EZchip Announces First Quarter 2012 Results

                            EZchip Semiconductor Ltd.
 
                 Condensed Consolidated Statements of Operations
 
              (U.S. Dollars in thousands, except per share amounts)
 
                                   (Unaudited)
 
                                       Three Months Ended
                            ---------------------------------------
                            March 31,     December 31,    March 31,
                               2012           2011           2011
                            ----------   -------------   ----------
 
    Revenues                  $ 14,415        $ 14,269      $ 13,179
    Cost of revenues             2,179           3,386         2,979
    Amortization of
    purchased technology            --              --           299
    Repayment of OCS
    grants                          --           9,938            --
                            ----------      ----------    ----------
                                12,236             945         9,901
    Gross profit
 
    Operating expenses:
    Research and
    development, net             4,534           4,352         4,399
    Selling, general and
    administrative               3,167           3,097         2,944
                            ----------      ----------    ----------
    Total operating
    expenses                     7,701           7,449         7,343
                            ----------      ----------    ----------
 
    Operating income             4,535          (6,504)        2,558
    (loss)
    Financial income,
    net                            597             551           326
                            ----------      ----------    ----------
    Income (loss) before
    taxes                        5,132          (5,953)        2,884
 
                                    --              --
    Taxes on income                                           (1,411)
                            ----------      ----------    ----------
    Net income (loss)          $ 5,132        $ (5,953)      $ 1,473
                            ==========      ==========    ==========
 
    Net income (loss)
    per share:
    Basic                       $ 0.19         $ (0.22)       $ 0.06
    Diluted                     $ 0.18         $ (0.22)       $ 0.05
    Weighted average
    shares used in per
    share calculation:
 
     Basic                  27,525,386      27,015,478    26,199,053
 
    Diluted                 28,517,609      27,015,478    27,495,138
                          ------------     -----------    ----------


                            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,
                                                                          2012                      2011                      2011
                                                                    ----------      -------------      ----------
  
        GAAP  gross  profit                              $  12,236                      $  945              $  9,901
        Stock-based  compensation                            77                            73                      140
        Amortization  of  purchased
        technology                                                        --                            --                      299
        Repayment  of  OCS  grants*                            --                      9,938                        --
                                                                        ----------      -------------      ----------
        Non-GAAP  gross  profit                      $  12,313                $  10,956            $  10,340
                                                                        ----------      -------------      ----------
  
        GAAP  gross  profit  as
        percentage  of  revenues                          84.9%                        6.6%                  75.1%
                                                                        ----------      -------------      ----------
        Non-GAAP  gross  profit  as
        percentage  of  revenues                          85.4%                      76.8%                  78.5%
                                                                        ----------      -------------      ----------
  
        GAAP  operating  expenses                    $  7,701                  $  7,449              $  7,343
        Stock-based  compensation:
        Research  and  development                    (1,361)                  (1,094)              (1,126)
        Selling,  general  and
        administrative                                        (1,144)                  (1,051)                  (830)
        Amortization  of  intangible
        assets
        Selling,  general  and
        administrative                                              (51)                        (95)                    (95)
                                                                        ----------      -------------      ----------
        Non-GAAP  operating
        expenses                                                  $  5,145                  $  5,209              $  5,292
                                                                        ----------      -------------      ----------
  
        GAAP  operating  income
        (loss)                                                      $  4,535              $  (6,504)              $  2,558
                                                                        ----------      -------------      ----------
        Non-GAAP  operating  income                $  7,168                  $  5,747              $  5,048
                                                                        ----------      -------------      ----------
  
        GAAP  net  income  (loss)                      $  5,132              $  (5,953)              $  1,473
        Stock-based  compensation                      2,582                    2,218                    2,096
        Amortization  of  purchased
        intangible  assets                                          51                            95                      394
        Repayment  of  OCS  grants*                            --                      9,938                        --
        Taxes  on  income**                                          --                            --                  1,411
                                                                        ----------      -------------      ----------
  
        Non-GAAP  net  income                            $  7,765                  $  6,298              $  5,374
                                                                        ----------      -------------      ----------
  
        Non-GAAP  net  income  per
        share  -  Diluted                                      $  0.27                    $  0.22                $  0.19
        Non-GAAP  weighted  average
        shares  -  Diluted***                      29,144,661            28,605,559        28,003,376
 


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