EZchip Semiconductor Ltd. (EZCH) reported that net income, on a GAAP basis, for the fourth quarter of 2012 was $4.8 million, or $0.17 per share, compared to net loss of $6.0 million or $0.22 per share, in the fourth quarter of 2011. The prior year quarter result included a one-time charge due to early repayment of $9.9 million to the Israeli Office of Chief Scientist or OCS.
Net income, on a non-GAAP basis, for the fourth quarter of 2012 was $7.8 million, or $0.26 per share, compared to non-GAAP net income of $6.3 million, or $0.22 per share, in the fourth quarter of 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $0.21 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues in the fourth quarter of 2012 were $15.2 million, an increase of 7% compared to $14.3 million in the fourth quarter of 2011. Ten analysts had consensus revenue estimate of $14.00 million for the quarter.
Eli Fruchter, CEO of EZchip said,"Looking ahead, we believe that high-end NPUs, such as the NP-4, are required for high-end edge routers to be competitive. Therefore, based on the success of our customer products in the marketplace and the level of carriers' investment in Internet infrastructure, we believe NP-4 can significantly increase our revenues in the next few years. As for this year, we expect year-over-year growth in both Q1 and 2013, also when compared with 2011."
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