|
SILICOM LTD.
(Registrant) |
|
|
|
|
|
|
Date: July 25, 2019
|
By:
|
/s/ Eran Gilad
|
|
|
Eran Gilad
|
|
|
|
Chief Financial Officer
|
|
Company Contact:
Eran Gilad, CFO
Silicom Ltd.
Tel: +972-9-764-4555
E-mail: erang@silicom.co.il
|
Investor Relations Contact:
Ehud Helft / Gavriel Frohwein
GK Investor Relations
Tel: +1 646 668 3559
E-mail: silicom@gkir.com
|
Silicom Ltd. Consolidated Balance Sheets
|
(US$ thousands)
|
June 30,
|
December 31,
|
|||||||
2019
|
2018
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
14,467
|
$
|
26,808
|
||||
Short-term bank deposits
|
13,507
|
-
|
||||||
Marketable securities
|
5,916
|
1,600
|
||||||
Accounts receivables: Trade, net
|
22,046
|
23,817
|
||||||
Accounts receivables: Other
|
7,451
|
9,487
|
||||||
Inventories
|
34,245
|
42,369
|
||||||
Total current assets
|
97,632
|
104,081
|
||||||
Marketable securities
|
53,513
|
45,612
|
||||||
Assets held for employees’ severance benefits
|
1,628
|
1,517
|
||||||
Deferred tax assets
|
1,719
|
894
|
||||||
Property, plant and equipment, net
|
3,611
|
3,670
|
||||||
Intangible assets, net
|
1,334
|
966
|
||||||
Right of Use
|
3,615
|
-
|
||||||
Goodwill
|
25,561
|
25,561
|
||||||
Total assets
|
$
|
188,613
|
$
|
182,301
|
||||
Liabilities and shareholders' equity
|
||||||||
Current liabilities
|
||||||||
Trade accounts payable
|
$
|
11,384
|
$
|
15,407
|
||||
Other accounts payable and accrued expenses
|
6,631
|
6,133
|
||||||
Lease Liabilities
|
1,399
|
-
|
||||||
Total current liabilities
|
19,414
|
21,540
|
||||||
Lease Liabilities
|
2,140
|
-
|
||||||
Liability for employees’ severance benefits
|
2,868
|
2,612
|
||||||
Total liabilities
|
24,422
|
24,152
|
||||||
Shareholders' equity
|
||||||||
Ordinary shares and additional paid-in capital
|
55,920
|
54,643
|
||||||
Treasury shares
|
(1,191
|
)
|
(38
|
)
|
||||
Retained earnings
|
109,462
|
103,544
|
||||||
Total shareholders' equity
|
164,191
|
158,149
|
||||||
Total liabilities and shareholders' equity
|
$
|
188,613
|
$
|
182,301
|
Silicom Ltd. Consolidated Statements of Operations
|
(US$ thousands, except for share and per share data)
|
Three-month period
|
Six-month period
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Sales
|
$
|
25,402
|
$
|
27,603
|
$
|
55,629
|
$
|
57,125
|
||||||||
Cost of sales
|
16,728
|
18,714
|
36,775
|
43,686
|
||||||||||||
Gross profit
|
8,674
|
8,889
|
18,854
|
13,439
|
||||||||||||
Research and development expenses
|
3,659
|
3,647
|
7,479
|
7,078
|
||||||||||||
Selling and marketing expenses
|
1,692
|
1,596
|
3,321
|
3,132
|
||||||||||||
General and administrative expenses
|
1,054
|
1,068
|
2,077
|
1,975
|
||||||||||||
Total operating expenses
|
6,405
|
6,311
|
12,877
|
12,185
|
||||||||||||
Operating income (loss)
|
2,269
|
2,578
|
5,977
|
1,254
|
||||||||||||
Financial income, net
|
430
|
200
|
725
|
484
|
||||||||||||
Income (Loss) before income taxes
|
2,699
|
2,778
|
6,702
|
1,738
|
||||||||||||
Income taxes
|
421
|
342
|
784
|
741
|
||||||||||||
Net income (loss)
|
$
|
2,278
|
$
|
2,436
|
$
|
5,918
|
$
|
997
|
||||||||
Basic income (loss) per ordinary share (US$)
|
$
|
0.30
|
$
|
0.32
|
$
|
0.78
|
$
|
0.13
|
||||||||
Weighted average number of ordinary shares used to compute basic income per share (in thousands)
|
7,587
|
7,550
|
7,587
|
7,550
|
||||||||||||
Diluted income (loss) per ordinary share (US$)
|
$
|
0.30
|
$
|
0.32
|
$
|
0.77
|
$
|
0.13
|
||||||||
Weighted average number of ordinary shares used to compute diluted income per share (in thousands)
|
7,635
|
7,629
|
7,644
|
7,671
|
Silicom Ltd. Reconciliation of Non-GAAP Financial Results
|
(US$ thousands, except for share and per share data)
|
Three-month period
|
Six-month period
|
|||||||||||||||
ended June 30,
|
ended June 30,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
GAAP gross profit
|
$
|
8,674
|
$
|
8,889
|
$
|
18,854
|
$
|
13,439
|
||||||||
(1) Share-based compensation (*)
|
106
|
87
|
222
|
146
|
||||||||||||
(2) Discontinued project-related write-offs
|
-
|
-
|
-
|
4,985
|
||||||||||||
Non-GAAP gross profit
|
$
|
8,780
|
$
|
8,976
|
$
|
19,076
|
$
|
18,570
|
||||||||
GAAP operating income (loss)
|
$
|
2,269
|
$
|
2,578
|
$
|
5,977
|
$
|
1,254
|
||||||||
Gross profit adjustments
|
106
|
87
|
222
|
5,131
|
||||||||||||
(1) Share-based compensation (*)
|
457
|
522
|
995
|
923
|
||||||||||||
(2) Discontinued project-related write-offs
|
-
|
-
|
-
|
13
|
||||||||||||
(3) Amortization of acquired intangible assets
|
-
|
314
|
-
|
617
|
||||||||||||
Non-GAAP operating income
|
$
|
2,832
|
$
|
3,501
|
$
|
7,194
|
$
|
7,938
|
||||||||
GAAP net income (loss)
|
$
|
2,278
|
$
|
2,436
|
$
|
5,918
|
$
|
997
|
||||||||
Operating income adjustments
|
563
|
923
|
1,217
|
6,684
|
||||||||||||
(4) Taxes on amortization of acquired intangible assets
|
67
|
8
|
(211
|
)
|
16
|
|||||||||||
Non-GAAP net income
|
$
|
2,908
|
$
|
3,367
|
$
|
6,924
|
$
|
7,697
|
||||||||
GAAP net income (loss)
|
$
|
2,278
|
$
|
2,436
|
$
|
5,918
|
$
|
997
|
||||||||
Adjustments for Non-GAAP cost of sales
|
106
|
87
|
222
|
5,131
|
||||||||||||
Adjustments for Non-GAAP Research and development expenses
|
217
|
420
|
463
|
770
|
||||||||||||
Adjustments for Non-GAAP Selling and marketing expenses
|
117
|
252
|
256
|
480
|
||||||||||||
Adjustments for Non-GAAP General and administrative expenses
|
123
|
164
|
276
|
303
|
||||||||||||
Adjustments for Non-GAAP Income taxes
|
67
|
8
|
(211
|
)
|
16
|
|||||||||||
Non-GAAP net income
|
$
|
2,908
|
$
|
3,367
|
$
|
6,924
|
$
|
7,697
|
||||||||
GAAP basic income (loss) per ordinary share (US$)
|
$
|
0.30
|
$
|
0.32
|
$
|
0.78
|
$
|
0.13
|
||||||||
(1) Share-based compensation (*)
|
0.07
|
0.08
|
0.16
|
0.14
|
||||||||||||
(2) Discontinued project-related write-offs
|
-
|
-
|
-
|
0.66
|
||||||||||||
(3-4) Acquisition-related adjustments
|
0.01
|
0.05
|
(0.03
|
)
|
0.09
|
|||||||||||
Non-GAAP basic income per ordinary share (US$)
|
$
|
0.38
|
$
|
0.45
|
$
|
0.91
|
$
|
1.02
|
||||||||
GAAP diluted income (loss) per ordinary share (US$)
|
$
|
0.30
|
$
|
0.32
|
$
|
0.78
|
$
|
0.13
|
||||||||
(1) Share-based compensation (*)
|
0.07
|
0.08
|
0.16
|
0.14
|
||||||||||||
(2) Discontinued project-related write-offs
|
-
|
-
|
-
|
0.65
|
||||||||||||
(3-4) Acquisition-related adjustments
|
0.01
|
0.04
|
(0.03
|
)
|
0.08
|
|||||||||||
Non-GAAP diluted income per ordinary share (US$)
|
$
|
0.38
|
$
|
0.44
|
$
|
0.91
|
$
|
1.00
|
55 B1D9?4$XKOX
M%=+>-7.YU0!B>YQ6;C978SB/AB"MCJPS\HO3@>G J;XCVKQ:=9ZW;K^_TZ=9
M.!U4G_''YFH_AH!]BU8KC!O#CGV%==JEBFI:5=64@!6>)DY&<$C@_@>:TD[5
M+BZ&'XHUV*+P/+J%N_%W"JPY[[Q_AFK7@[3?[*\*V-NRXD:/S9!_M-R?YX_"
MO-],N'UJ?0?"TN2+*XD\]#SPIS@_0 C\:]EI3]U