May 1, 2023

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Silicom Ltd., a leading provider of high-performance networking and data infrastructure solutions, reported its financial results for the first quarter ended March 31, 2023. The company's revenues for the quarter totaled $37.2 million, showing an increase of 16% compared with the first quarter of 2022. On a GAAP basis, net income for the quarter increased by 63%, reaching $3.5 million or $0.52 per share, basic and diluted.

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Non-GAAP Basis Results

On a non-GAAP basis, the company's net income totaled $4.2 million, or $0.61 per diluted share ($0.62 per basic share), showing an increase of 38% compared to $3.0 million, or $0.44 per diluted share ($0.45 per basic share), for the first quarter of 2022.

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Share Repurchase Plan

The company's board of directors has authorized a new one-year share repurchase plan that allows the company to invest up to $15 million in the repurchase of its ordinary shares. The timing and actual number of shares repurchased will be determined in consideration of the shares' current price, general business/market conditions, and other factors. The plan authorizes management to repurchase its ordinary shares using open market purchases or other methods that comply with the rules of the US Securities and Exchange Commission and other applicable legal requirements. Repurchases will be funded from the company's available working capital. The share repurchase plan does not obligate Silicom to buy back any specific number of shares and may be suspended or terminated at any time at management's discretion.

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Members of LevelFields received the alert of this event on May 1, 8:40 AM ET

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