EZchip Announces Record First Quarter 2014 Results

 

EZchip Semiconductor Ltd.
Reconciliation of GAAP to Non-GAAP Measures
(U.S. Dollars in thousands, except per share amounts)
(Unaudited)






Three Months Ended



March 31,


December 31,


March 31,



2014


2013


2013








GAAP gross profit


$      16,500


$      16,417


$      12,355

Stock-based compensation


74


73


73

Non-GAAP gross profit


$      16,574


$      16,490


$      12,428








GAAP gross profit as percentage of revenues


81.3%


81.7%


80.8%


Non-GAAP gross profit as percentage of revenues


81.7%


82.1%


81.3%















GAAP operating expenses


$     10,874


$      10,450


$       9,355

Stock-based compensation:







Research and development


(2,267)


(2,045)


(1,825)

Selling, general and administrative


(1,584)


(1,515)


(1,327)

Non-GAAP operating expenses


$       7,023


$        6,890


$       6,203















GAAP operating income


$       5,626


$        5,967


$       3,000








Non-GAAP operating income


$       9,551


$        9,600


$       6,225








GAAP net income


$       6,086


$        6,513


$       3,510

Stock-based compensation


3,925


3,633


3,225








Non-GAAP net income


$     10,011


$      10,146


$       6,735








Non-GAAP net income per share - Diluted


$        0.33


$          0.34


$        0.23

Non-GAAP weighted average shares - Diluted*


30,507,804


30,213,501


29,868,370

* In calculating diluted non-GAAP net income per share, the diluted weighted average number of shares outstanding excludes the effects of stock-based compensation expenses in accordance with FASB ASC 718.


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