EZchip Announces Record Third Quarter 2015 Results

Safe Harbor Statement

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 and the consummation of the merger with Mellanox Technologies, Ltd. 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 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 31, 2015 and its Current Reports on Form 6-K (including EZchip's Proxy Statement, dated October 13, 2015 (as supplemented on October 26, 2015)). 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.

Important Additional Information

This communication is neither an offer to purchase nor a solicitation of an offer to sell securities. Shareholders are urged to read the Proxy Statement, dated October 13, 2015 (as supplemented on October 26, 2015), together with the Merger Agreement and other exhibits thereto, in their entirety because they contain important information. The Proxy Statement, dated October 13, 2015 (including the Merger Agreement with Mellanox Technologies, Ltd. and the fairness opinion received by the EZchip Board), has been filed by EZchip with the SEC and mailed to shareholders. The Supplement to the Proxy Statement, dated October 26, 2015, has been filed by EZchip with the SEC and is being mailed to shareholders. Shareholders may also obtain a free copy of these statements and other documents filed by EZchip with the SEC at the website maintained by the SEC at www.sec.gov by directing such requests to:

MacKenzie Partners, Inc.
Toll-free: (800) 322-2885
Collect: (212) 929-5500

 

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 30,


June 30,


September 30,


September 30,


September 30,



2015


2015


2014


2015


2014












Revenues


$       30,694


$       28,265


$       19,241


$     85,864


$     61,631

Cost of revenues


7,941


6,911


3,367


22,924


11,455

Repayment of OCS grants*


--


--


--


9,636


--

Gross profit


22,753


21,354


15,874


53,304


50,176












Operating expenses:











Research and development, net


11,478


10,458


7,953


33,619


22,449

Selling, general and administrative


6,373


5,964


4,060


18,408


12,310

Total operating expenses


17,851


16,422


12,013


52,027


34,759












Operating income


4,902


4,932


3,861


1,277


15,417

Financial income, net


363


487


338


1,141


1,082

Income before income taxes


5,265


5,419


4,199


2,418


16,499

Income taxes


(31)


--


--


(31)


--

Net income


$        5,234


$        5,419


$        4,199


$     2,387


$      16,499












Net income per share:











Basic


$          0.18


$          0.18


$          0.14


$       0.08


$        0.57

Diluted


$          0.17


$          0.18


$          0.14


$       0.08


$        0.56

Weighted average shares used in
per share calculation:











Basic


29,833,740


29,980,199


29,297,876


29,896,108


29,145,777

Diluted


30,133,445


30,095,969


29,657,471


30,253,706


29,620,204
















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