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Ceva, Inc. Announces Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

All time-high revenues of $16.2 million, up 15% year-over-year

Royalty revenue of $7.6 million, up 42% year-over-year.

Quarterly record of 27 million CEVA-powered LTE devices shipped

GAAP and non-GAAP EPS growth of 433% and 83% year-over-year

MOUNTAIN VIEW, Calif. November 02, 2015

CEVA, Inc. (NASDAQ: CEVA), the leading licensor of DSP and IP platforms for cellular, multimedia and connectivity, today announced its financial results for the third quarter ended September 30, 2015.

Total revenue for the third quarter of 2015 was $16.2 million, an increase of 15% compa red to $14.1 million for the third quarter of 2014. Licensing and related revenue for the third quarter of 2015 was $8.6 million, a slight decrease of 1% compared to $8.7 million reported for the third quarter of 2014. Royalty revenue for the third quarter of 2015 was $7.6 million, an increase of 42% compared to $5.4 million reported for the third quarter of 2014.

Gideon Wertheizer, Chief Executive Officer, stated: Our outstanding third quarter financial performance delivered record high revenues for the Company. This milestone achievement is a direct consequence of our LTE market share gain strategy and the continued expansion of our licensee base into new and lucrative markets. CEVA has evolved into a diversified company with strong competencies to leverage the major opportunities existing in an increasingly smart and connected world.

U.S. GAAP net income and diluted net income per share for the third quarter of 2015 were $3.3 million and $0.16, respectively, representing an increase of 404% and 433%, respectively.

Non-GAAP net income and diluted net income per share for the third quarter of 2015 were $4.7 million and $0.22, respectively, representing an increase of 98% and 83%, respectively, over the $2.4 million and $0.12 reported for the third quarter of 2014. Non-GAAP net income and diluted earnings per share for the third quarter of 2015 excluded: (a) equity-based compensation expense, net of taxes, of $1.2 million, and (b) the impact of the amortization of acquired intangibles, net of taxes, of $0.2 million associated with the acquisition of RiveraWaves. Non-GAAP net income and diluted earnings per share for the third quarter of 2014 excluded: (a) equity-based compensation expense, net of taxes, of $1.0 million, (b) the impact of the amortization of acquired intangibles, net of taxes, of $0.2 million associated with the acquisition of RiveraWaves, (c) a loss of approximately $0.4 million from the sale of our minority equity holdings in Antcor, which was sold to u-blox during the quarter, and (d) $0.1 million of costs associated with the RivieraWaves acquisition.

During the third quarter of 2015, the Company concluded eight new license agreements. Three of the agreements were for CEVA DSP cores, platforms and software, and five were for CEVA connectivity IPs. Target end products include: smartphones, tablets, small cell base stations and varieties of connected devices. Geographically, three deals were signed in the US, one was in Europe and four were in Asia.

Yaniv Arieli, Chief Financial Officer, stated, We are delighted with our overall performance for the third quarter, producing all-time high revenues, which yielded our strongest GAAP and non-GAAP results in more than...


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