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The Blueshirt Group
Immersion Corporation Reports Fourth Quarter and Fiscal 2012 Results
SAN JOSE, Calif., February 28, 2013 Immersion Corporation (NASDAQ: IMMR), the leading developer and licensor of touch feedback technology, today reported financial results for the fourth quarter and year ended December 31, 2012.
Total revenues for the fourth quarter of 2012 were $8.9 million, an increase of 15% compared to $7.7 million for the fourth quarter of 2011. Royalty and license revenues of $7.6 million for the fourth quarter of 2012 were up 12% from the same period last year. Net loss for the fourth quarter of 2012 was $(200,000), or $(0.01) per share. This compares to a net loss of $(270,000), or $(0.01) per share, for the fourth quarter of 2011. Adjusted EBITDA for the fourth quarter of 2012 was $1.3 million, compared to $1.9 million in the fourth quarter of 2011.
Revenues for fiscal 2012 were $32.2 million, an increase of 5% as compared to $30.6 million for fiscal 2011. Royalty and license revenue for fiscal 2012 totaled $29.0 million, an increase of 8% over $26.9 million for fiscal 2011. Net loss for fiscal 2012 was $(5.6) million, or $(0.20) per share as compared to net loss of $(1.6) million, or $(0.06) per share, for fiscal 2011. Adjusted EBITDA for fiscal 2012 was $259,000, compared to $6.0 million in fiscal 2011.
2012 was a pivotal year for Immersion, as we saw the value of our technology repeatedly validated through our success in establishing the importance of our intellectual property in the mobile market, said Vic Viegas, chief executive officer of Immersion. We made significant progress in creating new haptic technologies and user experiences, in maximizing their value, and in monetizing both our innovative software solutions and our strong patent portfolio. We are tremendously excited by the future for haptic technology within both established as well as new markets. We believe that the success of our strategic initiatives in 2012 has established a solid foundation for future growth.
As of December 31, 2012, Immersions cash, cash equivalents, and short-term investments were $43.5 million, compared to $56.3 million as of December 31, 2011. During 2012, the Company used approximately $5.7 million to purchase 1,054,538 shares of its common stock.
The following information was filed by Immersion Corp (IMMR) on Thursday, February 28, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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