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 OpportunitiesIn 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.