Silicom Reports Second Quarter 2002 Results.Business Editors/High-Tech Writers 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)--July 22, 2002 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 second quarter and first half ended June 30, 2002. Revenues for the second quarter of 2002 were $765,000 compared to $926,000 for the second quarter of 2001. Net loss for the quarter was ($536,000), or ($0.13) 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. , including a one-time writeoff of $93,000 for bad debts (reflected in General and Administrative Expenses). This compares to a net loss of ($1,070,000), or ($0.26) per share fully diluted, for the second quarter of 2001, including a one-time inventory charge of $923,000. For the six months ended June 30, 2002, revenues were $1,419,000, compared to $2,971,000 for the first six months of 2001. Net loss for the period was ($1,135,000), or ($0.28) per share fully diluted, compared to ($892,000), or ($0.21) per share fully diluted for the first six months of 2001. Commenting on the results, Shaike Orbach, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "Although the protracted pro·tract tr.v. pro·tract·ed, pro·tract·ing, pro·tracts 1. To draw out or lengthen in time; prolong: disputants who needlessly protracted the negotiations. 2. industry slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. continues to affect our macro-markets, we are pleased to have closed a number of strategic IPlug(TM) Self-Install agreements during the second quarter. These included an agreement with Hyundai to co-develop the industry's first self-installing ADSL See DSL. ADSL - Asymmetric Digital Subscriber Line modem, and with Kawasaki LSI LSI: see integrated circuit. (Large Scale Integration) Between 3,000 and 100,000 transistors on a chip. See SSI, MSI, VLSI and ULSI. to launch the industry's first self-install-enabled 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. chips. After the quarter, we announced an agreement with STSN STSN Seaman, Sonar Technician Striker (Naval Rating) STSN Set and Test Sequence Number , a leading supplier of broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). solutions for hotel rooms, that will deploy IPlug(TM) to deskill de·skill tr.v. de·skilled, de·skill·ing, de·skills 1. To eliminate the need for skilled labor in (an industry), especially by the introduction of high technology. 2. the installation process of their advanced broadband modems." Silicom Ltd. is an industry leading provider of communications connectivity solutions and advanced enabling technologies, making it the preferred time-to-market and performance partner to manufacturers and providers of Broadband Internet Access Broadband Internet access, often shortened to just "broadband", is high speed Internet access—typically contrasted with dial-up access over modem. Dial-up modems are generally only capable of a maximum bitrate of 56 kbit/s (kilobits per second) and require the full use of a , Multi-Tenant Unit (MTU (1) (Maximum Transmission Unit, Maximum Transfer Unit) The largest frame size that can be transmitted over the network. For example, an Ethernet MTU is 1,500 bytes. Messages longer than the MTU must be divided into smaller frames. ), and home networking solutions, as well as other hardware manufacturers. With core expertise in high performance, innovative technologies for the USB interface, 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 provides innovative solutions on an intellectual property licensing, joint development, or OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and basis to many of the industry's largest players. It also offers an extensive range of PC Card and USB products with support for Home Networking, 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. , Modems, and serial ports. 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 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 Six-month period
ended June 30, ended June 30,
2002 2001 2002 2001
=================================================
Sales $765 $926 $ 1,419 $ 2,971
Cost of sales 563 1,417 1,116 2,593
-------------------------------------------------
Gross profit 202 (491) 303 378
--------------------------------------------------
Research and
development
costs, gross 322 349 734 722
Less - royalty
bearing
participations (51) (133) (134) (241)
-------------------------------------------------
Research and
development
costs, net 271 216 600 481
Selling and
marketing expenses 259 284 530 565
General and
administrative 241 159 387 327
-------------------------------------------------
771 659 1,517 1,373
-------------------------------------------------
Operating income (Loss) (569) (1,150) (1,214) (995)
Financial income, net 33 80 79 136
-------------------------------------------------
Income (Loss) before
taxes on income (536) (1,070) (1,135) (859)
Taxes on income --- --- --- 33
-------------------------------------------------
Net income (Loss) $(536) $(1,070) $(1,135) $(892)
=================================================
Basic and diluted
earnings (Loss) per
share $ (0.13) $ (0.26) $ (0.28) $ (0.21)
=================================================
Weighted average
number of shares
outstanding -
Basic EPS
(in thousands) 4,110 4,110 4,110 4,110
=================================================
Weighted average
number of shares
outstanding -
Diluted EPS (in
thousands) 4,110 4,121 4,111 4,189
==================================================
Silicom Ltd. Consolidated Balance Sheets
(U.S. dollars, in thousands)
June 30, 2002 December 31, 2001
=================================================
(Unaudited) (Audited)
Assets
Current assets
Cash and cash equivalents $1,517 $1,916
Short term investments 2,587 1,115
Trade receivables 339 1,232
Other receivables 528 355
Inventories 1,202 1,725
------------------ ------------------
6,173 6,343
Long-term investments 1,564 2,648
Severance pay fund 374 361
Property and equipment, net 282 306
------------------ ------------------
Total assets $8,393 $9,658
================== ==================
Liabilities and
shareholder's equity
Current liabilities
Trade payables 233 310
Other payables and
accrued liabilities 417 450
------------------ ------------------
Total current
liabilities 650 760
Liability for severance pay 708 728
------------------ ------------------
Total liabilities 1,358 1,488
------------------ ------------------
Shareholders' Equity
Share capital and
additional paid in
capital 5,550 5,550
Treasury stock (38) (38)
Retained earnings 1,523 2,658
------------------ ------------------
7,035 8,170
------------------ ------------------
Total liabilities and
shareholders equity $8,393 $9,658
================== ==================
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