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EZchip Announces Third Quarter 2012 Results

YOKNEAM, Israel, November 8, 2012 /PRNewswire/ --

EZchip Semiconductor Ltd. (NASDAQ: EZCH), a leader in Ethernet network processors, today announced its results for the third quarter ended September 30, 2012.

Third Quarter 2012 Highlights:

  • Third quarter revenues of $9.3 million
  • Gross margin reached 83.9% on a GAAP basis and 84.7% on a non-GAAP basis
  • Net income was $0.1 million on a GAAP basis
  • Net income was $3.1 million on a non-GAAP basis
  • Operating cash flow of $6.1 million
  • End of quarter net cash was $160.1 million

Third Quarter 2012 Results:

Total revenues in the third quarter of 2012 were $9.3 million, a decrease of 50% compared to $18.7 million in the third quarter of 2011, and a decrease of 41% compared to $15.8 million in the second quarter of 2012.

Net income, on a GAAPbasis, for the third quarter of 2012 was $0.1 million, or $0.00 per share (diluted), compared to net income of $7.7 million, or $0.27 per share (diluted), in the third quarter of 2011, and net income of $5.6 million, or $0.19 per share (diluted), in the second quarter of 2012.

Net income, on a non-GAAP basis, for the third quarter of 2012 was $3.1 million, or $0.10 per share (diluted), compared to non-GAAP net income of $9.9 million, or $0.35 per share (diluted), in the third quarter of 2011, and non-GAAP net income of $8.4 million, or $0.29 per share (diluted), in the second quarter of 2012.

Cash, cash equivalents, marketable securities and deposits as of September 30, 2012, totaled $160.1 million, compared to $153.8 million as of June 30, 2012. Cash generated from operations during the third quarter was $6.1 million, cash used in investing activities was $0.1 million, cash provided by financing activities (resulting from the exercise of options) was $0.1 million and an increase of $0.2 million resulted from unrealized gain on marketable securities.

First Nine Months 2012 Results

Total revenues for the nine months ended September 30, 2012 were $39.5 million, a year-over-year decrease of 20% compared to $49.2 million for the nine months ended September 30, 2011. Net income on a GAAP basis for the nine months ended September 30, 2012 was $10.8 million, or $0.38 per share (diluted), compared to net income of $13.9 million, or $0.50 per share (diluted), for the nine months ended September 30, 2011. Net income on a non-GAAP basis for the nine months ended September 30, 2012 was $19.3 million or $0.65 per share (diluted), compared to non-GAAP net income of $24.7 million, or $0.87 per share (diluted), for the nine months ended September 30, 2011.

Eli Fruchter, CEO of EZchip, commented, "We are pleased to report that two additional large customers entered production with their NP-4 based platforms at the end of the third quarter and we expect a third large customer to enter production before the end of the year, resulting in our five major CESR customers being in production with NP-4 before the end of the year.  We expect these customers to begin contributing to our revenues in the fourth quarter, and to contribute more significantly to our revenues in 2013. The actual revenue ramp from these new NP-4 platforms will depend on their success in the market and the CAPEX level of carriers."

"During the quarter we unveiled our upcoming product, the NPS - Network Processor for Smart networks - that we believe is a game changer. It integrates a 400 Gbps NPU, Traffic Manager, Deep Packet Inspection (DPI) and security functions, search engines, C programming and support for the Linux® operating system in one chip. The NPS will target the carrier, cloud and data center equipment markets and support Software Defined Networks (SDN), OpenFlow and virtualization. With NPS, we are targeting these markets with an extremely competitive product that merges functions provided by multiple devices today, at significantly higher speeds and significantly lower power consumption and cost.  This is in addition to targeting our traditional edge routing market in which we believe the NPS leapfrogs in-house and other merchant silicon solutions with its L2-7 capabilities for next generation line cards."

Conference Call

The Company will be hosting a conference call later today, November 8, 2012, at 10:00am ET, 7:00am PT, 3:00pm UK time and 5:00pm Israel time. On the call, management will review and discuss the results, and will be available to answer investor questions.

To participate through the live webcast, please access the investor relations section of the Company's web site at: http://www.ezchip.com/investor_relations.htm, at least 10 minutes before the conference call commences. If you would like to ask a question on the call, please contact the investor relations team for the telephone dial in numbers.

For those unable to listen to the live webcast, a replay of the webcast will be available the day after the call under the 'Investor Relations' section of the website.

Use of Non-GAAP Financial Information

In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this release of operating results also contains non-GAAP financial measures, which EZchip believes are the principal indicators of the operating and financial performance of its business.  The non-GAAP financial measures exclude the effects of stock-based compensation expenses recorded in accordance with FASB ASC 718, amortization of intangible assets and taxes on income.  Management believes the non-GAAP financial measures provided are useful to investors' understanding and assessment of the Company's on-going core operations and prospects for the future, as the charges eliminated are not part of the day-to-day business or reflective of the core operational activities of the Company.  Management uses these non-GAAP financial measures as a basis for strategic decisions, forecasting future results and evaluating the Company's current performance.  However, such measures should not be considered in isolation or as substitutes for results prepared in accordance with GAAP.  Reconciliation of the non-GAAP measures to the most comparable GAAP measures are provided in the schedules attached to this release.

About EZchip

EZchip is a fabless semiconductor company that provides Ethernet network processors for networking equipment. EZchip provides solutions that scale from a few to hundreds of Gigabits-per-second. EZchip's network processors provide great flexibility and high performance coupled with superior integration and power efficiency for a wide range of applications in carrier, cloud and data center network equipment.  For more information on our company, visit the web site at http://www.ezchip.com.

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.  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, 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 29, 2012 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
                        -------------------------------------     -----------------------
                        September                   September     September     September
                            30,        June 30,         30,           30,           30,
                           2012          2012          2011          2012          2011
                        ---------     ---------     ---------     ---------     ---------
 
    Revenues             $ 9,287      $ 15,798      $ 18,703      $ 39,500      $ 49,188
    Cost of revenues       1,497         2,887         4,509         6,563        11,023
    Amortization
    of purchased
    technology                 -             -             -             -           597

                      -----------   -----------   -----------   -----------   -----------
    Gross profit           7,790        12,911        14,194        32,937        37,568
                      -----------   -----------   -----------   -----------   -----------
 
    Operating expenses:
    Research and
    development, net       5,182         4,840         4,052        14,556        12,343
    Selling, general 
    and administrative     3,047         3,200         2,956         9,414         8,962
                      -----------   -----------   -----------   -----------   -----------
    Total operating       
    expenses               8,229         8,040         7,008        23,970        21,305
 
                      -----------   -----------   -----------   -----------   -----------
    Operating    
    income (loss)           (439)        4,871         7,186         8,967        16,263
    Financial income, net    566           682           467         1,845         1,162
                      -----------   -----------   -----------   -----------   -----------
    Income before taxes      127         5,553         7,653        10,812        17,425
 
    Taxes on income            -             -             3             -         3,530
                      -----------   -----------   -----------   -----------   -----------
    Net income             $ 127       $ 5,553       $ 7,650      $ 10,812      $ 13,895
                      ===========   ===========   ===========   ===========   ===========
 
    Net income per
    share:
    Basic                 $ 0.00        $ 0.20        $ 0.28        $ 0.39        $ 0.52
    Diluted               $ 0.00        $ 0.19        $ 0.27        $ 0.38        $ 0.50
    Weighted average 
    shares used in per
    share calculation:
                      
    Basic             28,119,713    28,042,283    26,900,439    27,896,611    26,569,283
                      
    Diluted           28,748,784    28,823,804    28,046,688    28,762,602    27,912,322
                      -----------   -----------   -----------   -----------   -----------
 


                                 EZchip Semiconductor Ltd.
                        Reconciliation of GAAP to Non-GAAP Measures
                   (U.S. Dollars in thousands, except per share amounts)
                                        (Unaudited)

                                  Three Months Ended                 Nine Months Ended
                      ----------------------------------------  ------------------------- 
                        September                   September     September     September
                            30,        June 30,         30,           30,           30,
                           2012          2012          2011          2012          2011
                      -----------   -----------   -----------   -----------   -----------
 
    GAAP gross profit    $ 7,790      $ 12,911      $ 14,194      $ 32,937      $ 37,568
    Stock-based
    compensation              73            74            73           224           286
    Amortization of 
    purchased technology       -             -             -             -           597
                      -----------   -----------   -----------   -----------   -----------
 
    Non-GAAP gross
    profit               $ 7,863      $ 12,985      $ 14,267      $ 33,161      $ 38,451
                      -----------   -----------   -----------   -----------   -----------
 
    GAAP gross profit
    as percentage of
    revenues                83.9%         81.7%         75.9%         83.4%         76.4%
                      -----------   -----------   -----------   -----------   -----------
    Non-GAAP gross
    profit as percentage 
    of revenues             84.7%         82.2%         76.3%         84.0%         78.2%
                      -----------   -----------   -----------   -----------   -----------
 
    GAAP operating
    expenses             $ 8,229       $ 8,040       $ 7,008      $ 23,970      $ 21,305
    Stock-based
    compensation:
    Research and
    development           (1,557)       (1,545)       (1,107)       (4,463)       (3,352)
    Selling, general 
    and administrative    (1,249)       (1,216)       (1,012)       (3,609)       (2,750)
    Amortization of 
    intangible assets
    Selling, general and
    administrative           (51)          (51)          (95)         (153)         (285)
                      -----------   -----------   -----------   -----------   -----------
 
    Non-GAAP operating
    expenses             $ 5,372       $ 5,228       $ 4,794      $ 15,745      $ 14,918
                      -----------   -----------   -----------   -----------   -----------
 
    GAAP operating
    income (loss)        $ (439)       $ 4,871       $ 7,186       $ 8,967      $ 16,263
                      -----------   -----------   -----------   -----------   -----------
 
    Non-GAAP operating
    income               $ 2,491       $ 7,757       $ 9,473      $ 17,416      $ 23,533
                      -----------   -----------   -----------   -----------   -----------
 
    GAAP net income        $ 127       $ 5,553       $ 7,650      $ 10,812      $ 13,895
    Stock-based
    compensation           2,879         2,835         2,192         8,296         6,388
    Amortization of 
    purchased intangible
    assets                    51            51            95           153           882
    Taxes on income*           -             -             3             -         3,530
 
                      -----------   -----------   -----------   -----------   -----------
    Non-GAAP net income  $ 3,057       $ 8,439       $ 9,940      $ 19,261      $ 24,695
                      -----------   -----------   -----------   -----------   -----------
 
    Non-GAAP net income 
    per share -
    Diluted               $ 0.10        $ 0.29        $ 0.35        $ 0.65        $ 0.87
    Non-GAAP weighted
    average shares                                          
    - Diluted**       29,588,230    29,540,537    28,577,753    29,421,692    28,381,465


    * Taxes on income represent the non-cash utilization of a deferred tax
    asset with respect to the Company's estimate of its accumulated taxable
    income in accordance with FASB ASC 740. During 2011, EZchip Technologies,
    the Company's main subsidiary completed the utilization of the deferred
    tax asset, and started to enjoy the ten year period of exemption from
    Israeli corporate taxes due to benefits provided pursuant to its Israeli
    approved and privileged enterprise programs.
 
    ** In calculating diluted non-GAAP net income per share, the diluted
    weighted average number of shares outstanding excludes the
    effects of stock-based compensation expenses in accordance with FASB ASC
    718.


                                EZchip Semiconductor Ltd.
                          Condensed Consolidated Balance Sheet
 
                              (U.S. Dollars in thousands)
 
                                                                 September      December
                                                                    30,            31,
                                                                   2012           2011

                                                                (Unaudited)     (Audited)
    ASSETS
    CURRENT ASSETS:
    Cash, cash equivalents, marketable securities and deposits   $ 160,081     $ 126,770
    Trade receivables, net                                           4,288         8,655
    Other receivables                                                2,463         1,837
    Inventories                                                      5,471         5,788
                                                                -----------   -----------
    Total current assets                                           172,303       143,050
 
    NON CURRENT ASSETS:
    Severance pay fund                                               5,513         5,215
    Long term investment and others                                    330           337
                                                                -----------   -----------
    Total non current assets                                         5,843         5,552
 
    PROPERTY AND EQUIPMENT, NET                                        993           828
 
    INTANGIBLE ASSETS, NET                                           1,052         1,205
 
    GOODWILL                                                        96,276        96,276
                                                                -----------   -----------
    TOTAL ASSETS                                                 $ 276,467     $ 246,911
                                                                ===========   ===========
 
    LIABILITIES AND SHAREHOLDERS' EQUITY
    CURRENT LIABILITIES:
    Trade payables                                                   $ 385       $ 2,319
    Other payables and accrued
    expenses                                                         5,389         6,352
                                                                -----------   -----------
    Total current liabilities                                        5,774         8,671
 
    ACCRUED SEVERANCE PAY                                            6,481         6,081
 
    SHAREHOLDERS' EQUITY: 
    Share capital                                                      161           155
    Additional paid-in capital                                     308,794       288,641
    Accumulated other comprehensive income (loss)                      122          (960)
    Accumulated deficit                                            (44,865)      (55,677)
                                                                -----------   -----------
    Total shareholders' equity                                     264,212       232,159
                                                                -----------   ----------- 
    TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                   $ 276,467     $ 246,911
                                                                ===========   ===========
 


                             EZchip Semiconductor Ltd.
           Selected Condensed Consolidated Cash Flow Data on a Non-GAAP
                                       basis
                            (U.S. Dollars in thousands)
                                    (Unaudited)

                                  Three Months Ended                 Nine Months Ended
                      ---------------------------------------   -------------------------
                       September                   September     September     September
                           30,        June 30,         30,           30,           30,
                          2012          2012          2011          2012          2011
                      -----------   -----------   -----------   -----------   -----------
 
    Cash flows from
    operating activities:
    Net income             $ 127       $ 5,553       $ 7,650      $ 10,812      $ 13,895
    Adjustments to 
    reconcile net income
    to net cash provided 
    by operating activities:
    Depreciation and
    amortization             178           157           162           478         1,064
    Decrease (increase)
    in trade and other
    receivables, net       2,991            76        (2,100)        3,748        (1,734)
    Decrease (increase)
    in inventory             521           974           (87)          317        (1,525)
    Decrease in deferred 
    tax asset                  -             -             -             -         3,513
    Decrease in trade 
    payables and other
    accrued liabilities,
    net                     (585)         (490)       (1,996)       (1,538)       (1,707)
    Stock-based 
    compensation           2,879         2,835         2,192         8,296         6,388
                      -----------   -----------   -----------   -----------   -----------
    Net cash provided by
    operating activities   6,111         9,105         5,821        22,113        19,894
                      -----------   -----------   -----------   -----------   -----------
 
    Cash flows from
    investing activities:
    Purchase of property 
    and equipment            (95)         (338)         (138)         (769)         (314)
    Purchase of technology     -          (500)            -          (500)            -
                      -----------   -----------   -----------   -----------   -----------
    Net cash used in
    investing activities     (95)         (838)         (138)       (1,269)         (314)
                      -----------   -----------   -----------   -----------   -----------
 
    Cash flows from
    financing activities:
    Proceeds from exercise 
    of options                96           352         1,466        11,863         7,371
                      -----------   -----------   -----------   -----------   -----------
    Net cash provided by
    financing activities      96           352         1,466        11,863         7,371
                      -----------   -----------   -----------   -----------   -----------
 
    Unrealized gain (loss)
    on marketable 
    securities, net          205           (79)         (542)          604          (624)
                      -----------   -----------   -----------   -----------   -----------
 
    Increase in cash, 
    cash equivalents, 
    marketable securities 
    and deposits           6,317         8,540         6,607        33,311        26,327
    Cash, cash 
    equivalents, marketable 
    securities and deposits 
    at the beginning of 
    the period           153,764       145,224       121,030       126,770       101,310
                      -----------   -----------   -----------   -----------   -----------
    Cash, cash
    equivalents,
    marketable 
    securities and 
    deposits at the end 
    of the period      $ 160,081     $ 153,764     $ 127,637     $ 160,081     $ 127,637
                      ===========   ===========   ===========   ===========   ===========


Contact:
Ehud Helft / Kenny Green
CCG Investor Relations
ezchip@ccgisrael.com
Tel: (US) +1-646-201-9246


SOURCE EZchip Semiconductor Ltd

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