Silicom Ltd. reported un-audited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported sales of $16.7 million, a 51% increase compared with $11.1 million in the fourth quarter of 2011. This represents 45% sequential growth compared with sales of $11.5 million in the third quarter of 2012. On a GAAP basis, net income increased 26% to a record $3.0 million, or $0.43 per diluted share compared with $2.4 million or $0.34 per diluted share in the fourth quarter of 2011. On a non-GAAP basis, net income increased 37% to a record $3.4 million, or $0.49 per diluted and basic share, compared with $2.5 million, or $0.36 per diluted and basic share, for the fourth quarter of 2011. The company reported operating income of $3.2 million compared to $2.5 million, income before income taxes of $3.3 million compared to $2.6 million and non-GAAP operating income of $3.6 million compared to $2.4 million for the last year.

For the year, the company's revenues increased by 23% to a record $48.7 million from $39.6 million in 2011. On a GAAP basis, the company's net income increased by 20% to a record $9.9 million, or $1.42 per diluted and basic share, compared with $8.2 million, or $1.18 per diluted share for 2011. On a non-GAAP basis, net income increased by 22% to a record $10.6 million, or $1.52 per diluted share compared with $8.7 million or $1.24 per diluted share for 2011. The company reported operating income of $10.0 million compared to $8.5 million, income before income taxes of $10.8 million compared to $8.9 million and non-GAAP operating income of $10.7 million compared to $8.9 million for the last year.