EZchip Announces Fourth Quarter And Full Year 2014 Results

"Finally, during the year we have entered the multicore CPU market through the acquisition of Tilera, and, combined with the new markets addressed by NPS, we increased our expected 2017 TAM six fold to $2.2 billion.  We have also defined our next-generation multicore product family, the TILE‑Mx, which is well underway in execution and we believe will leapfrog the competition. The TILE‑Mx is scheduled to be announced at the end of the month and is expected to sample during the second half of 2016.

"To summarize, we anticipate our current products are well positioned to drive growth in the next several years, and with the NPS starting to contribute to revenues in 2016 and the TILE-Mx in 2017 we are highly optimistic about our short term, mid term and long term opportunities," concluded Eli Fruchter, CEO of EZchip.

Conference Call

The Company will be hosting a conference call later today, February 11, 2015, 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/?ezchip=527, 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, acquisition related costs and amortization of purchased intangible assets. 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 high-performance processing solutions for a wide range of applications for the carrier, cloud and data center networks. EZchip's broad portfolio of solutions scales from a few to hundreds of Gigabits-per-second, and includes network processors, multi-core processors, intelligent network adapters, high-performance appliances and a comprehensive software ecosystem. EZchip's processing solutions excel at providing great flexibility and high performance coupled with superior integration and power efficiency. 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 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, the integration of Tilera's business 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 27, 2014 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.

Contact:
Jeffrey A Schreiner
Email Contact
Tel: (US) 1 408 520 3676

-- tables to follow --  

 

EZchip Semiconductor Ltd.

Condensed Consolidated Statements of Operations

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

(Unaudited)




Three Months Ended


Twelve Months Ended



Dec. 31,


Sept. 30,


Dec. 31,


Dec. 31,


Dec. 31,



2014


2014


2013


2014


2013












Revenues


$       22,358


$       19,241


$       20,097


$     83,989


$     70,850

Cost of revenues


7,620


3,367


3,680


19,075


12,022

Gross profit


14,738


15,874


16,417


64,914


58,828












Operating expenses:











Research and development, net


11,172


7,953


6,923


33,621


25,815

Selling, general and administrative


11,194


4,060


3,527


23,504


13,363

Total operating expenses


22,366


12,013


10,450


57,125

 


39,178

 












Operating income (loss)


(7,628)


3,861


5,967


7,789


19,650

Financial income, net


287


338


546


1,369


2,048

Net income (loss)


$      (7,341)


$        4,199


$        6,513


$      9,158


$      21,698












Net income (loss) per share:











Basic


$        (0.25)


$          0.14


$          0.23


$        0.31


$        0.76

Diluted


$        (0.25)


$          0.14


$          0.22


$        0.31


$        0.74

Weighted average shares used in per share calculation:











Basic


29,537,166


29,297,876


28,825,291


29,244,428


28,628,798

Diluted


29,537,166


29,657,471


29,171,552


29,887,263


29,188,736
























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