Immersion Corporation (NASDAQ:IMMR), the leader in developing and licensing
touch feedback technology
), today reported financial results for the first quarter ended March 31, 2012. In a separate press release issued today the company also announced that it has appointed Paul Norris as Chief Financial Officer, effective May 14, 2012.
Total revenues for the first quarter of 2012 were $9.7 million, down 1% as compared to $9.8 million for the first quarter of 2011. Royalty and license revenues totaled $9.1 million for the first quarter of 2012, an increase of 9% as compared to $8.4 million for the same period last year. Net loss for the first quarter of 2012 was $(219,000), or $(0.01) per share. This compares to net income of $1.4 million or $0.05 per share, for the first quarter of 2011. Adjusted EBITDA for the first quarter of 2012 was $1.6 million, as compared to $3.3 million in the first quarter of 2011.
“Immersion posted strong results for the first quarter. Royalty revenues of $9.1 million grew 9% over the same period last year, and we achieved solid Adjusted EBITDA based on our scalable, high-margin licensing model, despite increased litigation expenses,” said Immersion CEO Victor Viegas. “We continue to be encouraged by the rapid adoption of haptics in the mobile market, and remain focused on delivering innovative new product solutions while protecting our intellectual property in the interests of our shareholders, partners and customers.”
“Based on our current outlook, we are reiterating our expectations for fiscal 2012 revenues to be in the range of $34 to $36 million, an increase of 11% to 18% from the prior year, and to achieve positive Adjusted EBITDA for the year,” concluded Mr. Viegas.
As of March 31, 2012, Immersion’s cash, cash equivalents, and short-term investments were $57.6 million, compared to $56.3 million as of December 31, 2011.