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Immersion Corporation Reports Third Quarter 2012 Results

Immersion, the Immersion logo, TouchSense, HD Haptics and Reverb are trademarks of Immersion Corporation in the United States and other countries. All other trademarks are the property of their respective owners.

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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