Business
Silicom Reports Q1 2020 Financial Results
- Company Announces New One-Year $15m Share Buyback Program - KFAR SAVA, Israel, April 30, 2020 /PRNewswire/ -- Silicom Ltd. (NASDAQ: SILC), a leading
About this update from Silicom Ltd
[{"type":"text","content":"- Company Announces New One-Year $15m Share Buyback Program -\n\n\nKFAR SAVA, Israel, April 30, 2020 /PRNewswire/ -- Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance networking and data infrastructure solutions, today reported its financial results for the first quarter ended March 31, 2020.\n\n \n \n \n \n \n \n\n \nFinancial Results\nRevenues for the first quarter of 2020 totaled $22.1 million compared with $30.2 million for the first quarter of 2019. This is at the higher end of the updated guidance provided on April 6, 2020, and is approximately 15% below earlier estimates provided in late January, prior to the global disruption caused by the COVID-19 pandemic. \nOn a GAAP basis, net income for the quarter totaled $1.5 million, or $0.20 per share (basic and diluted), compared with $3.6 million, or $0.48 per share (basic and diluted) for the first quarter of 2019. \nOn a non-GAAP basis (as described and reconciled below), non-GAAP net income for the period totaled $2.3 million, or $0.31 per share (basic and diluted), compared with $4.0 million, or $0.52 per diluted share ($0.53 per basic share), for the first quarter of 2019. This is the Company's 61st profitable quarter.\nSilicom's cash position as of the end of the quarter, which includes cash, cash equivalents, deposits and marketable securities and zero debt, totaled $79.9 million dollars (or $11.05 per outstanding share).\nShare Repurchase Plan\nIn addition, the Company today announced that its Board of Directors has authorized a new one-year share repurchase plan allowing the Company to invest up to $15 million to repurchase its ordinary shares. This plan will begin as soon as the previously-announced $15 million one-year share repurchase plan is completed. The timing and actual number of shares repurchased will depend upon a variety of factors, including price and general business and market conditions. The share repurchase plan authorizes management to repurchase ordinary shares using a variety of methods, including open market purchases, all in compliance with the rules of the US Securities and Exchange Commission and other applicable legal requirements. Repurchases will be funded from available working capital. The share repurchase plan does not obligate Silicom to buy back any specific number of shares and may be suspended or terminated at any ti...