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TheStreet Open House

Immersion's CEO Discusses Q1 2012 Earnings Results - Earnings Call Transcript

With that said, I’ll turn the call over to Chief Executive Officer, Vic Viegas.

Victor Viegas

The first quarter is typically our seasonally strongest quarter and our financial performance during the period illustrates the strength of our scalable and high margin license business and the success of our partner’s products in the market with our technology. We achieved positive adjusted EBITDA of $1.6 million during the quarter based on revenues of $9.7 million. Strong royalty revenues of $9.1 million for the quarter grew 9% over the same period last year.

As you’ve seen from our recent announcements, we continue to focus on delivering innovative new product solutions to the mobile market while protecting our intellectual property and the interest of our shareholders, partners, and customers. Before I take a deeper dive into our financial results for the quarter, I wanted to call your attention to the announcement this afternoon that we have successfully completed the search for a new chief financial officer.

We are extremely pleased that Paul Norris will join Immersion as CFO. Paul brings the perfect blend of financial and legal expertise through his in depth experience with publically traded licensing and IP oriented digital media companies making him ideally suited to support our sales and legal functions while rounding out our talented executive team. We believe that he will be a tremendous asset to the company as we work to grow our licensing business while also protecting our IP.

While Paul doesn’t officially begin his role until May 14 th, I’ve invited him to say a few words on the call today.

Paul Norris

I’m very excited to be joining Immersion as CFO. To share a little bit about my background, I’ve been advising technology companies in legal and finance capacities for over 20 years in areas ranging from innovation and corporate strategy to IP enforcement and M&A. Until early 2011 I was CFO and general counsel of Sonic Solutions, a publically traded digital media software and entertainment solutions provider located here in the Bay area.

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