Silicom Reports Operating Results For Third Quarter 1998.KFAR-SAVA, Israel--(BUSINESS WIRE)--October 21, 1998--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 that third quarter 1998 revenues were US$1.45 million compared to US$1.69 million during the third quarter of 1997. Net income for the third quarter of 1998 was US$ 6,000 or no cent per share compared to US$ 321,000 or 8 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the comparable period last year. During the third quarter of 1998, the Company increased the sales of its two innovative new products - the Fast Ethernet An earlier name for 100Mbps Ethernet. See 100Base-T. (networking) Fast Ethernet - A version of Ethernet developed in the 1990s(?) which can carry 100 Mbps compared with standard Ethernet's 10 Mbps. It requires upgraded network cards and hubs. Modem56 (FEM FEM Female FEM Finite Element Method FEM Feminine FEM Finite Element Model FEM Fédération Européenne des Métallurgistes (European Metalworkers' Federation) FEM Faculdade de Engenharia Mecânica (Brasil) 56) and the 56Kbps CardBus The second generation of the PC Card, which increased channel width from 16 to 32 bits. See PC Card. (hardware) Cardbus - The 32-bit version of the PCMCIA (PC Card) bus. Modem PC Cards A modem for use in a laptop or other computer with a PC Card (PCMCIA) slot. Modem PC Cards come in landline and wireless varieties, the latter enabling you to connect to a specific cellular or data service. See wireless modem. to the Company's worldwide distributors. Silicom is the only supplier to offer the 56Kbps Cardbus Modem PC Card product, designed especially for Windows environments (1) (upper case "W") Refers to computers running under a Microsoft Windows operating system. (2) (lower case "w") Also called a "windowing environment," it refers to any software that provides multiple windows on screen such as Windows, Mac, Motif and X Window. . Also, the Company is among the first companies to supply the Fast Ethernet Modem56 CardBus type of product. During the third quarter of 1998, the Company has developed an embedded Inserted into. See embedded system. module product for a leading Taiwanese manufacturer of portable computers. This product was designed according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the specific customer's requirements and is based on the Silicom technology and know-how know-how n. The knowledge and skill required to do something correctly. See Synonyms at art1. know-how Noun Informal the ability to do something that is difficult or technical . The Company is currently in a process of developing similar embedded modules for other leading Taiwanese manufacturers of portable computers. -0- Silicom Ltd. is primarily engaged in the design, manufacture, marketing and support of modular, miniature miniature much smaller in size than normal animals of the species, but with normal proportions. Animals born prematurely are miniatures but show evidence of prematurity in their haircoat, unerupted teeth and immature hooves. 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. products which combine hardware and software to enable portable computers (including notebook See notebook computer. 1. (computer) notebook - laptop computer. 2. (tool) notebook - Labtech Notebook. , laptop Same as laptop computer. laptop - portable computer and hand held) to interface with Local Area Networks and Wide Area Networks. -0-
Silicom Ltd. Consolidated Summary of Results
(Unaudited)
(U.S. dollars, in thousands
-except for per share amounts)
Three-month period Nine-month period
ended September 30, Ended September 30,
1998 1997 1998 1997
========== ========== ======== ==========
Sales $1,453 $ 1,688 $ 4,201 $ 7,366
Cost of sales 795 770 2,456 4,250
---------- ---------- -------- ----------
Gross profit 658 918 1,745 3,116
---------- ---------- -------- ----------
Research and
development costs, 310 357 931 990
gross
Less - royalty bearing
participations (43) (141) (334) (369)
---------- ---------- -------- ----------
---------- ---------- -------- ----------
Research and development
costs, net 267 216 597 621
Selling and marketing
expenses, net 321 319 838 1,198
General and 113 114 312 307
administrative
---------- ---------- -------- ----------
701 649 1,747 2,126
---------- ---------- -------- ----------
Operating income (43) 269 (2) 990
Other expense --- --- (16) ---
Financial income, net 56 52 140 79
---------- ---------- -------- ----------
Income before taxes on 13 321 122 1,069
income
Taxes on income 7 --- 14 20
========== ========== ======== ==========
Net income $6 $321 $108 $1,049
========== ========== ======== ==========
Basic and diluted
earnings per share $ 0.00 $ 0.08 $ 0.03 (a)$ 0.26
========== ========== ======== ==========
Weighted average number
of shares outstanding -
Basic EPS (in thousands) 3,985 3,985 3,985 3,985
========== ========== ======== ==========
Weighted average number
of shares outstanding -
Diluted EPS (in 3,985 4,114 3,993 (a)4,109
thousands)
========== ========== ======== ==========
(a)Restated
Silicom Ltd. Consolidated Balance Sheets
(U.S. dollars, in thousands)
September 30, December 31,
1998 1997
================== ==================
(Unaudited) (Audited)
Assets
Current Assets
Cash and cash equivalents $3,196 $2,636
Short term investments 1,750 1,605
Trade receivable 1,133 1,302
Other receivables 593 535
Inventories 1,563 2,353
------------- -------------
8,235 8,431
Long term investments 527 532
Fixed assets, net 457 530
============= =============
$9,219 $9,493
============= =============
Liabilities and shareholder's equity
Current liabilities
Accounts payable and accruals:
Trade 513 793
Other 761 886
------------- -------------
1,274 1,679
Accrued severance pay, net 242 219
------------- -------------
1,516 1,898
------------- -------------
Shareholders' Equity
Share capital and additional
paid in capital 5,242 5,152
Redeemable share purchase --- 90
warrants
Treasury stock (38) (38)
Retained earnings 2,499 2,391
------------- -------------
7,703 7,595
============= =============
$9,219 $9,493
============= =============
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