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Immersion CEO Discusses Q2 2012 Results - Earnings Call Transcript

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

Vic Viegas

Thanks Jennifer and thanks for joining us this afternoon. Our revenues for the second quarter were 6.5 million lower than anticipated. However, due to our continuing cost management efforts, our net loss of 2.2 million or $0.08 per share was within our expected range. Revenues from royalties and licenses were roughly flat year-over-year as the number of phones infringing on Immersion's technology continue to accumulate, deferring our ability to fully participate in the dramatic growth of haptics within smartphones and applications. At the same time, we demonstrated continued progress during the quarter with our higher ASP generating rework technology now shipping in Samsung's flagship Galaxy S III phone. The launch of new haptic enabled titles from top tier applications developers, the cultivation of new standard and high definition haptics compliant components with our ecosystem partners and growing momentum for haptics within the automotive space.

In a few minutes, I will discuss our recent business development and provide and update regarding our guidance. But first, I'll ask Paul to provide a more detailed review of our financial results for the second quarter. Paul?

Paul Norris

Thanks Vic. Revenues in the second quarter of 2012 were $6.5 million down 3% compared to revenues of 6.7 million in the year ago period. Revenues from royalties and licenses of 5.9 million were roughly flat with the second quarter of 2011. Revenues from product tails were 344,000 compared to product tails of 546,000 for the second quarter of 2011. While revenue mix per line of business is expected to fluctuate on a quarterly basis due to seasonality pattern, in the second quarter of 2012, a breakdown by line of business as a percentage of total revenues was as follows. 47% from mobility, 27% from gaming, 13% from medical, 7% from auto and 6% from chip and other. These percentages are based on total revenues including revenues from royalty and licensing, product tails and development contracts.

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