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TheStreet Open House

Immersion Corporation Reports Second Quarter 2013 Results

Immersion Corporation (NASDAQ: IMMR), the leading developer and licensor of touch feedback technology, today reported financial results for the second quarter ended June 30, 2013.

Total revenues for the second quarter of 2013 were $10.2 million, an increase of 58% compared to $6.5 million for the second quarter of 2012. Royalty and license revenues of $10.0 million for the second quarter of 2013 were up 68% from the same period last year. Net income for the second quarter of 2013 was $776,000, or $ 0.03 per share. This compares to a net loss of $(2.2 million), or $(0.08) per share, for the second quarter of 2012. Adjusted EBITDA for the second quarter of 2013 was $2.4 million, compared to a loss of $(938,000) in the second quarter of 2012.

“Immersion continued to execute in the June quarter, posting tremendous growth year-over-year and achieving record revenues for the second quarter period along with solid profitability,” said Vic Viegas, chief executive officer of Immersion. “We were very pleased to add Sharp as a new licensee of our software during the quarter and to see our partners continue to launch new products showcasing our technologies. Given the current license agreements in place, we believe we have good visibility and predictable revenue growth over the next 12-24 months. In addition, we are also excited about the new growth opportunities in the mobile, gaming and auto markets and are also working diligently to lay the foundation to further expand our addressable markets and long-term growth engine through continued innovation.”

“As we enter the second half of the year, we remain on track to achieve record top-line results in 2013 and expect annual revenues to be in the range of $45 million to $48 million, an increase of between 40% and 49% over last year’s revenue of $32.2 million. In addition, we continue to anticipate Adjusted EBITDA for 2013 to be in the range of $12 million to $15 million,” concluded Mr. Viegas.

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