Free Submission Public Relations & NewsPR-inside.com
Home
Deutsch English

Business

INVENSENSE® ANNOUNCES THIRD QUARTER FISCAL 2013 RESULTS


Print article Print article
Copyright © Thomson Reuters 2013. All rights reserved.
2013-01-23 22:05:56 -

    ·       Third Quarter Fiscal 2013 Net Revenues: $58.9 Million


      ·       Third Quarter Fiscal 2013 Net Income: $16.8 Million


      ·       Third Quarter Fiscal 2013 Diluted Earnings Per Share: $0.19


SUNNYVALE, California, January 23, 2013 - InvenSense, Inc. (INVN), the leading
provider of MotionTracking((TM)) devices, today announced its 2013 fiscal third
quarter results.
Net revenue for the third fiscal quarter of 2013 was $58.9 million, up from
$41.2 million for the third fiscal quarter of 2012. Net revenue for the first
nine months of fiscal 2013 was $153.4 million, up from $119.9 million for the
first nine months of fiscal 2012.
Net income for the third 
fiscal quarter of 2013 was $16.8 million up from $10.6 million for the third fiscal quarter of 2012. Net income for the first nine months of fiscal 2013 was $38.1 million, up from $31.1 million for the first nine months of fiscal 2012. Diluted earnings per share for the third fiscal quarter of 2013 was $0.19. Diluted earnings per share for the first nine months of fiscal 2013 was $0.44.  Diluted earnings per share for the third fiscal quarter of 2012 was $0.10. Diluted earnings per share for the first nine months of fiscal 2012 was $0.34. InvenSense ended the third fiscal quarter of 2013 with $192.6 million in cash, cash equivalents and investments, compared to $157.8 million at the end of fiscal 2012. Management also believes that certain other financial information is useful when evaluating business results and supplementally provides that on a non-GAAP (generally accepted accounting principles) basis, net income for the third quarter of fiscal 2013 was $16.9 million, or $0.19 per diluted share.  This compares to non-GAAP net income of $11.2 million, or $0.14 per diluted pro forma share for the third quarter of fiscal 2012.  Non-GAAP adjustments for the third quarter of fiscal 2013, net of tax included; $2.1 million in non-cash stock- based compensation expense and $0.9 million in executive separation costs offset by $2.9 million of income tax discrete and other benefits, net, associated primarily with an increase in our foreign based income as well as the recent enactment of the R&D tax credit.  Non-GAAP net income for the first nine months of fiscal 2013 was $41.1 million, or $0.47 per diluted share.  This compares to non-GAAP net income of $32.8 million, or $0.43 per diluted pro forma share for the first nine months of fiscal 2012.  Non-GAAP adjustments for the first nine months of fiscal 2013, net of tax included $4.4 million in non-cash stock-based compensation expense and $0.9 million in executive separation costs offset by $2.4 million of income tax discrete and other benefits, net.   The reconciliation between GAAP and non-GAAP net income for all referenced periods is provided in a table immediately following the GAAP Condensed Consolidated Statements of Income below. Management Qualitative Comments The third quarter of our fiscal 2013 was a record quarter for InvenSense," said Behrooz Abdi, president and CEO.  "In addition to achieving record levels of revenue and unit shipments, we saw significant design activity across our multi- axis MotionTracking products, including our newly announced, second generation 9-axis products, which include an integrated gyroscope and accelerometer together with a compass solution inside an industry leading 3x3x1mm package.  The advanced capability of our innovative MotionTracking solutions is ideally suited for multiple market trends in the mobile and gaming markets as the demand for contextually aware consumer products drive the need for higher accuracy and performance. Third Quarter Fiscal 2013 Earnings Conference Call A conference call will be held today at 1:30 p.m. Pacific Time to discuss the quarter's results and management's current business outlook. To listen to the conference call, please dial (866) 730.5769 ten minutes prior to the start of the call, using the passcode 13916881.  International callers, please dial (857) 350.1593.  A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for one week.  To access the replay, please dial (888) 286.8010 and enter passcode 57952066. International callers please dial (617) 801.6888. The conference call will be available via a live webcast on the investor relations section of InvenSense`s web site at  www.invensense.com.  An archived webcast replay will be available on the web site for three months. Note Regarding Use of Non-GAAP Financial Measures As above, in addition to the company's condensed consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes stock-based compensation expenses, net of tax, recorded under Accounting Standard Codification 718-10 and other non-GAAP financial adjustments. The company uses these non-GAAP measures in its own financial and operational decision-making processes. Further, the company believes that these non-GAAP measures offer an important analytical tool to help investors understand the company's core operating results and trends, and to facilitate comparability with the operating results of other companies that provide similar non-GAAP measures. These non-GAAP measures have certain limitations as analytical tools and are not meant to be considered in isolation or as a substitute for GAAP financial information. For example, stock-based compensation is an important component of the company's compensation mix, and will continue to result in significant expenses in the company's GAAP results for the foreseeable future, but is not reflected in the non-GAAP measures. Also, other companies, including companies in InvenSense's industry, may calculate non-GAAP financial measures differently, limiting their usefulness as comparative measures. Forward-Looking Statements Statements in this press release that are not historical are "forward-looking statements" as the term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally written in the future tense and/or preceded by words such as "will," "expects," "anticipates," or other words that imply or predict a future state. Forward-looking statements include any projection of revenue, gross margin, expense or other financial items discussed in this press release, including the potential for an increase in the attach rates of our motion-processing technology in our markets and the potential for rapid and broad adoption of our fully integrated 6-axis gyroscope and accelerometer and 9-axis products by customers. Investors are cautioned that all forward-looking statements in this release involve risks and uncertainty that can cause actual results to differ from those currently anticipated, due to a number of factors, including without limitation, the continued adoption of motion tracking and motion sensing as an interface in consumer electronics products, our achievement of design wins, consumer acceptance of our customers' products that incorporate our solutions, intense competition in our industry; our dependence on a limited number of customers for a substantial portion of our revenues; our lack of long-term supply contracts and dependence on limited sources of supply; our ability to continue to develop and introduce new and enhanced products on a timely basis; and potential decreases in average selling prices for our products, as well as changes in economic conditions in our markets and other risk factors discussed in documents filed by us with the Securities and Exchange Commission (SEC) from time to time. Copies of InvenSense's SEC filings are posted on the company's website and are available from the company without charge. Forward-looking statements are made as of the date of this release, and, except as required by law, the company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances. About InvenSense InvenSense Inc. (INVN) is the world's leading provider of MotionTracking((TM)) solutions for consumer electronic devices. The company's patented Nasiri-Fabrication Platform and patent-pending MotionFusion((TM)) technology address the emerging needs of many mass-market consumer applications via improved performance, accuracy, and intuitive motion- and gesture-based interfaces. InvenSense technology can be found in consumer electronic products including smartphones, tablets, gaming devices, optical image stabilization, and remote controls for Smart TVs. The company's MotionTracking products are also being integrated into a number of industrial applications. InvenSense is headquartered in Sunnyvale, California and has offices in China, Taiwan, Korea, Japan, and Dubai. More information can be found at www.invensense.com. Investor Inquiries, Contact: Alan Krock Chief Financial Officer ir@invensense.com For Press Inquiries, Contact: David Almoslino 408.988.7339 x285 dalmoslino@invensense.com ©2013 InvenSense, Inc. All rights reserved. InvenSense, MotionTracking, MotionProcessing, MotionProcessor, MotionFusion, MotionApps, DMP, and the InvenSense logo are trademarks of InvenSense, Inc. Other company and product names may be trademarks of the respective companies with which they are associated. INVENSENSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) Three Months Ended Nine Months Ended December 30, January 1, December 30, January 1, 2012 2012 2012 2012 Net revenue   $ $        41,229      $ 58,929          153,424        $   119,890 Cost of revenue 18,538   27,723       70,284   52,919 Gross profit 22,691   31,206       83,140   66,971 Operating expenses: Research and development   6,712 4,758   18,285   14,099 Selling, general and administrative   8,428 4,427   21,887   12,836 Total operating expenses     15,140   9,185          40,172   26,935 Income from operations   16,066 13,506   42,968   40,036 Other income (expense) net   98 (43)   188   166 Income before income taxes   16,164 13,463   43,156   40,202 Income tax (benefit) provision   (654) 2,887   5,023   9,147 Net income     16,818   10,576   38,133   31,055 Net income allocable to convertible preferred stockholders     -     5,157   -     20,618 Net income allocable to common $        $ stockholders   $   16,818   5,419        $   38,133   10,437 Basic   $ $   0.20   0.11        $   0.46   $   0.36 Diluted *   $ $   0.19   0.10        $   0.44   $   0.34 Weighted average shares outstanding in computing net income per share allocable to common stockholders: Basic     83,218   49,890   82,280     28,770 Diluted     87,350   55,294   87,232     33,591 Pro forma net income per share of common stock        Basic $         $ $   0.20   0.14 $   0.46   0.44        Diluted** $         $ $   0.19   0.13 $   0.44   0.41 Weighted average shares outstanding pro forma        Basic   83,218   74,541   82,280   70,976        Diluted   87,350   80,387   87,232   76,679 * Diluted net income per share attributable to common stockholders in the   three and  nine months ended January 1, 2012 is computed by dividing net   income attributable to common stockholders, calculated as net income less   income allocable to the rights of Series A, Series B and Series C ** convertible preferred stock holders for the period prior to their conversion upon our initial public offering, by the weighted average number of common shares outstanding, including unvested restricted stock, and potential dilutive common shares assuming the dilutive effect of outstanding stock options using the treasury stock method. Pro forma diluted net income per share in the three and nine months ended January 1, 2012 was computed to give effect to the conversion of the Series A, Series B, and Series C convertible preferred shares and certain preferred stock warrants both using the as-if converted method into common shares as if the conversion had occurred as of the beginning of each period presented. INVENSENSE, INC. RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME (In thousands, except per share amounts) (Unaudited)          Three Months Ended        Nine Months Ended December 30, January 1,   December 30, January 1,   2012 2012 2012 2012 GAAP net income   $ 16,818     $ 10,576     $ 38,133   $ 31,055 Items reconciling GAAP net income to non-GAAP net income, net of tax;         Stock-based compensation expense      2,050     633       4,384     1,761 Executive separation costs     930     -       930     - Income tax - discrete and other benefits, net     (2,930)     -       (2,391)     - ------------ ------------ ----------- ------------- Non-GAAP net income      16,868       11,209       41,056     32,816 Non-GAAP net income allocable to convertible preferred stockholders     -     5,453       -     21,749 ------------ ------------ ----------- ------------- Non-GAAP net income allocable to common stockholders   $ 16,868   $ 5,756     $ 41,056   $ 11,067 Basic   $ 0.20     $ 0.12     $ 0.50   $ 0.38 Diluted*    $ 0.19     $ 0.11     $ 0.47   $ 0.36 Weighted average shares outstanding in computing non- GAAP net income per share allocable to common stockholders: Basic     83,218       49,890       82,280     28,770 Diluted     87,350       55,294       87,232     33,591 Non-GAAP pro forma net income per share of common stock     Basic   $ 0.20   $ 0.15     $ 0.50   $ 0.46     Diluted**   $ 0.19   $ 0.14     $ 0.47   $ 0.43 Weighted average shares outstanding non-GAAP pro forma     Basic     83,218     74,541       82,280     70,976     Diluted     87,350     80,387       87,232     76,679 * and ** same method s as described  in condensed consolidated statements of income footnotes. INVENSENSE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value) (Unaudited) December 30,  April 1, 2012 2012 Assets Current assets: Cash and cash equivalents   $        94,039        $   153,643 Short-term investments   65,227   4,129 Accounts receivable   24,524   11,931 Inventories   18,800   12,240 Prepaid expenses and other current assets   8,027   4,188 Total current assets   210,617   186,131 Property and equipment, net   6,705   4,011 Long-term investments   33,308   - Other assets   1,226         3,176 Total assets   $   251,856   $   193,318 Liabilities and Stockholders' Equity Current liabilities: Accounts payable   $   8,392   $   5,446 Accrued liabilities   8,279         7,754 Total current liabilities     16,671     13,200           Long-term liabilities     5,678 3,241 Total liabilities     22,349     16,441 Commitments and contingencies Stockholders' equity: Preferred stock: Preferred stock, $0.001 par value - 20,000 shares authorized, no shares issued and outstanding at December 30, 2012 and April 1, 2012     -       - Common stock: Common stock, $0.001 par value - 750,000 shares authorized, 83,858 shares issued and outstanding at December 30, 2012, 80,890 shares issued and outstanding at April 1, 2012   151,227   136,792 Accumulated other comprehensive income   62   1 Retained earnings   78,218   40,084 Total stockholders' equity           229,507          176,877 Total liabilities and stockholders' equity   $   251,856   $   193,318 INVENSENSE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended December 30, January 1, 2012 2012 Cash flows from operating activities: Net income   $             38,133 $   31,055 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization   1,480 1,465 Gain on disposal of property and equipment   -  (160) Stock-based compensation expense   6,449 2,507 Deferred income tax assets   114 175 Tax effect of employee benefit plans   3,818   - Excess tax benefit from stock-based compensation   (3,818) - Changes in operating assets and liabilities: Accounts receivable   (12,593) (536) Inventories   (6,560) (851) Prepaid expenses and other current assets   (3,911) (585) Other assets   1,871 (1,603) Accounts payable   2,933 (2,297) Accrued liabilities   3,391 4,393 --------------------------------------- Net cash provided by operating activities   31,307  33,563 --------------------------------------- Cash flows from investing activities: Purchase of property and equipment   (4,071) (1,669) Proceeds from the sale of property and equipment   -  188 Sale of available-for-sale investments   10,509 7,793 Purchase of available-for-sale investments   (104,820) (8,025) Net cash used in investing activities   (98,382)   (1,713) Cash flows from financing activities: Proceeds from initial public offering, net of underwriting commissions   -  69,750 Net proceeds from exercise of warrants and preferred stock   81 499 Proceeds from issuance of common stock   4,064 969 Offering costs   (471) (1,717) Payments of long-term debt and capital lease obligations   (21) (19) Excess tax benefit from stock-based compensation   3,818 - Net cash provided by financing activities   7,471   69,482 Net (decrease) increase in cash and cash equivalents   (59,604) 101,332 Cash and cash equivalents: Beginning of period   $           153,643 28,795 End of period   $             94,039 $   130,127 Supplemental disclosures of cash flow information: Cash paid for interest   $                      2 $   22 Cash paid for income taxes   $                    31 $   6,586 Noncash investing and financing activities: Unpaid accounts payable for property and equipment purchased   $                  371 $   204 Unrealized gain from available-for-sale investments   $                    62 $   5 Net exercise of warrants   $                    70 $   - Fixed assets acquired under capital leases   $                   -  $   40 Unpaid offering costs   $                   -  $   357 This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: InvenSense, Inc. via Thomson Reuters ONE [HUG#1672587]


Press Information:




Contact Person:


Disclaimer: © 2014 Thomson Reuters. The press releases or report contained herein is protected by copyright and other applicable laws, treaties and conventions. Information contained in the releases is furnished by Thomson Reuters's, who warrant that they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction, other than for an individual user's personal reference, is prohibited without prior written permission.
Latest News
Read the Latest News
www.newsenvoy.com

 


Terms & Conditions | Privacy | About us | Contact PR-inside.com | BidVertiser