Business
Immersion Corporation Reports Second Quarter 2023 Results
GAAP Net Income of $7.0 million or $0.21 per diluted share Non-GAAP Net Income of $9.1 million or $0.28 per diluted share Repurchased 1.3% of shares
About this update from Immersion Corporation
[{"type":"text","content":"\nGAAP Net Income of $7.0 million or $0.21 per diluted share\nNon-GAAP Net Income of $9.1 million or $0.28 per diluted share\nRepurchased 1.3% of shares outstanding\nDeclares Fourth 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 second quarter ended June 30, 2023.\n\n\nSecond Quarter Financial Summary:\n\n\n\nTotal revenues of $7.0 million, compared to $8.0 million in the second quarter of 2022. Royalty and license revenues were $6.9 million, compared to $7.9 million in the second quarter of 2022.\n\n\n\nGAAP net income was $7.0 million, or $0.21 per diluted share, compared to GAAP net loss of $1.8 million, or $0.05 per diluted share, in the second quarter of 2022.\n\n\n\nGAAP operating expenses of $3.9 million in the second quarter of 2023, flat compared to the second quarter of 2022. Non-GAAP operating expenses of $2.5 million in the second quarter of 2023, compared to Non-GAAP operating expenses of $2.9 million in the second quarter of 2022. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)\n\n\n\nNon-GAAP net income was $9.1 million, or $0.28 per diluted share in the second quarter of 2023, compared to non-GAAP net loss of $1.1 million, or $0.03 per diluted share in the second quarter of 2022.\n\n\n\nRepurchased 413,696 shares in the second quarter of 2023 (1.3% of shares outstanding at June 30, 2023) at an average price of $6.88 per share.\n\n\n\n“We are pleased with our quarterly performance in the face of continued macroeconomic pressures,” said Eric Singer, Chairman and CEO. “During the quarter we leveraged our robust balance sheet to make share repurchases, retiring 1.3% of our shares outstanding. We also extended our share repurchase program by twelve months through December 29, 2024. Our stockholders’ equity increased by $4.3 million sequentially and $12.3 million year-to-date while providing $3.9 million and $5.1 million, respectively, in stock repurchases and dividends.”\n\n\n“We continue to vigorously pursue patent infringement lawsuits against Meta, Valve, and Xiaomi as we execute our long-term strategy of enforcing our intellectual property, renewing key license agreements and leveraging our significant balance sheet s...