EZchip Announces Record Third Quarter 2013 Results

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Forward-looking statements are statements that are not historical facts and may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance.  These statements are only predictions based on EZchip's current expectations and projections about future events based on its current knowledge.  There are important factors that could cause EZchip's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements.  Those factors include, but are not limited to, the impact of general economic conditions, competitive products (including in-house customer developed products), product demand and market acceptance risks, customer order cancellations, reliance on key strategic alliances, fluctuations in operating results, delays in development of highly-complex products and other factors indicated in EZchip's filings with the Securities and Exchange Commission (SEC).  For more details, refer to EZchip's SEC filings and the amendments thereto, including its Annual Report on Form 20-F filed on March 21, 2013 and its Current Reports on Form 6-K. EZchip undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in our expectations, except as may be required by law.

 


EZchip Semiconductor Ltd.

Condensed Consolidated Statements of Operations

(U.S. Dollars in thousands, except per share amounts)

(Unaudited)




Three Months Ended


Nine Months Ended



Sept. 30,


June 30,


Sept. 30,


Sept. 30,


Sept. 30,



2013


2013


2012


2013


2012












Revenues


$       18,804


$       16,653


$       9,287


$     50,753


$     39,500

Cost of revenues


2,926


2,475


1,497


8,342


6,563

Gross profit


15,878


14,178


7,790


42,411


32,937












Operating expenses:











Research and development, net


6,527


6,267


5,182


18,892


14,556

Selling, general and administrative


3,310


3,269


3,047


9,836


9,414

Total operating expenses


9,837


9,536


8,229


28,728


23,970












Operating income (loss)


6,041


4,642


(439)


13,683


8,967

Financial income, net


487


505


566


1,502


1,845

Net income


$        6,528


$        5,147


$        127


$      15,185


$      10,812












Net income per share:











Basic


$          0.23


$          0.18


$          0.00


$        0.53


$        0.39

Diluted


$          0.22


$          0.18


$          0.00


$        0.52


$        0.38

Weighted average shares used in per share calculation:











Basic


28,717,575

 


28,571,954

 


28,119,713

 


28,562,581

 


27,896,611

 

Diluted


29,151,003

 


28,917,717

 


28,748,784

 


29,092,293

 


28,762,602

 
























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