Business
Immersion Corporation Reports Fourth Quarter 2022 Results
GAAP Net Income of $19.7 million or $0.60 per diluted share Non-GAAP Net Income of $14.8 million or $0.45 per diluted share Declares Quarterly Dividend
About this update from Immersion Corporation
[{"type":"text","content":"\nGAAP Net Income of $19.7 million or $0.60 per diluted share\n\nNon-GAAP Net Income of $14.8 million or $0.45 per diluted share\n\nDeclares Quarterly Dividend\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 fourth quarter ended December 31, 2022.\n\nFourth Quarter Financial Summary:\n\n\nTotal revenues of $9.2 million, compared to $9.7 million in the fourth quarter of 2021. Royalty and license revenues were $9.1 million, compared to $9.7 million in the fourth quarter of 2021.\n\n\nGAAP net income was $19.7 million, or $0.60 per diluted share, compared to GAAP net income of $1.3 million, or $0.04 per diluted share, in the fourth quarter of 2021.\n\n\nGAAP operating expenses of $3.4 million declined 14% from $3.9 million in the fourth quarter of 2021. Non-GAAP operating expenses of $2.6 million declined 21% from $3.2 million in the fourth quarter of 2021. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)\n\n\nNon-GAAP net income was $14.8 million, or $0.45 per diluted share, compared to non-GAAP net income of $5.8 million, or $0.17 per diluted share in the fourth quarter of 2021.\n\n\nFiscal Year 2022 Financial Summary:\n\n\nRevenues for 2022 were $38.5 million, compared to $35.1 million in 2021. Royalty and license revenues for 2022 totaled $38.2 million, compared to $34.7 million in 2021.\n\n\nNet income for 2022 was $30.7 million, or $0.92 per diluted share, compared to net income of $12.5 million, or $0.39 per diluted share, for 2021.\n\n\nNon-GAAP net income for 2022 was $29.4 million, or $0.88 per diluted share, compared to non-GAAP net income for 2021 of $20.6 million, or $0.65 per diluted share.\n\n\nCash, cash equivalents and short-term investments were $149.7 million as of December 31, 2022, an increase of $11.8 million from $137.9 million as of December 31, 2021.\n\n\nRepurchased 2,542,065 shares in 2022 (7.4% of shares outstanding at December 31, 2021) at an average price of $5.20 per share.\n\n\nApproved first quarterly dividend of $0.03 cents per share as well as a one-time special dividend of $0.10 cents per share, both of which were paid out on January 30, 2023.\n\n\nEric Singer, Chairman & CEO, stated, “By any measure, this was a successful quarter and...