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Silicon Labs Closes Fiscal Year

AUSTIN, Texas — Silicon Laboratories Inc. (Nasdaq: SLAB), a leader in high-performance, analog-intensive, mixed-signal integrated circuits (ICs), today reported revenue of $112 million for the fourth quarter and record revenue for the full year of $493 million.

2010 Highlights

• Year over year growth was driven by record revenue for the company’s broad-based products, which grew by nearly 50 percent over 2009 and represented 35 percent of total revenue for the year.
• A sustained focus on R&D resulted in 17 new product family introductions during the year spanning MCUs, Embedded Wireless, Isolation, Human Interface, Timing, Video, AM/FM Radio and Power over Ethernet.
• The company achieved a record number of design wins, broadened its sales channel and expanded its design team, all strong building blocks for future growth.
• Gross margin on both a GAAP and non-GAAP basis was at record levels for the year resulting from cost improvements and mix shifts to broad-based products.
• The company delivered 18 percent GAAP operating income and 26 percent non-GAAP operating income for the year.
• Cash generation continued to be very strong, enabling $140 million in share repurchases, two strategic technology acquisitions and a year-end cash, cash equivalents and investments balance of $383 million.

Fourth Quarter Highlights

Fourth quarter revenue of $112 million exceeded guidance and represented a seven percent sequential decrease. The better than anticipated result for the quarter was due to stronger than anticipated demand for the company’s broad-based products and the early stages of the company’s ramp into iDTVs with its silicon TV tuner.

Fourth quarter GAAP gross margin was 63.5 percent. R&D investment increased to $32.6 million while SG&A decreased again to $27.5 million. Fully diluted GAAP earnings per share were $0.28 for the quarter.

The following non-GAAP results exclude the impact of stock compensation expense. Non-GAAP gross margin was 63.9 percent for the quarter. R&D investment increased sequentially to $28.5 million. SG&A expense declined to $22.8 million. Fully diluted non-GAAP earnings per share were $0.46. The reconciling charges are set forth in the financial measures table included below.

{complink 4962|Silicon Laboratories Inc.}

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