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Immersion Corporation Reports Third Quarter 2013 Results

Stocks in this article: IMMR

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

Quarterly Financial Results

Total revenues for the third quarter of 2013 were $11.3 million, an increase of 59% compared to $7.1 million for the third quarter of 2012. Royalty and license revenues of $11.0 million for the third quarter of 2013 were up 72% from the same period last year. Net income for the third quarter of 2013 was $1.2 million, or $ 0.04 per share. This compares to a net loss of $(3.0 million), or $(0.11) per share, for the third quarter of 2012. Adjusted EBITDA for the third quarter of 2013 was $3.3 million, compared to a loss of $(1.6 million) in the third quarter of 2012.

Business Highlights and Opportunities

In addition to posting strong financial results, Immersion achieved important milestones and continued to position itself to take advantage of strategic opportunities during the quarter, including:

  • Entering into a multi-year license agreement with Xiaomi, one of the fastest-growing smartphone makers in China, providing for recurring revenues and covering Immersion’s Basic Haptics IP and select TouchSense ® and Integrator software solutions;
  • Expanding its license agreement with Samsung to enable Samsung to incorporate Immersion TouchSense technology into the recently-launched GALAXY Gear smartwatch, Samsung’s new wearable companion device that can communicate information to users through tactile notifications and alerts;
  • Receiving confirmation that Sony has exercised its option to license Immersion intellectual property for the DUALSHOCK ®4 controller included in its soon-to-be-released PlayStation®4 console system; and
  • Making ongoing progress on its initiative to bring immersive and engaging touch feedback to mobile media such as advertising and entertainment content by refining its content enablement tools and technology, conducting usability research and user studies, and continuing to meet with potential ecosystem partners.

“We are pleased to post another consecutive quarter of robust year-over-year revenue growth and solid profitability as we generated record revenues for the third quarter period,” said Vic Viegas, chief executive officer of Immersion. “As we work to expand our customer base and global footprint, we achieved a key milestone during the quarter with the signing of our first direct license with a mobile OEM in China, Xiaomi. With the inclusion of our software in the Samsung GALAXY Gear, we established a presence in the emerging wearable device category, and with Sony’s exercise of its option to license our intellectual property for use in the PS4™, we are now well-positioned to continue our licensing success with a new generation of gaming products. We believe the opportunities for haptics will continue to expand in evolving form factors and methods for content consumption, and Immersion continues to explore and innovate ahead of the curve in order to capitalize on the growing role of haptics within the digital lifestyle.”

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