Networking solutions developer Silicom Ltd. (Nasdaq:SILC; TASE:SILC) posted record revenue and profits for the third quarter of 2011. Revenue rose 36% to $10 million from $7.4 million for the corresponding quarter of 2010.
GAAP-based net profit rose 46% to $2.1 million ($0.30 per share) for the third quarter from $1.4 million for the corresponding quarter. Non-GAAP net profit rose 48% to $2.2 million ($0.32 per share) from $1.5 million.
Silicom had $47.4 million in cash and cash equivalents at the end of September, $1.6 million more than the $45.8 million at the end of 2010.
Silicom president and CEO Shaike Orbach said, Our record performance during the third quarter reflects the continued strong growth of sales for both established and new product lines." He added that cross the $10 million quarterly sales threshold put the company in a new league.
Silicom's share price rose 11.1% at the opening on Nasdaq to $16.59, giving a market cap of $125 million, and rose 5.8% on the TASE to NIS 58.20.
Published by Globes [online], Israel business news - www.globes-online.com - on October 24, 2011
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