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News Article

Silicon Labs revenues grow 15 percent in 2012

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Silicon Labs, a manufacturer of analogue-intensive, mixed-signal integrated circuits (ICs), has reported record revenue for the fourth quarter and the full year.

Revenue of $563.3 million for 2012 was a 15 percent increase compared to 2011.

All financial data reported below is on a GAAP basis.

Fourth quarter revenue of $152.5 million was up 20 percent compared to the same period last year.

Gross margin improved to 61.4 percent. R&D investment increased to $36.0 million, and SG&A expense increased to $32.3 million. Resulting operating income decreased to 16.6 percent. Diluted earnings per share increased to $0.44.

In 2012, gross margin was 60 percent and operating expenses increased only slightly by two percent to $252.3 million, resulting in a five hundred basis point improvement in operating margin to 15.2 percent. Earnings increased therefore by 86 percent to $1.47.

The company repurchased 245 thousand shares of stock and ended the quarter with $293 million in cash, cash equivalents and investments due to continued healthy cash flow from operations.

The company says its strong performance in 2012 was driven by high growth in the Broadcast and Broad-based products.

Broadcast growth was driven by the rapid adoption of the company's TV tuner products, which represented one third of the TV market in 2012.

The Broad-based products, which grew more than 30 percent in 2012, significantly outgrew their end markets as the company added customers and expanded its sales channel. In the fourth quarter, the Broad-based business was up as expected driven by a record quarter for the Timing products. Timing strength came from new business in consumer and embedded applications, a direct result of the company's investments to broaden the portfolio.

The MCU products were up more than 45 percent year over year due to growth from strong organic execution and from a recent acquisition. The Broadcast business exceeded expectations due to record revenue for the company's video products. The Access business also grew sequentially in the fourth quarter.

"We had an excellent year in 2012, achieving record revenue levels and increasing our market share," said Tyson Tuttle, president and CEO of Silicon Laboratories. "We are addressing very large markets with a growing portfolio of differentiated products, we have a record backlog of design wins, and we believe that as we continue to execute, this will enable growth in 2013 and beyond."

The company expects revenue for the first quarter to be down sequentially four to eight percent.

A replay of a conference call discussing the quarterly results is available on Silicon Labs' website under Investor Relations (www.silabs.com). The replay will be available until February 13th 2013.

Silicon Labs designs analogue-intensive, mixed-signal integrated circuits (ICs) for a broad range of applications. The firm's portfolio of integrated, patented solutions is developed by an engineering team with expertise in mixed-signal design.  


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