Silicom Ltd. (Nasdaq:SILC; TASE:SILC) today published its financial report for the third quarter of 2009. The server and appliances networking solutions developer reported improved results compared with the preceding quarter, but neither profit nor revenue have returned to their levels of 2008.
Silicom posted $4.6 million revenue for the third quarter, down from $6.1 million for the corresponding quarter of 2008, but was up 15% compared with the preceding quarter.
Net profit was down nearly two-thirds to $346,000 ($0.05 per share) for the third quarter from $944,000 for the corresponding quarter, but was up 35% compared with the preceding quarter.
Silicom had $41.7 million in cash and cash equivalents at the end of September, $2.5 million more than at the end of 2008.
Silicom president and CEO Shaike Orbach said that major customers have resumed purchases as their target markets appear to have revived. He added that he hopes the company's new SETAC (SErver To Appliance Converter) product will boost business in the longer term.
Silicom's share fell 4.2% at the opening on Nasdaq to $9.57, giving a market cap of $64 million. The share fell 5.3% on the TASE today to NIS 35.50.
Published by Globes [online], Israel business news - www.globes-online.com - on October 26, 2009
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