Business
Immersion Corporation Reports Third Quarter 2022 Results
Announces quarterly dividend Repurchases 7 percent of shares outstanding year to date AVENTURA, Fla.--(BUSINESS WIRE)-- Immersion Corporation (NASDAQ: IMMR),
About this update from Immersion Corporation
[{"type":"text","content":"\nAnnounces quarterly dividend\n\nRepurchases 7 percent of shares outstanding year to date\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 third quarter ended September 30, 2022.\n\nThird Quarter Financial Summary:\n\n\nTotal revenues of $14.0 million, compared to $7.2 million in the third quarter of 2021. Royalty and license revenues were $13.9 million, compared to $7.1 million in the third quarter of 2021.\n\n\nGAAP operating expenses of $3.1 million declined 12% from $3.5 million in the third quarter of 2021. Non-GAAP operating expenses of $2.3 million declined 18% from $2.8 million in the third quarter of 2021. (See attached table for a reconciliation of GAAP to non-GAAP financial measures.)\n\n\nGAAP net income was $7.7 million, or $0.23 per diluted share, compared to GAAP net income of $3.8 million, or $0.12 per diluted share, in the third quarter of 2021.\n\n\nNon-GAAP net income was $9.4 million, or $0.28 per diluted share, compared to non-GAAP net income of $4.7 million, or $0.15 per diluted share in the third quarter of 2021.\n\n\nCash, cash equivalents and short-term investments were $133.5 million as of September 30, 2022.\n\n\nEric Singer, Executive Chairman, stated, “Notwithstanding a very difficult macroeconomic backdrop, Immersion’s financial strength allowed for significant share repurchases during the quarter of 954,247 shares. On a year-to-date basis, we repurchased 2,542,065 shares (7.4% of shares outstanding at December 31, 2021) at an average price of $5.20 per share.” Singer continued, “In addition, the Board of Directors has approved a quarterly cash dividend of $0.03 per share, which underscores our confidence in the financial strength of the company and commitment to return capital to shareholders in a meaningful way. We are focused on renewing license agreements, protecting our intellectual property and pursuing thoughtful capital allocation to drive long-term shareholder value.”\n\nRecent Business Highlights:\n\n\nRenewed multi-year agreement with Nippon Seiki, pursuant to which Nippon Seiki obtained a license to Immersion’s patent portfolio for Nippon Seiki’s printer products, copier products, and automotive products.\n\n\nRenewed multi-year agreement with Google pursuan...