Business
Immersion Corporation Reports First Quarter 2023 Results
GAAP Net Income of $8.3 million or $0.25 per diluted share Non-GAAP Net Income of $11.0 million or $0.33 per diluted share Declares Third Consecutive
About this update from Immersion Corporation
[{"type":"text","content":"\nGAAP Net Income of $8.3 million or $0.25 per diluted share\n\n\nNon-GAAP Net Income of $11.0 million or $0.33 per diluted share\n\n\nDeclares Third Consecutive Quarterly Dividend\n\n\n AVENTURA, Fla.--(BUSINESS WIRE)--\nImmersion Corporation (NASDAQ: IMMR), a leading developer and provider of technologies for haptics, today reported financial results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter Financial Summary:\n\n\n\nTotal revenues of $7.1 million, compared to $7.3 million in the first quarter of 2022. Royalty and license revenues were $7.0 million, compared to $7.2 million in the first quarter of 2022.\n\n\n\n\nGAAP net income was $8.3 million, or $0.25 per diluted share, compared to GAAP net income of $5.1 million, or $0.15 per diluted share, in the first quarter of 2022.\n\n\n\n\nGAAP operating expenses of $3.8 million increased 3% from $3.7 million in the first quarter of 2022. Non-GAAP operating expenses of $2.6 million increased 6% from $2.4 million in the first quarter of 2022. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)\n\n\n\n\nNon-GAAP net income was $11.0 million, or $0.33 per diluted share, compared to non-GAAP net income of $6.9 million, or $0.20 per diluted share in the first quarter of 2022.\n\n\n\n“We had a strong quarter of profitability despite macro pressures negatively impacting the volumes of our licensees,” said Eric Singer, Chairman & CEO. “During the first quarter, we also filed multiple lawsuits, alleging infringement of our patents covering haptic effects in smartphones, against several companies of the Xiaomi-Group in Germany, France and India.”\n\n\n“We are also pleased to announce our third consecutive quarterly dividend of $0.03 per share, and in January we announced a $0.10 per share special dividend as well as a new $50 million stock repurchase program,” said Singer.\n\n\n“As of March 31st, 2023, our stockholders’ equity is over $165 million, or $5.08 per share, representing a sequential improvement of more than $8 million. Compared to last year, our stockholders’ equity has increased more than $22 million, even after more than $8 million in stock buybacks and $5 million in regular and special dividends. Our strong balance sheet provides us with considerable optionality as we work to drive long-term shareholder value,” Singer added.\n\n\...