EZchip Announces Third Quarter 2012 Results


                                 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
 


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