EZchip Announces Record Second Quarter 2015 Results: Q2 Revenues Increase 28% Year-Over-Year To $28.3 Million

 

During February 2015 we have made a one-time early payment of $9.6 million to the Israeli Office of Chief Scientist, representing the full balance of the contingent liability related to the NP-5 grants received. Upon making this payment, we have eliminated all future royalty obligations related to our anticipated NP-5 revenues and saved the associated future interest payments related to such obligations. This amount was excluded from the non-GAAP statements of operations as it represents future royalty obligations.



**

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.

 

 


EZchip Semiconductor Ltd.

Condensed Consolidated Balance Sheet

(U.S. Dollars in thousands)








June 30,


December 31,



2015


2014



(Unaudited)


(Audited)

ASSETS





CURRENT ASSETS:





Cash, cash equivalents, marketable securities and deposits


$      188,980


$      185,757

Trade receivables, net


8,454


10,865

Other receivables


6,073


4,735

Inventories


7,220


6,459

Total current assets


210,727


207,816






NON CURRENT ASSETS:





Severance pay fund


7,488


7,091

Long term investment and others


420


348

Total non current assets


7,908


7,439






PROPERTY AND EQUIPMENT, NET


3,017


3,601






INTANGIBLE ASSETS, NET


17,064


17,312






GOODWILL


127,706


127,355






TOTAL ASSETS


$      366,422


$      363,523





LIABILITIES AND SHAREHOLDERS' EQUITY





CURRENT LIABILITIES:





Trade payables


$          3,359


$          2,664

Other payables and accrued expenses


11,772


13,726

Total current liabilities


15,131


16,390






ACCRUED SEVERANCE PAY


8,249


7,815






SHAREHOLDERS' EQUITY:





Share capital


170


169

Additional paid-in capital


349,916


349,050

Treasury shares at cost


4,748


--

Accumulated other comprehensive income (loss)


225


(731)

Accumulated deficit


(12,017)


(9,170)

Total shareholders' equity


343,042


339,318






TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY


$        366,422


$        363,523












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