InvenSense Announces Second Quarter Of Fiscal Year 2017 Results

InvenSense Inc. (NYSE: INVN), a leading provider of MEMS sensor platform solutions, today announced results for its second quarter of fiscal year 2017, ended October 2, 2016.

Net revenue for the second quarter of fiscal 2017 was $79.8 million, up 32 percent from $60.6 million for the first quarter of fiscal 2017 and down 29 percent from $112.5 million for the second quarter of fiscal 2016.

Gross margin determined in accordance with U.S. generally accepted accounting principles (GAAP) was 42 percent for the second quarter of fiscal 2017, up from 41 percent for the first quarter of fiscal 2017. GAAP gross margin for the second quarter of fiscal 2017 included stock-based compensation expense and related payroll taxes and amortization of acquisition-related intangibles. Excluding these items, non-GAAP gross margin was 46 percent for the second quarter of fiscal 2017, consistent with the non-GAAP gross margin for the first quarter of fiscal 2017.

GAAP net loss for the second quarter of fiscal 2017 was $12.5 million, or $.13 per share. By comparison, GAAP net loss was $20.2 million, or $.22 per share, for the first quarter of fiscal 2017. GAAP net loss for the second quarter of fiscal 2017 included stock-based compensation expense and related payroll taxes, accreting interest expense on convertible notes, amortization of acquisition-related intangibles, business acquisition costs and litigation-related expenses. Excluding these items and the income tax effect of the excluded items as well as other discrete tax items, non-GAAP net income for the second quarter of fiscal 2017 was $1.7 million, or $.02 per diluted share (based on the weighted average shares outstanding of 94.6 million) compared with non-GAAP net loss of $4.9 million, or $.05 per share, for the first quarter of fiscal 2017.

The reconciliation between GAAP and non-GAAP financial results for all referenced periods is provided in a table immediately following the Unaudited Condensed Consolidated Statements of Operations below.

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