Silicon Laboratories Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 29, 2012. For the quarter, the company reported revenues of $152,461,000 compared to $126,692,000 a year ago. Operating income was $25,302,000 compared to $15,223,000 a year ago. Income before income taxes was $24,364,000 compared to $15,779,000 a year ago. Net income was $18,695,000 compared to $12,805,000 a year ago. Diluted EPS was $0.44 compared to $0.29 a year ago. Non-GAAP operating income was $33,658,000. Non-GAAP net income was $25,938,000 or $0.61 per share.

For the year, the company reported revenues of $563,294,000 compared to $491,625,000 a year ago. Operating income was $85,675,000 compared to $50,074,000 a year ago. Income before income taxes was $86,348,000 compared to $52,340,000 a year ago. Net income was $63,548,000 compared to $35,472,000 a year ago. Diluted EPS was $1.47 compared to $0.79 a year ago. Non-GAAP operating income was $116,646,000. Non-GAAP net income was $93,080,000 or $2.16 per share. Net cash provided by operating activities was $97,050,000 compared to $88,742,000 a year ago. Purchases of property and equipment were $102,043,000 compared to $8,690,000 a year ago.

Silicon Laboratories Inc. provided revenue guidance for the first quarter of 2013. The company expects revenue for the first quarter to be down sequentially 4% to 8%. The company expect gross margin to be in the range of 60% to 61%. On a GAAP basis, the company is projecting earnings of $0.34 to $0.40. And on a non-GAAP basis, the company excepts earnings to be $0.51 to $0.57. The company expects a significant tax benefit in first quarter from the 2012 U.S. R&D tax credit catch-up, resulting in an unusually low tax rate in the low to mid single digits for first quarter and a reduced tax rate of about 17% for second quarter and beyond.