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InvenSense: Announces Second Quarter Of Fiscal Year 2016 Results

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

SAN JOSE, California, October 28, 2015

InvenSense, Inc. (NYSE: INVN), the leading provider of MEMS sensor platforms, today announced results for its second quarter of fiscal 2016, ended September 27, 2015.

Net revenue for the second quarter of fiscal 2016 was $112.5 million, up 6 percent from $106.3 million for the first quarter of fiscal 2016, and up 25 percent from $90.2 million for the second quarter of fiscal 2015.

Gross margin determined in accordance with U.S. generally accepted accounting principles (GAAP) was 41 percent for the second quarter of fiscal 2016, slightly down from 42 percent for the first quarter of fiscal 2016. GAAP gross margin for second quarter of fiscal 2016 included stock-based compensation and related payroll taxes, and amortization of acquisition intangibles. Excluding these items, non-GAAP gross margin was 44 percent for the second quarter of fiscal 2016, slightly down from 45 percent for the first quarter of fiscal 2016.

GAAP net income for the second quarter of fiscal 2016 was $5.7 million, or 6 cents per diluted share. By comparison, GAAP net loss was $5.8 million, or 6 cents per diluted share for the first quarter of fiscal 2016. GAAP net income for the second quarter of fiscal 2016 included stock-based compensation and related payroll taxes, accreting interest expense on convertible notes, amortization of acquisition intangibles, certain legal and litigation expenses and the income tax effect of non-GAAP adjustments. Excluding these items, non-GAAP net income for the second quarter of fiscal 2016 was $14.9 million, or 16 cents per diluted share, compared with $12.6 million, or 14 cents per diluted share, for the first quarter of fiscal 2016.

The reconciliation between GAAP and non-GAAP financial results for all referenced periods is provided in a table immediately following the Unaudited GAAP Condensed Consolidated Statements of Operations below.

Management Qualitative Comments

Q2 was a solid quarter in which revenue came in within our expectations, and we outperformed our bottom line guidance, said Behrooz Abdi, president and CEO. We continue to expand our software-enabled sensor platform and are delivering high-value IoT use cases that provide strategic differentiation and tangible end-user experience enhancements. This is allowing us to drive more content into our current customer base, and also to solidify our 6-axis customer wins. With our success in proving out real use cases in mobile, we are poised to expand meaningfully to applications spanning a number of vertical markets that offer significant new opportunity for growth and diversification.

Second Quarter of Fiscal Year 2016 Earnings Conference Call

A conference call will be held today at 1:30 p.m. Pacific Time to discuss the quarters results and managements current business outlook.

To listen to the conference call, please dial (877) 788-4691 ten minutes prior to the start of the call, using the passcode 59357002. International callers, please dial (530) 379-4724. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for seven days. To access the replay, please dial (855) 859-2056 and enter passcode 59357002. International callers please dial (404) 537-3406. The conference call will be available via a live webcast on the investor relations section of InvenSenses web site at www.invensense.com/ir. An archived webcast replay will be available on the web site for three months.

Note Regarding Use of Non-GAAP Financial Measures

As discussed above, in addition to the companys condensed consolidated financial statements, which are presented according to GAAP, the company provides certain non-GAAP financial information that excludes, stock-based compensation expense, certain legal and litigation...


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