per share fully diluted for the first quarter of 2002. Commenting on the results, Shaike Orbach Orbach may refer to:
adj. 1. Showing or practicing caution; careful. 2. Tentative or restrained; guarded: felt a cautious optimism that the offer would be accepted. ." Mr. Orbach continued, "Preliminary marketing has revealed a high level of interest in our first eight cutting-edge multi-port Gigabit-Ethernet Server/Storage Networking cards. These are powerful products that allow server-based systems to fully exploit Gigabit Ethernet's high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. potential. Although the sales cycle is long, each success may represent an opportunity for sustained, long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. revenues. We have recently recruited a Server/Storage Industry veteran, located in the Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. area, to spearhead the sales effort of these products. At the same time, we continue with intensive R&D to develop next-stage products. We are excited by the potential of this new market and are focusing on it as Silicom's primary growth driver." Silicom Ltd. is an industry leading provider of communications connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. solutions and advanced enabling technologies, making it the preferred time-to-market and performance partner to many of the industry's significant players. With core expertise in high performance, innovative technologies for networking and operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. , the Company develops high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" networking solutions for manufacturers of storage systems, Internet traffic Internet traffic is the flow of data around the Internet. It includes web traffic, which is the amount of that data that is related to the World Wide Web, along with the traffic from other major uses of the Internet, such as electronic mail and peer-to-peer networks. management systems, security systems and for other hardware manufacturers providing a variety of server-based systems in multi port high performance environment. It also offers an extensive range of PC Cards, PCI cards A circuit board that plugs into the computer's PCI bus and contains the control electronics for a peripheral device. Starting in the latter half of the 1990s, PCI became very popular. See PCI. and USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. products. For more information about Silicom, please visit: www.silicom.co.il. Statements in this press release which are not historical data are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which involve known and unknown risks, uncertainties, or other factors not under the Company's control, which may cause actual results, performance, or achievements of the Company to be materially different from the results, performance, or other expectations implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements. These factors include, but are not limited to, those detailed in the Company's periodic filings with the Securities and Exchange Commission. The Company disclaims any duty to update such statements.
Silicom Ltd. Consolidated Summary of Results
(Unaudited)
U.S. dollars, in thousands, except for per share amounts
Three-month period
ended March 31,
2003 2002
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Sales $1,325 $654
Cost of sales 677 553
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Gross profit 648 101
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Research and development costs, gross 399 412
Less - royalty bearing participations --- (83)
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Research and development costs, net 399 329
Selling and marketing expenses 341 271
General and administrative 150 146
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890 746
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Operating income (Loss) (242) (645)
Financial income, net 19 46
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Income (Loss) before taxes on income (223) (599)
Taxes on income --- ---
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Net income (Loss) $(223) $(599)
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Basic and diluted earnings (Loss) per share $ (0.05) $ (0.15)
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Weighted average number of shares outstanding -
Basic EPS (in thousands) 4,110 4,110
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Weighted average number of shares outstanding -
Diluted EPS (in thousands) 4,111 4,110
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Silicom Ltd. Consolidated Balance Sheets
(U.S. dollars, in thousands)
March December
31, 31,
2003 2002
(Unaudited)(Audited)
======================================================================
Assets
Current assets
Cash and cash equivalents $2,124 $861
Short term investments 2,075 3,799
Trade receivables 886 504
Other receivables 201 277
Inventories 1,207 1,221
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6,493 6,662
Long-term investments - -
Severance pay fund 427 408
Property and equipment, net 300 257
Other assets 75 77
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Total assets $7,295 $7,404
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Liabilities and shareholder's equity
Current liabilities
Trade payables 529 561
Other payables and accrued liabilities 536 415
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Total current liabilities 1,065 976
Liability for severance pay 768 743
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Total liabilities 1,833 1,719
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Shareholders' Equity
Share capital and additional paid in
capital 5,550 5,550
Treasury stock (38) (38)
Retained earnings (deficit) (50) 173
-------- --------
5,462 5,685
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Total liabilities and shareholders equity
$7,295 $7,404
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