TIDMCVA
CEVA, Inc. Announces Record Fourth Quarter and Year End 2011 Financial Results
- All-time high quarterly and annual revenue of $16.0 million and $60.2
million, up 22% and 34% year-over-year, respectively
- Record quarterly and annual royalty revenue of $10.2 million and $36.4
million, up 36% and 59% year-over-year, respectively
- Record shipment volumes of CEVA technology; More than 1 billion
CEVA-powered units shipped in 2011
MOUNTAIN VIEW, Calif., Jan. 31, 2012 -- 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 fourth quarter and year ended December 31, 2011.
Fourth Quarter 2011
Total revenue for the fourth quarter of 2011 was $16.0 million, which represents an
increase of 22% compared to $13.0 million reported for the fourth quarter of 2010. Fourth
quarter 2011 licensing revenue was $4.7 million, a 2% increase when compared to $4.6
million reported for the fourth quarter of 2010. Royalty revenue for the fourth quarter
of 2011 was a record $10.2 million, an increase of 36% compared to $7.5 million reported
for the fourth quarter of 2010. Revenue from services for the fourth quarter of 2011 was
$1.1 million, an increase of 19% compared to $0.9 million reported for the fourth quarter
of 2010.
U.S. GAAP net income for the fourth quarter of 2011 was $4.9 million, an increase of
15% over $4.2 million reported for the same period in 2010. U.S. GAAP diluted earnings
per share for the fourth quarter of 2011 were $0.20, an increase of 11% compared to $0.18
for the fourth quarter of 2010.
Non-GAAP net income and diluted earnings per share for the fourth quarter of 2011
were $6.4 million and $0.26, respectively, representing an increase of 47% and 37%,
respectively, over the $4.3 million and $0.19 reported for the fourth quarter of 2010.
Non-GAAP net income and diluted earnings per share for the fourth quarter of 2011 and
2010 exclude an aggregate equity-based compensation expense, net of taxes, of $1.5
million and $0.1 million, respectively.
Gideon Wertheizer, Chief Executive Officer of CEVA, stated, "During the fourth
quarter we were able to drive meaningful growth and generate significant momentum
throughout our operations, producing record-setting results. CEVA-powered cellular
baseband processor shipments increased for the twelfth consecutive quarter and continued
to drive growth for us in every segment of the wireless market, from low cost feature
phones through to 4G LTE smartphones and tablets. We also continued our strategic
expansion into new markets during the quarter with customer wins for smart TV and
connectivity applications."
Mr. Wertheizer continued, "Looking back at a very successful 2011, we delivered on
our two main strategic goals: driving strong growth of CEVA-powered baseband chipsets and
extending our technology leadership in the DSP space. Our customers shipped more than 927
million CEVA-powered basebands during the year, and more than 1 billion CEVA-based
chipsets overall. We introduced new DSP products for audio and imaging aimed to diversify
our revenue beyond baseband. We remain ideally positioned to further benefit from ongoing
market trends, specifically the evolution in cellular networks in both developed and
emerging economies, the expansion of wireless connectivity in devices beyond handsets, as
well as mass adoption and feature set enhancement of smartphones and other smart
devices."
During the fourth quarter of 2011, the Company concluded seven new license
agreements. Four of the agreements were for CEVA DSP cores, platforms, and software, two
agreements were for CEVA SATA/SAS technology and one agreement was for CEVA Bluetooth
technology. Target applications for customer deployment are TD-SCDMA baseband processors
for handsets, smart TV for emerging markets, connectivity for smartphones and solid state
drives. Geographically, two of the agreements signed were in the U.S. and five were in
Asia.
Full Year 2011 Review
Total revenue for 2011 was $60.2 million, an increase of 34% compared to $44.9
million reported for 2010. Royalty revenue for 2011 was a record high $36.4 million,
representing an increase of 59% compared to $22.9 million reported for 2010. Licensing
revenue for 2011 was $20.2 million, an increase of 10% compared to $18.4 million reported
for 2010.
U.S. GAAP net income and diluted earnings per share for 2011 were $18.6 million and
$0.77, respectively, an increase of 63% and 51%, respectively, compared to $11.4 million
and $0.51 reported for 2010.
Non-GAAP net income and diluted earnings per share for 2011 were $23.5 million and
$0.97, respectively, representing an increase of 86% and 73%, respectively, over the
$12.7 million and $0.56 reported for 2010. Non-GAAP net income and diluted earnings per
share for 2011 exclude an aggregate equity-based compensation expense, net of taxes, of
$5.0 million. Non-GAAP net income and diluted earnings per share for 2010 excluded an
aggregate equity-based compensation expense, net of taxes, of $1.3 million.
Yaniv Arieli, Chief Financial Officer of CEVA, stated, "We delivered another
exceptionally strong set of earnings in the fourth quarter, underpinned by record high
royalty revenues, which yielded strong GAAP and non-GAAP results. On an annual basis,
2011 was a record-breaking year for CEVA across every financial metric and delivered
earnings far in excess of our initial annual guidance. We concluded the year with a very
strong balance sheet, which included cash and cash equivalent balances, marketable
securities and long term bank deposits of approximately $165 million, up from $131
million at the end of 2010."
CEVA Conference Call
On January 31, 2012, 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 fourth
quarter and year ended December 31, 2011.
The conference call will be available via the following dial in numbers:
- U.S. Participants: Dial 1-800-860-2442 (Access Code: CEVA)
- International Participants: Dial +1-412-858-4600 (Access Code: CEVA)
The conference call will also be available live via the Internet at the following
link: http://www.videonewswire.com/event.asp?id=84399. 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
+1-877-344-7529 or +1-412-317-0088 (access code:10008472) from one hour after the end of
the call until 9:00 a.m. (Eastern Time) on February 08, 2012. 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, Image Signal Processing (ISP) and HD audio), voice over packet
(VoP), Bluetooth, Serial Attached SCSI (SAS) and Serial ATA (SATA). In 2011, CEVA's IP
was shipped in over 1 billion devices, powering handsets from 7 out of the top 8 handset
OEMs, including Nokia, Samsung, LG, Motorola, Sony and ZTE. Today, more than 40% of
handsets shipped worldwide are powered by a CEVA DSP core. For more information, visit
www.ceva-dsp.com. Follow CEVA on twitter at www.twitter.com/cevadsp.
Forward Looking Statement
This press release contains forward-looking statements that involve risks and
uncertainties, as well as assumptions that if they materialize or prove incorrect, could
cause the results of CEVA to differ materially from those expressed or implied by such
forward-looking statements and assumptions. Forward-looking statements include Mr.
Wertheizer's statements that CEVA is ideally positioned to further benefit from ongoing
market trends. The risks, uncertainties and assumptions include: the ability of the CEVA
DSP cores and other technologies to continue to be strong growth drivers for us; our
success in penetrating new markets and maintaining our market position in existing
markets; the ability of products incorporating our technologies to achieve market
acceptance, the effect of intense industry competition and consolidation, global chip
market trends, the possibility that markets for our technologies may not develop as
expected or that products incorporating our technologies do not achieve market
acceptance; our ability to timely and successfully develop and introduce new
technologies; and general market conditions and other risks relating to our business,
including, but not limited to, those that are described from time to time in our SEC
filings. CEVA assumes no obligation to update any forward-looking statements or
information, which speak as of their respective dates.
CEVA, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - U.S. GAAP
U.S. dollars in thousands, except per share data
Quarter ended Year ended
December 31, December 31,
2011 2010 2011 2010
Unaudited Unaudited Unaudited Audited
Revenues:
Licensing $ 4,711 $ 4,621 $ 20,239 $ 18,395
Royalties 10,159 7,494 36,403 22,866
Other revenues 1,082 911 3,597 3,650
Total revenues 15,952 13,026 60,239 44,911
Cost of revenues 924 1,134 3,559 3,712
Gross profit 15,028 11,892 56,680 41,199
Operating expenses:
Research and development, net 5,730 4,666 21,543 17,909
Sales and marketing 2,287 2,060 8,937 7,308
General and administrative 2,096 1,399 7,649 6,108
Total operating expenses 10,113 8,125 38,129 31,325
Operating income 4,915 3,767 18,551 9,874
Interest and other income, net 873 504 2,919 2,095
Income before taxes on income 5,788 4,271 21,470 11,969
Taxes on income 935 64 2,908 591
Net income $4,853 $4,207 $18,562 $11,378
Basic earnings per share $0.21 $0.19 $0.80 $0.54
Diluted earnings per share $0.20 $0.18 $0.77 $0.51
Weighted-average number of Common
Stock
used in computation of earnings
per share
(in thousands):
Basic 23,491 22,029 23,173 21,251
Diluted 24,293 23,367 24,153 22,430
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(U.S. Dollars in thousands, except per share amounts)
Quarter ended Year ended
December 31, December 31,
2011 2010 2011 2010
Unaudited Unaudited Unaudited Unaudited
GAAP net income 4,853 4,207 18,562 11,378
Equity-based compensation
expense included in cost of
revenue 68 21 239 77
Equity-based compensation
expense included in research
and development expenses 562 163 1,934 652
Equity-based compensation
expense included in sales and
marketing expenses 347 80 1,094 380
Equity-based compensation
expense included in general
and administrative expenses 641 207 1,891 1,023
Taxes on income (benefit) (106) (1) (342) (1) (204) (1) (842) (1)
Non-GAAP net income 6,365 4,336 23,516 12,668
GAAP weighted-average number
of Common Stock used in
computation of diluted
earnings per share (in
thousands) 24,293 23,367 24,153 22,430
Weighted-average number of
shares related to outstanding
options 9 49 16 60
Weighted-average number of
Common Stock used in
computation
of diluted earnings per
share, excluding equity-based
compensation expense and tax
(in thousands) 24,302 23,416 24,169 22,490
GAAP diluted earnings per
share $0.20 $0.18 $0.77 $0.51
Equity-based compensation
expense $0.07 $0.02 $0.21 $0.09
Taxes on income (benefit) ($0.01) ($0.01) ($0.01) ($0.04)
Non-GAAP diluted earnings per
share $0.26 $0.19 $0.97 $0.56
(1) Results for the three months and for the year ended December 31, 2011
included tax gains of $0.1 and $0.2 million, respectively, reported
in taxes on income, mainly related to tax benefits associated with
equity-based compensation. Results for the three months and for the
year ended December 31, 2010 included tax gains of $0.3 and $0.8
million, respectively, reported in taxes on income, mainly related to
tax benefits associated with equity-based compensation.
CEVA, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. Dollars in thousands)
December 31, December 31,
2011 2010
Unaudited Audited
ASSETS
Current assets:
Cash and cash equivalents $ 14,954 $ 17,098
Marketable securities and short term bank
deposits 124,458 98,681
Trade receivables, net 5,116 5,906
Deferred tax assets 2,248 1,288
Prepaid expenses and other accounts receivables 2,320 4,609
Total current assets 149,096 127,582
Long-term investments:
Long term bank deposits 25,106 15,173
Severance pay fund 5,473 5,433
Property and equipment, net 1,235 1,348
Goodwill 36,498 36,498
Other long term assets 1,732 574
Total assets $ 219,140 $ 186,608
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade payables $ 580 $ 616
Deferred revenues 1,074 616
Accrued expenses and other payables 10,669 10,521
Deferred tax liabilities 290 901
Total current liabilities 12,613 12,654
Accrued severance pay 5,607 5,486
Total liabilities 18,220 18,140
Stockholders' equity:
Common Stock: 24 23
Additional paid in-capital 191,945 176,838
Other comprehensive income (loss) (901) 317
Retained earnings (accumulated deficit) 9,852 (8,710)
Total stockholders' equity 200,920 168,468
Total liabilities and stockholders' equity $ 219,140 $ 186,608
SOURCE CEVA, Inc.
CONTACT: Yaniv Arieli, CEVA, Inc., CFO, +1.650.417.7941, yaniv.arieli@ceva-dsp.com;
or Richard Kingston, CEVA, Inc., Director of Marketing & Investor Relations,
+1.650.417.7976, richard.kingston@ceva-dsp.com
END
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