Record Revenue for 2013
AUSTIN, Texas — (BUSINESS WIRE) — January 29, 2014 — Q4 Financial Highlights
On a GAAP basis:
- Gross margins increased sequentially to 60.6 percent
- R&D investment increased sequentially to $42.2 million
- SG&A expenses declined sequentially to $32.3 million
- Operating income increased sequentially to 9.7 percent of revenue
- Diluted earnings per share increased sequentially to $0.24
On a non-GAAP basis (results exclude the impact of stock compensation, amortization from acquired intangible assets and certain other items as set forth in the reconciliation table below):
- Gross margins increased sequentially to 61.2 percent
- R&D expenses increased sequentially to $34.5 million
- SG&A expenses declined sequentially to $27.7 million
- Operating income increased sequentially to 18.7 percent
- Diluted earnings per share increased sequentially to $0.49
- Broad-based revenue was $72.4 million, reflecting a record quarter in microcontrollers and wireless offset by lower than expected revenue for timing due to general weakness in the telecom infrastructure market.
- Broadcast outperformed expectations in the fourth quarter with revenue of $49.6 million.
- Access grew slightly in the fourth quarter, exceeding expectations, with revenue of $24.3 million.
- During the fourth quarter, the company announced several important mixed-signal products for Internet of Things applications, including the energy-friendly EFM32™ Zero Gecko MCU family, the ultra-low-power Si106x/8x wireless MCU family, and the next-generation Si701x/2x relative humidity and temperature sensor family.
“We are very pleased with our performance in the fourth quarter, as our microcontroller and wireless products delivered another record revenue quarter, and we experienced better than expected revenue from Broadcast and Access products,” said Tyson Tuttle, CEO of Silicon Labs. “Revenue for 2013 was a record for the company, and we believe we are entering 2014 well positioned in growth markets such as the Internet of Things, smart energy and Internet infrastructure.”
The company expects revenue in the first quarter to be in the range of $142 million to $146 million. The company expects first quarter earnings per share to be between $0.14 and $0.18 on a GAAP basis and between $0.40 and $0.44 on a non-GAAP basis.
Webcast and Conference Call
A conference call discussing the quarterly results will follow this press release at 7:30 a.m. Central time. An audio webcast will be available simultaneously on Silicon Labs' website under Investor Relations ( www.silabs.com). A replay will be available after the call at the same website listed above or by calling 1 (855) 859-2056 or (404) 537-3406 (international) and by entering 39717387. The replay will be available through March 8.
About Silicon Labs
Silicon Labs is an industry leader in the innovation of high-performance, analog-intensive, mixed-signal ICs. Developed by a world-class engineering team with unsurpassed expertise in mixed-signal design, Silicon Labs' diverse portfolio of patented semiconductor solutions offers customers significant advantages in performance, size and power consumption. For more information about Silicon Labs, please visit www.silabs.com.
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