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TheStreet Open House

Immersion Corporation Reports Second Quarter 2012 Results

Immersion Corporation (NASDAQ:IMMR), the leader in developing and licensing touch feedback technology ( http://www.immersion.com/corporate/), today reported financial results for the second quarter ended June 30, 2012.

Total revenues for the second quarter of 2012 were $6.5 million, compared with $6.7 million for the second quarter of 2011. Royalty and license revenues of $5.9 million for the second quarter of 2012 were roughly flat with the same period last year. Net loss for the second quarter of 2012 was $(2.2) million, or $(0.08) per share. This compares to a net loss of $(1.3) million or $(0.05) per share, for the second quarter of 2011. Adjusted EBITDA for the second quarter of 2012 was $(938) thousand, as compared to $442 thousand in the second quarter of 2011.

“We continue to see opportunity for our solutions in our mobile, automotive and gaming lines of business, in particular our success with mobile OEMs in Japan and automotive infotainment system designers. Additionally, we continue to innovate and develop new solutions and IP to further expand and capitalize on the opportunities in front of us,” said Immersion CEO Victor Viegas. “With the proliferation of over 200 million unlicensed Basic Haptics smartphones within the rapidly growing mobile touchscreen device market, our near-term revenue growth is being impacted by the current widespread violation of our intellectual property rights. Once we are successful in our legal efforts to protect our IP, we will then be able to more fully benefit from the growing use of haptics in mobile devices.”

“Based on our current outlook and taking into account potential Basic Haptics royalty agreements and payments from new and/or existing customers prior to the end of the year, we are broadening our expected revenue range for fiscal 2012 to $32 to $38 million, and we continue to expect to achieve positive Adjusted EBITDA for the year,” concluded Mr. Viegas.

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