Business
Immersion Corporation Reports First Quarter 2020 Results; Company Focus Remains Improving Profitability and Enhancing Shareholder Value
- Revenue up 22% over comparable quarter last year - GAAP Operating Expenses down 35% over same quarter last year - Repurchased $12 million of common stock
About this update from Immersion Corporation
[{"type":"text","content":"\n- Revenue up 22% over comparable quarter last year\n\n\n- GAAP Operating Expenses down 35% over same quarter last year\n\n\n- Repurchased $12 million of common stock during first quarter\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nImmersion Corporation (NASDAQ: IMMR), the leading developer and licensor of touch feedback technology, today reported financial results for the first quarter ended March 31, 2020.\n\n\nFirst Quarter Financial Summary\n\n\n\nTotal revenues grew 22 percent to $6.3 million, compared to $5.1 million in the first quarter of 2019. Royalty and license revenues were $6.2 million, compared to $5.0 million in the first quarter of 2019.\n\n\nGAAP operating expenses of $10.8 million declined 35% from $16.6 million in the first quarter of 2019.\n\n\nGAAP net loss was $4.8 million, or $0.16 per diluted share, compared to GAAP net loss of $11.0 million, or $0.35, in the first quarter of 2019.\n\n\nNon-GAAP net loss was $2.6 million, or $0.08 per diluted share, compared to non-GAAP net loss of $8.6 million, or $0.28, in the first quarter of 2019. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)\n\n\nAs of March 31, 2020, cash and cash equivalents totaled $76.2 million. During the first quarter, the company used approximately $12.0 million to purchase approximately 2 million shares of its common stock.\n\n\n\nFinancial Outlook\n\n\n“We remain confident in our strategy and are focused on executing across the opportunities to unlock Immersion’s full profit and growth potential, such as with the anticipated launch later this year of the PlayStation 5 console leveraging Sony’s license of Immersion’s haptic technology for gaming and VR controllers,” said Ramzi Haidamus, Immersion’s President and CEO. “The management team is working collaboratively with our new Board to optimize our business and improve profitability to maximize value for shareholders. Until further notice, we do not intend to provide revenue guidance. Going forward, we expect to be profitable on a non-GAAP basis for the fiscal year, and intend to exit 2020 with an annual non-GAAP operating expense run rate of approximately $21 to $23 million.”\n\n\nRecent Business Highlights\n\n\n\nAnnounced a new license agreement with ALPS ALPINE Co., Ltd. for the use of Immersion’s Active Sensing™ technology in Alps Alpine’s touch feedback de...