Immersion Corporation Reports Record Revenues in First Quarter 2013

SAN JOSE, Calif. — (BUSINESS WIRE) — May 2, 2013 — Immersion Corporation (NASDAQ: IMMR), the leading developer and licensor of touch feedback technology, today reported financial results for the first quarter ended March 31, 2013.

Total revenues for the first quarter of 2013 were $13.9 million, an increase of 43% compared to $9.7 million for the first quarter of 2012 and Immersion’s highest total ever for a quarter. Royalty and license revenues of $13.6 million for the first quarter of 2013 were up 50% from the same period last year. Net income for the first quarter of 2013 was $2.3 million, or $ 0.08 per share. This compares to a net loss of $(219,000), or $(0.01) per share, for the first quarter of 2012. Adjusted EBITDA for the first quarter of 2013 was $4.0 million, compared to $1.6 million in the first quarter of 2012.

“I am very pleased to report record revenues in the first quarter, which contributed to strong profitability and illustrates the scalability of our licensing business model,” said Vic Viegas, chief executive officer of Immersion. “With our recent successes in securing new or expanded Basic Haptics license agreements with key customers, we are now poised to capture a much larger share of the rapidly expanding worldwide smartphone market, with Basic Haptics licensing acting as a pricing floor for lower cost devices, and our more advanced technology software solutions powering premium smartphones. During the quarter, we launched two new innovative product solutions that expand the value proposition for advanced haptics within mobile devices. We also continue to see meaningful interest for our technology within gaming, automotive, medical and evolving markets.”

“As we indicated mid-quarter, based on our current outlook we expect revenues for 2013 to be in the range of $44 million to $48 million, an increase of between 37% and 49% over last year’s revenues of $32.2 million. Adjusted EBITDA for 2013 is anticipated to be in the range of $12 million to $15 million,” concluded Mr. Viegas.

As of March 31, 2013, Immersion’s cash, cash equivalents, and short-term investments were $64.2 million, compared to $43.5 million as of December 31, 2012.

Corporate Highlights

Recently:

  • Immersion entered into a multi-year license agreement with Samsung Electronics Co., Ltd. for its smartphones and other mobile devices.
  • Immersion terminated the International Trade Commission’s investigation of HTC Corporation for infringement of certain of Immersion's patents and instead is pursuing its action in the U.S. District Court, enabling it to prosecute its claim against HTC for damages immediately.
  • Leading OEMs have adopted Immersion’s TouchSense 3000 solution within flagship mobile devices, including Samsung’s Galaxy S4 smartphone and Note 8.0 tablet, and LG’s Optimus G Pro smartphone.
  • Pantech has implemented Immersion’s TouchSense 5000 solution with HD Haptics in the VEGA No. 6 smartphone for the domestic Korea market.

Conference Call Information

Immersion will host a conference call with company management on Thursday, May 02, 2013 at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss financial results for the first quarter ended March 31, 2013. To participate on the live call, analysts and investors should dial +1 877-941-4774 at least ten minutes prior to the start of the call. A live and archived webcast of the conference call will also be available for 90 days within the investor relations section of Immersion’s corporate Web site at www.immersion.com.

About Immersion ( www.immersion.com)

Founded in 1993, Immersion (NASDAQ: IMMR) is the leading innovator in haptic technology; the company's touch feedback solutions deliver a more compelling sense of the digital world. Using Immersion's high-fidelity haptic systems, partners can transform user experiences with unique and customizable touch feedback effects; excite the senses in games, videos and music; restore "mechanical" feel by providing intuitive and unmistakable confirmation; improve safety by overcoming distractions while driving or performing a medical procedure; and expand usability when audio and visual feedback are ineffective. Immersion's TouchSense technology provides haptics in mobile phone, automotive, gaming, medical and consumer electronics products from world-class companies. With over 1,300 issued or pending patents in the U.S. and other countries, Immersion helps bring the digital universe to life. Hear what we have to say at blog.immersion.com.

Use of Non-GAAP Financial Measures

Immersion reports all financial information required in accordance with generally accepted accounting principles (GAAP), but it believes that evaluating its ongoing operating results may be difficult to understand if limited to reviewing only GAAP financial measures. Immersion discloses this non-GAAP information because it is useful in understanding the company’s performance as it excludes non-cash and other special charges that many investors feel may obscure the company’s true operating performance. Likewise, management uses these non-GAAP financial measures to manage and assess the profitability of its business. Investors are encouraged to review the related GAAP financial measures.

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