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EZchip Concludes Record Year With 2010 Revenues Increasing 55% Year-Over-Year to $62 Million

Israel Feb. 10, 2011 December 31, 2010

Fourth Quarter and Full Year 2010 Highlights:

  • $62.0 million
  • $17.1 million
  • Fourth quarter gross margin reached 71.3% on a GAAP basis and 74.7% on a non-GAAP basis
  • $4.0 million $2.3 million $13.6 million $8.2 million
  • $8.6 million $30.4 million
  • $5.5 million $25.6 million
  • $101.3 million

Fourth Quarter 2010 Results:

Total revenues $17.1 million $12.9 million $16.4 million

Net income, on a GAAP basis $4.0 million $2.3 million $0.15 $14.9 million $11.7 million $0.58 $4.5 million $2.0 million $0.17

Net income, on a non-GAAP basis, $8.6 million $0.31 $5.5 million $0.22 $8.7 million $0.32

Cash, cash equivalents and marketable securities $101.3 million $93.1 million September 30, 2010 $5.5 million $0.1 million $2.9 million $0.1 million

Full Year 2010 Results:

Total revenues December 31, 2010 $62.0 million $40.0 million

Net income on a GAAP basis $13.6 million $8.2 million $0.52 $17.4 million $11.7 million $0.66

Net income on a non-GAAP basis $30.4 million $1.14 $14.0 million $0.54

Eli Fruchter $62 million $30 million $34 million $26 million $101 million

"On the business front, during 2010 we continued to make substantial progress with our next generation network processors. NP-4 has already garnered design wins from the vast majority of high volume CESR platforms that use high speed merchant NPUs, and we believe NP-4 represents a revenue opportunity that is four times the size of our NP-2 and NP-3 opportunity combined. Our NPA access network processors moved to production and we began shipping production parts during the fourth quarter. Our NP-5 has won its first design wins with tier-1 OEMs and our goal is to develop NP-5 to be as successful as the NP-4 and to ensure continued growth for several more years."  

"Looking ahead, we believe we have the products, customers and leading market position to continue to grow our business in 2011 and beyond.  In the short term, we expect to see a single-digit decline in revenues in the first quarter of 2011 compared to the first quarter of 2010, as we see inventory adjustments from several customers. We believe that growth will resume in the second quarter of 2011, and increase significantly in the second half of 2011 when the NP-3 based systems continue to ramp and the NP-4 based systems enter production."

Conference Call

February 10, 2011 10:00am ET 7:00am PT 3:00pm 5:00pm Israel

http://www.ezchip.com

To participate through dial-in, please call one of the following teleconferencing numbers. Please begin placing your calls at least 15 minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.

US Dial in Number:

1 888 668 9141

UK Dial in Number:

0 800 917 5108

International Dial in Number (Israel):

+972 3 918 0609

Israel Dial in Number:

03 918 0609

For those unable to listen to the live call, a replay of the call will be available the day after the call under the ‘Investor Relations’ section of the website.

Use of Non-GAAP Financial Information

United States

About EZchip

http://www.ezchip.com

March 25, 2010

EZchip Semiconductor Ltd.

Condensed Consolidated Statements of Operations

(U.S. Dollars in thousands, except per share amounts)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

December 31,

December 31,

2010

2010

2009

2010

2009

Revenues

$      17,136

$      16,377

$       12,874

$    61,998

$     40,046

Cost of revenues

4,461

3,833

3,588

15,668

11,224

Amortization of purchased technology

453

471

496

1,915

1,985

Gross profit

12,222

12,073

8,790

44,415

26,837

Operating expenses:

Research and development, net

3,577

3,177

3,361

13,665

13,243

Selling, general and administrative

2,617

2,651

2,381

10,001

8,697

Total operating expenses

6,194

5,828

5,742

23,666

21,940

Operating income

6,028

6,245

3,048

20,749

4,897

Financial income, net

312

299

181

1,130

902

Income before taxes

6,340

6,544

3,229

21,879

5,799

Tax benefit (taxes on income )

(2,314)

(2,043)

11,675

(8,236)

11,675

Income before noncontrolling interest

4,026

4,501

14,904

13,643

17,474

Less: Net income attributable to noncontrolling interest

(41)

(92)

Net income

$         4,026

$         4,501

$      14,863

$    13,643

$    17,382

Net income per share:

Basic

$           0.16

$           0.18

$          0.63

$        0.54

$        0.74

Diluted

$           0.15

$           0.17

$          0.58

$        0.52

$        0.66

Weighted average shares used in per share calculation:

Basic

25,877,546

25,421,522

23,451,744

25,281,651

23,376,217

Diluted

27,130,392

26,524,702

23,584,580

26,110,132

23,516,260

EZchip Semiconductor Ltd.

Reconciliation of GAAP to Non-GAAP Measures

(U.S. Dollars in thousands, except per share amounts)

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

December 31,

December 31,

2010

2010

2009

2010

2009

GAAP gross profit

$   12,222

$    12,073

$     8,790

$      44,415

$   26,837

Stock-based compensation

133

58

70

302

214

Amortization of purchased intangible assets

453

471

49

1,915

2,035

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