SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 OF
THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of January, 2010
________________
SILICOM LTD.
(Translation
of Registrant's name into English)
________________
8
Hanagar St., P.O.Box 2164, Kfar-Sava 44425, Israel
(Address
of Principal Executive Offices)
________________
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F:
Form 20-F þ Form 40-F o
Indicate
by check mark whether the registrant by furnishing the information contained in
this form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes o No þ
Attached
hereto and incorporated by reference herein is Registrant’s press release dated
January 25th, 2010 announcing Registrant’s fourth quarter financial
results.
This
report on Form 6-K is incorporated by reference into the Registrant's
Registration Statement on Form F-3, Registration Statement No. 333-143565. This
report on Form 6-K is also incorporated by reference into all other effective
registration statements filed by the Registrant under the Securities Act of
1933.
Signature
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this Report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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SILICOM Ltd.
(Registrant)
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|||
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By:
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/s/ Eran Gilad | |
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Eran
Gilad
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|||
| CFO | |||
Dated: January
25th,
2010
FOR
IMMEDIATE RELEASE
EARNINGS
RELEASE
SILICOM
REPORTS Q4 REVENUES OF $6.8M,
UP
47% COMPARED TO Q3 2009
-
EPS Reaches $0.19, Up 280% Compared to Q3 2009 -
KFAR SAVA, Israel - January 25, 2010
- Silicom Ltd. (NASDAQ and TASE: SILC) today reported a return to
year-over-year growth for the fourth quarter ended December 31,
2009.
Revenues
for the fourth quarter of 2009 were $6.8 million, up 47% compared sequentially
with $4.6 million in the third quarter of 2009, and up 4% compared with $6.5
million in the fourth quarter of 2008. Net income for the period was $1.4
million, or $0.19 per diluted share ($0.20 per basic share), up 290% compared
with $346,000, or $0.05 per share (basic and diluted), for the third quarter of
2009. Net income for the fourth quarter of 2008 was $1.6 million, or $0.24 per
diluted share ($0.25 per basic share).
Revenues
for the full year ended December 31, 2009 were $20.5 million compared with $25.6
million for 2008. Net income for the year was $2.8 million, or $0.41 per diluted
share ($0.42 per basic share), compared with $4.6 million, or $0.69 per share
(basic and diluted), for 2008.
As of
December 31, 2009, the Company’s cash, cash equivalents, bank deposits and
marketable securities totaled $43.2 million, up $1.6 million compared with the
end of the third quarter of 2009, and up $4.0 million compared with the end of
2008.
Commenting
on the results, Shaike Orbach, President and CEO, said, “We are pleased to
report an exceedingly strong fourth quarter and a return to year-over-year
revenue growth, a satisfying development which reflects the improvement we are
seeing in sales across the board, for all our product lines and target markets.
This derives from the fact that many of our customers have renewed their
purchases to near-pre-crisis levels, together with the initial sales associated
with new products and customers. Significantly, we did not lose any customers
during this challenging year.”
Mr.
Orbach continued, "Our decision to continue strong investment in sales,
marketing and R&D during 2009 has enabled us to continue expanding our
product offering in ways that meet the market’s evolving needs. We are
especially pleased with the positive initial market reception achieved towards
the end of the year by our strategic new SETAC, SErver To Appliance Converter.
We believe that over the long term the growing sales of our current product
lines will be complemented by significant SETAC sales, hopefully driving Silicom
to a whole new level of revenues and profits."
Mr.
Orbach concluded, “Looking at 2009 as a whole, we are proud to have delivered
four profitable, cash-positive quarters despite the year’s significant
challenges, and to finish the year with such a strong rebound quarter, a
testament to the success of our current product lines. Based on these
achievements we believe that we are well positioned to deliver a stronger 2010
and are optimistic regarding our long-term prospects.”
Conference
Call Details:
Silicom’s
Management will host an interactive conference today, January 25th, at
9am EST (6am Pacific Time, 4pm Israel Time) to review and discuss the results.
To participate, please call one of the following numbers approximately 10
minutes before that time.
US: 1 888
668 9141 (toll free)
ISRAEL:
03 918 0610 (not toll free)
UK: 0 800
917 5108 (toll free)
INTERNATIONAL: +972
3 918 0610 (not toll free)
The call
will also be broadcast live over the web, through a link accessible from
Silicom’s website prior to the call. For those unable to listen to the live
call, a replay of the call will be available for three months from the day after
the call under the investor relations section of Silicom’s website, at: www.silicom.co.il
About
Silicom
Silicom
Ltd. is an industry-leading provider of high-performance server/appliances
networking solutions. The Company's flagship products include a variety of
multi-port Gigabit Ethernet, copper and fiber-optic, server adapters and
innovative BYPASS adapters designed to increase throughput and availability of
server-based systems, WAN Optimization and security appliances and other
mission-critical gateway applications. For more information, please visit: www.silicom.co.il.
Statements
in this press release which are not historical data are forward-looking
statements 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.
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Company
Contact:
Eran
Gilad, CFO
Silicom
Ltd.
Tel:
+972-9-764-4555
E-mail:
erang@silicom.co.il
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Investor
relations contact:
Kenny
Green / Ehud Helft
CCG
Israel Investor Relations
Tel:
+1 646 201 9246
E-mail : silicom@ccgisrael.com
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- FINANCIAL
TABLES FOLLOW -
Silicom
Ltd. Consolidated
Statements
of Income
(US$
thousands, except for share and per share data)
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Three-month
period
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Twelve-month
period
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|||||||||||||||
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ended
December 31,
|
ended
December 31,
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|||||||||||||||
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2009
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2008
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2009
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2008
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|||||||||||||
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Sales
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$ | 6,822 | $ | 6,538 | $ | 20,526 | $ | 25,554 | ||||||||
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Cost
of sales
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4,121 | 4,041 | 12,461 | 15,405 | ||||||||||||
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Gross
profit
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2,701 | 2,497 | 8,065 | 10,149 | ||||||||||||
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Research
and development costs
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754 | 573 | 2,716 | 3,048 | ||||||||||||
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Selling
and marketing expenses
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521 | 352 | 1,821 | 2,093 | ||||||||||||
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General
and administrative expenses
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345 | 276 | 1,313 | 1,427 | ||||||||||||
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Total
operating expenses
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1,620 | 1,201 | 5,850 | 6,568 | ||||||||||||
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Operating
income
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1,081 | 1,296 | 2,215 | 3,581 | ||||||||||||
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Financial
income, net
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182 | 384 | 909 | 1,188 | ||||||||||||
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Income
before income taxes
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1,263 | 1,680 | 3,124 | 4,769 | ||||||||||||
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Income
tax expense (benefit)
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(87 | ) | 38 | 305 | 124 | |||||||||||
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Net
income
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$ | 1,350 | $ | 1,642 | 2,819 | $ | 4,645 | |||||||||
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Basic
income per ordinary share
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$ | 0.20 | $ | 0.25 | $ | 0.42 | $ | 0.69 | ||||||||
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Weighted
average number of ordinary
shares
used to compute basic income
per
share (in thousands)
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6,791 | 6,694 | 6,720 | 6,685 | ||||||||||||
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Diluted
income per ordinary share
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$ | 0.19 | $ | 0.24 | $ | 0.41 | $ | 0.69 | ||||||||
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Weighted
average number of ordinary
shares
used to compute diluted income
per
share (in thousands)
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6,930 | 6,750 | 6,843 | 6,780 | ||||||||||||
Silicom
Ltd. Consolidated Balance Sheets
(US$
thousands)
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December
31,
2009
|
December
31,
2008
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|||||||
| Assets | ||||||||
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Current
assets
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||||||||
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Cash
and cash equivalents
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$ | 7,253 | $ | 14,568 | ||||
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Short-term
bank deposits
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7,253 | - | ||||||
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Marketable
securities
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10,425 | 8,426 | ||||||
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Accounts
receivables: Trade, net
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5,172 | 4,849 | ||||||
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Accounts
receivables: Other
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371 | 353 | ||||||
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Inventories
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4,677 | 5,269 | ||||||
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Deferred
tax assets
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233 | 210 | ||||||
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Total
current assets
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35,384 | 33,675 | ||||||
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Marketable
securities
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18,308 | 16,204 | ||||||
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Assets
held for employees’ severance benefits
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1,105 | 1,066 | ||||||
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Deferred
tax assets
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192 | 234 | ||||||
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Property,
plant and equipment, net
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602 | 795 | ||||||
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Total
assets
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$ | 55,591 | $ | 51,974 | ||||
Liabilities
and shareholder's equity
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Current
liabilities
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||||||||
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Trade
accounts payable
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$ | 2,261 | $ | 2,681 | ||||
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Other
accounts payable and accrued expenses
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2,138 | 2,054 | ||||||
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Total
current liabilities
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4,399 | 4,735 | ||||||
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Liability
for employees’ severance benefits
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1,967 | 1,905 | ||||||
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Total
liabilities
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6,366 | 6,640 | ||||||
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Shareholders'
equity
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||||||||
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Ordinary
shares and additional paid-in capital
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34,174 | 33,102 | ||||||
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Treasury
shares
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(38 | ) | (38 | ) | ||||
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Retained
earnings
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15,089 | 12,270 | ||||||
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Total
Shareholders' equity
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49,225 | 45,334 | ||||||
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Total
liabilities and shareholders equity
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$ | 55,591 | $ | 51,974 | ||||