EZchip Announces Fourth Quarter and Full Year 2011 Results



EZchip Semiconductor Ltd.

Selected Condensed Consolidated Cash Flow Data on a Non-GAAP basis

(U.S. Dollars in thousands)

(Unaudited)

                                                             Twelve Months
                              Three Months Ended                 Ended
                       ---------------------------------- --------------------
                       December    September    December  December    December
                          31,          30,         31,       31,         31,
                         2011         2011        2010      2011        2010
                       --------    ---------    --------  --------    --------
    Cash flows from
    operating
    activities:
                              
    Net income (loss)  $ (5,953)     $ 7,650     $ 4,026   $ 7,942    $ 13,643
    Adjustments to
    reconcile net
    income (loss) to
    net cash provided
    by operating
    activities:
    Repayment of OCS
    grants*               9,938           --          --     9,938          --
    Depreciation and
    amortization            163          162         696     1,227       2,887
    Decrease
    (increase) in
    trade and other
    receivables, net      1,113       (2,100)     (1,677)     (621)      2,133
    Decrease
    (increase) in
    inventory               259          (87)       (913)   (1,266)     (2,989)
    Decrease in
    deferred tax
    asset                    --           --       2,303     3,513       8,162
    Increase
    (decrease) in
    trade payables
    and other accrued
    liabilities, net      1,213       (1,996)       (608)     (494)     (4,077)
    Stock-based
    compensation          2,218        2,192       1,632     8,606       5,830
                        --------    ---------    --------  --------    --------
    Net cash provided
    by operating
    activities            8,951        5,821       5,459    28,845      25,589
                        --------    ---------    --------  --------    --------
 
    Cash flows from
    investing
    activities:
    Purchase of
    property and
    equipment               (97)        (138)        (74)     (411)       (385)
    Purchase of
    technology             (500)          --          --      (500)         --
    Cash paid for
    investment in
    affiliated
    Company                  --           --          --        --        (200)
                        --------    ---------    --------  --------    --------
    Net cash used in
    investing
    activities             (597)        (138)        (74)     (911)       (585)
                        --------    ---------    --------  --------    --------
 
    Cash flows from
    financing
    activities:
    Proceeds from
    issuance of share
    capital                  --           --          --        --       1,072
    Proceeds from
    exercise of
    options                 711        1,466       2,890     8,082       7,988
                             --------        ---------        --------    --------        --------
        Net  cash  provided
        by  financing
        activities                            711                1,466              2,890          8,082              9,060
                                                --------        ---------        --------    --------        --------
  
        Repayment  of  OCS
        grants*                            (9,938)                    --                    --        (9,938)                  --
        Unrealized  gain
        (loss)  on
        marketable
        securities,  net                      6                  (542)                (99)          (618)                    8
                                                --------        ---------        --------    --------        --------
  
        Increase
        (decrease)  in
        cash,  cash
        equivalents  and
        marketable
        securities                          (867)              6,607              8,176        25,460            34,072
        Cash,  cash
        equivalents  and
        marketable
        securities  at  the
        beginning  of  the
        period                            127,637            121,030            93,134      101,310            67,238
                                                --------        ---------        --------    --------        --------
        Cash,  cash
        equivalents  and
        marketable
        securities  at  the                  
        end  of  the  period    $126,770          $127,637        $101,310    $126,770        $101,310
                                              =========        =========      =========  =========      =========
 


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