TIDMCVA
CEVA, Inc. Announces Second Quarter 2011 Financial Results
-- Quarterly revenues of $14.4 million, up 36% year-over-year
-- Healthy licensing environment with good short-term visibility
-- Strong financial performance -both operating income and net income
approximately double year-over-year
MOUNTAIN VIEW, Calif., July 26, 2011 -- CEVA, Inc. (NASDAQ: CEVA); (LSE:
CVA), the leading licensor of silicon intellectual property (SIP) platform
solutions and DSP cores for the mobile handset, portable and consumer
electronics markets, today announced its financial results for the second
quarter ended June 30, 2011.
(Logo: http://photos.prnewswire.com/prnh/20051010/cevalogo)
Total revenue for the second quarter of 2011 was $14.4 million, an
increase of 36% compared to $10.6 million reported for the second quarter of
2010. Second quarter 2011 licensing revenue was $5.2 million, representing
an increase of 13% when compared to $4.6 million reported for the same
quarter a year ago. Royalty revenue for the second quarter 2011 was $8.3
million, an increase of 60% compared to $5.2 million reported for the second
quarter of 2010. Revenue from services for both the second quarters of 2011
and 2010 was $0.9 million.
Gideon Wertheizer, Chief Executive Officer of CEVA, stated, "The second
quarter demonstrated strong financial and business achievements. We are
particularly pleased with the dynamics of our licensing business, where we
concluded strategic CEVA-XC agreements with partners in the LTE handset and
smart grid markets. We also experienced higher sequential shipment volumes
of CEVA-powered products, resulting from continued expansion in the
lucrative 3G smartphone and TD-SCDMA market segments. Overall, we continue
to make exceptional progress in both the licensing and market deployment of
our technology, reaffirming the key trends that drive growth and
profitability for our company."
Of the eight new license agreements concluded during the second quarter
of 2011, seven agreements were for CEVA DSP cores, platforms and software,
and one agreement was for CEVA SATA/SAS product lines. Target applications
for customer deployment are 4G and 3G baseband processors for handsets,
infrastructure, smart grid, portable game consoles and SSD drives.
Geographically, four of the agreements signed were in the U.S. and four were
in Asia.
U.S. GAAP net income for the second quarter of 2011 was $4.1 million, an
increase of 94% over $2.1 million reported for the same period in 2010. U.S.
GAAP diluted earnings per share for the second quarter of 2011 were $0.17,
an increase of 70% compared to $0.10 for the second quarter of 2010.
Non-GAAP net income and diluted earnings per share for the second
quarter of 2011 were $5.4 million and $0.22 respectively, representing an
increase of 102% and 83%, respectively, over the $2.7 million and $0.12
reported for the second quarter of 2010. Non-GAAP net income and diluted
earnings per share for the second quarter of 2011 and 2010 excluded an
aggregate equity-based compensation expense, net of taxes, of $1.2 million
and $0.5 million, respectively.
Yaniv Arieli, Chief Financial Officer of CEVA, stated, "We continued to
demonstrate considerable progress during the second quarter, delivering
significant year-over-year growth in every aspect of our business. Total
revenue increase was driven by exceptional year-over-year royalty revenue
growth and progress in our licensing business. As a result, our operating
income and net income approximately doubled compared to the second quarter
of 2010. Finally, we continued to strengthen our balance sheet with the
addition of approximately $9 million in positive cash flow. At the end of
the quarter, our cash balance, marketable securities and bank deposits
totaled approximately $153 million."
CEVA Conference Call
On July 26, 2011, CEVA management will conduct a conference call at 8:30
a.m. Eastern Time / 1:30 p.m. London time, to discuss the operating
performance for the second quarter ended June 30, 2011.
The conference call will be available via the following dial in numbers:
- US Participants: Dial 1-877-493-9121 (Access Code: CEVA or
81159859)
- UK/Rest of World: Dial +44-800-051-3806 (Access Code: CEVA or
81159859)
The conference call will also be available live via the Internet at the
following link: http://www.videonewswire.com/event.asp?id=80733. Please
go to the web site at least fifteen minutes prior to the call to register,
download and install any necessary audio software. For those who cannot
access the live broadcast, a replay will be available by dialing
1-800-642-1687 (passcode: 81159859) for US domestic callers and
+44-800-917-2646 (passcode: 81159859) for international callers from two
hours after the end of the call until 11:59 p.m. (Eastern Time) on August
02, 2011. The replay will also be available at CEVA's web site
www.ceva-dsp.com.
About CEVA, Inc.
CEVA is the world's leading licensor of silicon intellectual property
(SIP) DSP cores and platform solutions for the mobile handset, portable and
consumer electronics markets. CEVA's IP portfolio includes comprehensive
technologies for cellular baseband (2G / 3G / 4G), multimedia, HD video and
audio, voice over packet (VoP), Bluetooth, Serial Attached SCSI (SAS) and
Serial ATA (SATA). In 2010, CEVA's IP was shipped in over 600 million
devices, powering handsets from 7 out of the top 8 handset OEMs, including
Nokia, Samsung, LG, Motorola, Sony Ericsson and ZTE. Today, more than one in
every three handsets shipped worldwide is powered by a CEVA DSP core. For
more information, visit www.ceva-dsp.com. Follow CEVA on twitter at
www.twitter.com/cevadsp.
CEVA, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - U.S. GAAP
U.S. dollars in thousands, except per share data
Quarter ended Six months ended
June 30, June 30,
2011 2010 2011 2010
--- --- --- ---
Unaudited Unaudited Unaudited Unaudited
--------- --------- --------- ---------
Revenues:
Licensing $5,195 $4,593 $10,303 $9,315
Royalties 8,272 5,154 17,478 10,134
Other revenues 921 862 1,659 1,761
-- -- ---- ----
Total revenues 14,388 10,609 29,440 21,210
----- ----- ----- -----
Cost of revenues 876 863 1,824 1,577
-- -- ---- ----
Gross profit 13,512 9,746 27,616 19,633
----- ---- ----- -----
Operating expenses:
Research and development, net 5,405 4,505 10,655 9,114
Sales and marketing 2,327 1,776 4,551 3,584
General and administrative 1,742 1,570 3,496 3,116
Total operating expenses 9,474 7,851 18,702 15,814
---- ---- ----- -----
Operating income 4,038 1,895 8,914 3,819
Interest and other income, net 717 541 1,262 1,098
-- -- ---- ----
Income before taxes on income 4,755 2,436 10,176 4,917
Taxes on income 632 313 11,402 735
-- -- ----- --
Net income 4,123 2,123 8,774 4,182
==== ==== ==== ====
Basic net income per share $0.18 $0.10 $0.38 $0.20
Diluted net income per share $0.17 $0.10 $0.37 $0.19
Weighted-average number of
Common Stock used in
computation of net income
per share (in thousands):
Basic 23,107 21,061 22,900 20,859
Diluted 24,165 22,069 24,028 21,991
====== ====== ====== ======
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(U.S. Dollars in thousands, except per share amounts)
Quarter ended Six months ended
June 30, June 30,
2011 2010 2011 2010
---- ---- ---- ----
Unaudited Unaudited Unaudited Unaudited
--------- --------- --------- ---------
GAAP net income 4,123 2,123 8,774 4,182
Equity-based compensation
expense included in cost of
revenue 61 15 110 33
Equity-based compensation
expense included in research and
development expenses 484 139 862 306
Equity-based compensation
expense included in sales and
marketing expenses 255 96 456 208
Equity-based compensation
expense included in general and
administrative expenses 371 290 697 577
Deferred tax related to equity-
based compensation expenses 85 - 1 -
Non-GAAP net income 5,379 2,663 10,900 5,306
===== ===== ====== =====
GAAP weighted-average number of
Common Stock used in computation
of diluted net income per share
(in thousands) 24,165 22,069 24,028 21,991
Weighted-average number of
shares related to outstanding
options 15 57 23 75
Weighted-average number of
Common Stock used in computation
of diluted net income per share
excluding equity-based
compensation expense (in
thousands) 24,180 22,126 24,051 22,066
GAAP diluted net income per share $0.17 $0.10 $0.37 $0.19
Equity-based compensation expense $0.05 $0.02 $0.08 $0.05
Non-GAAP diluted net income per
share $0.22 $0.12 $0.45 $0.24
===== ===== ===== =====
CEVA, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. Dollars in Thousands
June 30, December 31,
2011 2010
---- ----
Unaudited Audited
--------- -------
ASSETS
Current assets:
Cash and cash equivalents $14,379 $17,098
Marketable securities and short term bank
deposits 123,112 98,681
Trade receivables, net 3,622 5,906
Deferred tax assets 2,355 1,288
Prepaid expenses and other accounts
receivables 5,186 4,609
----- -----
Total current assets 148,654 127,582
------ ------
Long-term investments: 15,277 15,173
Long term bank deposits
Severance pay fund 5,858 5,433
Deferred tax assets 839 574
Property and equipment, net 1,308 1,348
Goodwill 36,498 36,498
----- -----
Total assets $208,434 $186,608
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade payables $850 $616
Deferred revenues 3,646 616
Accrued expenses and other payables 9,535 10,521
Deferred tax liabilities 597 901
-- --
Total current liabilities 14,628 12,654
Accrued severance pay 5,902 5,486
Total liabilities 20,530 18,140
----- -----
Stockholders' equity:
Common Stock 23 23
Additional paid in-capital 187,378 176,838
Accumulated other comprehensive income 439 317
Accumulated income (deficit) 64 (8,710)
-- ------
Total stockholders' equity 187,904 168,468
------ ------
Total liabilities and stockholders' equity $208,434 $186,608
======== ========
SOURCE CEVA, Inc.
CONTACT: Yaniv Arieli, CFO, +1-650-417-7941, yaniv.arieli@ceva-dsp.com,
or Richard Kingston, Director of Marketing & Investor Relations,
+1-650-417-7976, richard.kingston@ceva-dsp.com, both of CEVA, Inc.
END
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