Business
Immersion Corporation Reports Third Quarter 2020 Results
Company significantly improves operating model and reaches profitability on a GAAP basis Generates earnings per share of $0.11 on a GAAP basis and $0.15 on a
About this update from Immersion Corporation
[{"type":"text","content":"\n\nCompany significantly improves operating model and reaches profitability on a GAAP basis\n\n\nGenerates earnings per share of $0.11 on a GAAP basis and $0.15 on a non-GAAP basis\n\n\nSees continued sequential improvement in revenue and earnings in Q4\n\n\nAnnounces leadership transition to continue driving progress on revenue and earnings \n\n\n \n\n SAN FRANCISCO--(BUSINESS WIRE)--\nImmersion Corporation (NASDAQ: IMMR), the leading developer and provider of technologies for haptics, today reported financial results for the third quarter ended September 30, 2020.\n\nThird Quarter Financial Summary:\n\n\nTotal revenues of $7.6 million, compared to $10.6 million in the third quarter of 2019. Royalty and license revenues were $7.5 million, compared to $10.5 million in the third quarter of 2019.\n\n\nGAAP operating expenses of $5.0 million declined 58% from $11.8 million in the third quarter of 2019. Non-GAAP operating expenses of $3.6 million declined 65% from non-GAAP operating expenses of $10.2 million in the third quarter of 2019. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)\n\n\nGAAP net income was $2.9 million, or $0.11 per diluted share, compared to GAAP net loss of $1.4 million, or $0.04, in the third quarter of 2019.\n\n\nNon-GAAP net income was $4.1 million, or $0.15 per diluted share, compared to non-GAAP net income of $0.2 million, or $0.01, in the third quarter of 2019.\n\n\nAs of September 30, 2020, cash and cash equivalents increased to $55.9 million.\n\n\nEric Singer, Immersion's Executive Chairman, commented, \"Over the past several months, the newly reconstituted Board has been working to align costs, ensure resources are focused on the best near- and long-term revenue opportunities and act with a laser focus on ensuring our actions are aligned to maximizing value for all shareholders. Leadership transitions announced today further these efforts and align with the Board's objectives.\"\n\nThe Company announced the departure of Ramzi Haidamus, the Company's prior Chief Executive Officer, and the appointment of Jared Smith as its Interim Chief Executive Officer. Mr. Smith has led Immersion's sales and business development organization as its Vice President of Worldwide Sales since June 2019 and has served in sales, business development, and partnership executive roles for over...