Business
Immersion Corporation Reports Fourth Quarter 2019 Results
Achieved Positive GAAP Net Income Revenue of $11.5 million up 5% over the comparable quarter last year GAAP net income (loss) per share of $0.03 versus
About this update from Immersion Corporation
[{"type":"text","content":"\n\nAchieved Positive GAAP Net Income\n\n\nRevenue of $11.5 million up 5% over the comparable quarter last year\n\n\nGAAP net income (loss) per share of $0.03 versus $(0.10) last year\n\n\nNon-GAAP net income (loss) per share of $0.10 versus $(0.02) last year\n\n\n SAN JOSE, Calif.--(BUSINESS WIRE)--\nImmersion Corporation (NASDAQ: IMMR), the leading developer and licensor of touch feedback technology, today reported financial results for the fourth quarter ended December 31, 2019.\n\n\n“Immersion ended the year with a positive fourth quarter, with revenue of a recurring nature up 24% over the prior year period, the further optimization of our cost structure, and the commencement of stock repurchases,” said Ramzi Haidamus, Immersion’s President and CEO. “We have made tremendous headway over the past year in carving a path to profitable growth and long-term value creation for the company. We are very excited and confident in our new strategic initiatives and are focused on executing across our plans while continuing to strengthen our organization.”\n\n\nFourth Quarter Financial Summary\n\n\n\nTotal revenues grew five percent to $11.5 million, compared to $10.9 million in the fourth quarter of 2018. Royalty and license revenues were $11.4 million, compared to $10.8 million in the fourth quarter of 2018.\n\n\nGAAP net income was $979 thousand, or $0.03 per diluted share, compared to GAAP net loss of $3.1 million, or $0.10, in the fourth quarter of 2018.\n\n\nNon-GAAP net income was $3.1 million, or $0.10 per diluted share, compared to non-GAAP net loss of $678 thousand, or $0.02, in the fourth quarter of 2018. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)\n\n\nAs of December 31, 2019, cash, cash equivalents and short-term investments totaled $89.5 million. During the fourth quarter, the company used $3.2 million in cash flow in operations and used approximately $2.7 million to purchase approximately 387 thousand shares of its common stock.\n\n\n\nFiscal Year 2019 Financial Summary\n\n\n\nRevenues for 2019 were $36.0 million, compared to $111.0 million in 2018. Royalty and license revenues for 2019 totaled $35.6 million, compared to $110.6 million in 2018. Revenues for 2018 included a material fixed fee license agreement entered into in the first quarter of 2018.\n\n\nNet loss for 2019 was $20.0 m...