Immersion Corporation Reports Third Quarter 2012 Results

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The use of the word "partner" or "partnership" in this press release does not mean a legal partner or legal partnership.

(IMMR – C)

Immersion Corporation
Condensed Consolidated Balance Sheets
(In thousands)
				September 30,				December 31,
				2012				2011
				(Unaudited)				(1)
ASSETS
Cash and cash equivalents				$	13,889			$	7,298
Short-term investments					33,985				48,987
Accounts and other receivables, net					1,402				1,487
Inventories					359				423
Deferred income taxes					215				215
Prepaid expenses and other current assets					773				479
	Total current assets				50,623				58,889
Property and equipment, net					1,426				1,737
Intangibles and other assets, net					15,447				14,053
TOTAL ASSETS				$	67,496			$	74,679
LIABILITIES
Accounts payable				$	1,717			$	365
Accrued compensation					2,412				2,830
Other current liabilities					2,478				2,054
Deferred revenue and customer advances					4,651				4,120
	Total current liabilities				11,258				9,369
Long-term deferred revenue					10,999				13,229
Deferred income tax liabilities					215				215
Other long-term liabilities					584				245
TOTAL LIABILITIES					23,056				23,058
STOCKHOLDERS’ EQUITY					44,440				51,621
TOTAL LIABILITIES &
STOCKHOLDERS’ EQUITY				$	67,496			$	74,679
(1) Derived from Immersion’s annual audited consolidated financial statements.

Immersion Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
			Three Months									Nine Months
			Ended September 30,									Ended September 30,
			2012				2011					2012				2011
Revenues:
Royalty and license			$	6,371			$	5,875				$	21,386			$	20,110
Product sales				529				345					1,145				1,892
Development contracts and other				242				275					778				943
Total revenues				7,142				6,495					23,309				22,945
Costs and expenses:
Cost of revenue				273				192					802				913
Sales and marketing				1,632				1,643					5,072				5,402
Research and development				2,088				2,183					6,406				6,525
General and administrative				5,750				3,195					14,882				9,367
Amortization and impairment of intangibles				337				324					1,071				1,016
Total costs and expenses				10,080				7,537					28,233				23,223
Operating Loss				(2,938	)			(1,042	)				(4,924	)			(278	)
Interest and other income				66				58					144				172
Loss from continuing operations before provision for income taxes				(2,872	)			(984	)				(4,780	)			(106	)
Provision for income taxes				(118	)			(428	)				(737	)			(1,289	)
Loss from continuing operations				(2,990	)			(1,412	)				(5,517	)			(1,395	)
Discontinued operations:
Gain on sales of discontinued operations				-				-					153				61
Net Loss			$	(2,990	)		$	(1,412	)			$	(5,364	)		$	(1,334	)
Basic and diluted net loss per share
Continuing operations			$	(0.11	)		$	(0.05	)			$	(0.20	)		$	(0.05	)
Discontinued operations			$	0.00			$	0.00				$	0.01			$	0.00
Total			$	(0.11	)		$	(0.05	)			$	(0.19	)		$	(0.05	)
Shares used in calculating basic and diluted net loss per share				27,658				28,918					27,885				28,595

Immersion Corporation
Reconciliation of GAAP Net Income to Adjusted EBITDA
(In thousands)
(Unaudited)
			Three Months									Nine Months
			Ended September 30,									Ended September 30,
			2012				2011					2012				2011
GAAP Net Loss			$	(2,990	)		$	(1,412	)			$	(5,364	)		$	(1,334	)
Interest and other income				(66	)			(58	)				(144	)			(172	)
Provision for income taxes				118				428					737				1,289
Depreciation and amortization				163				232					490				717
Amortization and impairment of intangibles				337				324					1,071				1,016
Stock-based compensation				808				940					2,346				2,705
Discontinued operations				-				-					(153	)			(61	)
Total adjustments				1,360				1,866					4,347				5,494
Adjusted EBITDA			$	(1,630	)		$	454				$	(1,017	)		$	4,160

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