(CVA) CEVA
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| Tue 12:00 | PRN |
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CEVA, Inc. Announces Record Fourth Quarter and Year End 2011 Financial Results - All-time high quarterly and annual revenue of $16.0 million and $60.2 million, up 22% and 34% year-over-year, respectively - Record quarterly and annual royalty revenue of $10.2 million and $36.4 million, up 36% and 59% year-over-year, respectively - Record shipment volumes of CEVA technology; More than 1 billion CEVA-powered units shipped in 2011 MOUNTAIN VIEW, Calif., Jan. 31, 2012 -- CEVA, Inc. (NASDAQ: CEVA); (LSE: CVA), the leading licensor of silicon intellectual property (SIP) platform solutions and DSP cores for the mobile handset, portable and consumer electronics markets, today announced its financial results for the fourth quarter and year ended December 31, 2011. Fourth Quarter 2011 Total revenue for the fourth quarter of 2011 was $16.0 million, which represents an increase of 22% compared to $13.0 million reported for the fourth quarter of 2010. Fourth quarter 2011 licensing revenue was $4.7 million, a 2% increase when compared to $4.6 million reported for the fourth quarter of 2010. Royalty revenue for the fourth quarter of 2011 was a record $10.2 million, an increase of 36% compared to $7.5 million reported for the fourth quarter of 2010. Revenue from services for the fourth quarter of 2011 was $1.1 million, an increase of 19% compared to $0.9 million reported for the fourth quarter of 2010. U.S. GAAP net income for the fourth quarter of 2011 was $4.9 million, an increase of 15% over $4.2 million reported for the same period in 2010. U.S. GAAP diluted earnings per share for the fourth quarter of 2011 were $0.20, an increase of 11% compared to $0.18 for the fourth quarter of 2010. Non-GAAP net income and diluted earnings per share for the fourth quarter of 2011 were $6.4 million and $0.26, respectively, representing an increase of 47% and 37%, respectively, over the $4.3 million and $0.19 reported for the fourth quarter of 2010. Non-GAAP net income and diluted earnings per share for the fourth quarter of 2011 and 2010 exclude an aggregate equity-based compensation expense, net of taxes, of $1.5 million and $0.1 million, respectively. Gideon Wertheizer, Chief Executive Officer of CEVA, stated, "During the fourth quarter we were able to drive meaningful growth and generate significant momentum throughout our operations, producing record-setting results. CEVA-powered cellular baseband processor shipments increased for the twelfth consecutive quarter and continued to drive growth for us in every segment of the wireless market, from low cost feature phones through to 4G LTE smartphones and tablets. We also continued our strategic expansion into new markets during the quarter with customer wins for smart TV and connectivity applications." Mr. Wertheizer continued, "Looking back at a very successful 2011, we delivered on our two main strategic goals: driving strong growth of CEVA-powered baseband chipsets and extending our technology leadership in the DSP space. Our customers shipped more than 927 million CEVA-powered basebands during the year, and more than 1 billion CEVA-based chipsets overall. We introduced new DSP products for audio and imaging aimed to diversify our revenue beyond baseband. We remain ideally positioned to further benefit from ongoing market trends, specifically the evolution in cellular networks in both developed and emerging economies, the expansion of wireless connectivity in devices beyond handsets, as well as mass adoption and feature set enhancement of smartphones and other smart devices." During the fourth quarter of 2011, the Company concluded seven new license agreements. Four of the agreements were for CEVA DSP cores, platforms, and software, two agreements were for CEVA SATA/SAS technology and one agreement was for CEVA Bluetooth technology. Target applications for customer deployment are TD-SCDMA baseband processors for handsets, smart TV for emerging markets, connectivity for smartphones and solid state drives. Geographically, two of the agreements signed were in the U.S. and five were in Asia. Full Year 2011 Review Total revenue for 2011 was $60.2 million, an increase of 34% compared to $44.9 million reported for 2010. Royalty revenue for 2011 was a record high $36.4 million, representing an increase of 59% compared to $22.9 million reported for 2010. Licensing revenue for 2011 was $20.2 million, an increase of 10% compared to $18.4 million reported for 2010. U.S. GAAP net income and diluted earnings per share for 2011 were $18.6 million and $0.77, respectively, an increase of 63% and 51%, respectively, compared to $11.4 million and $0.51 reported for 2010. Non-GAAP net income and diluted earnings per share for 2011 were $23.5 million and $0.97, respectively, representing an increase of 86% and 73%, respectively, over the $12.7 million and $0.56 reported for 2010. Non-GAAP net income and diluted earnings per share for 2011 exclude an aggregate equity-based compensation expense, net of taxes, of $5.0 million. Non-GAAP net income and diluted earnings per share for 2010 excluded an aggregate equity-based compensation expense, net of taxes, of $1.3 million. Yaniv Arieli, Chief Financial Officer of CEVA, stated, "We delivered another exceptionally strong set of earnings in the fourth quarter, underpinned by record high royalty revenues, which yielded strong GAAP and non-GAAP results. On an annual basis, 2011 was a record-breaking year for CEVA across every financial metric and delivered earnings far in excess of our initial annual guidance. We concluded the year with a very strong balance sheet, which included cash and cash equivalent balances, marketable securities and long term bank deposits of approximately $165 million, up from $131 million at the end of 2010." CEVA Conference Call On January 31, 2012, CEVA management will conduct a conference call at 8:30 a.m. Eastern Time / 1:30 p.m. London time, to discuss the operating performance for the fourth quarter and year ended December 31, 2011. The conference call will be available via the following dial in numbers: - U.S. Participants: Dial 1-800-860-2442 (Access Code: CEVA) - International Participants: Dial +1-412-858-4600 (Access Code: CEVA) The conference call will also be available live via the Internet at the following link: http://www.videonewswire.com/event.asp?id=84399. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software. For those who cannot access the live broadcast, a replay will be available by dialing +1-877-344-7529 or +1-412-317-0088 (access code:10008472) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on February 08, 2012. The replay will also be available at CEVA's web site www.ceva-dsp.com. About CEVA, Inc. CEVA is the world's leading licensor of silicon intellectual property (SIP) DSP cores and platform solutions for the mobile handset, portable and consumer electronics markets. CEVA's IP portfolio includes comprehensive technologies for cellular baseband (2G / 3G / 4G), multimedia (HD video, Image Signal Processing (ISP) and HD audio), voice over packet (VoP), Bluetooth, Serial Attached SCSI (SAS) and Serial ATA (SATA). In 2011, CEVA's IP was shipped in over 1 billion devices, powering handsets from 7 out of the top 8 handset OEMs, including Nokia, Samsung, LG, Motorola, Sony and ZTE. Today, more than 40% of handsets shipped worldwide are powered by a CEVA DSP core. For more information, visit www.ceva-dsp.com. Follow CEVA on twitter at www.twitter.com/cevadsp. Forward Looking Statement This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions. Forward-looking statements include Mr. Wertheizer's statements that CEVA is ideally positioned to further benefit from ongoing market trends. The risks, uncertainties and assumptions include: the ability of the CEVA DSP cores and other technologies to continue to be strong growth drivers for us; our success in penetrating new markets and maintaining our market position in existing markets; the ability of products incorporating our technologies to achieve market acceptance, the effect of intense industry competition and consolidation, global chip market trends, the possibility that markets for our technologies may not develop as expected or that products incorporating our technologies do not achieve market acceptance; our ability to timely and successfully develop and introduce new technologies; and general market conditions and other risks relating to our business, including, but not limited to, those that are described from time to time in our SEC filings. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. CEVA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME - U.S. GAAP U.S. dollars in thousands, except per share data Quarter ended Year ended December 31, December 31, 2011 2010 2011 2010 Unaudited Unaudited Unaudited Audited Revenues: Licensing $ 4,711 $ 4,621 $ 20,239 $ 18,395 Royalties 10,159 7,494 36,403 22,866 Other revenues 1,082 911 3,597 3,650 Total revenues 15,952 13,026 60,239 44,911 Cost of revenues 924 1,134 3,559 3,712 Gross profit 15,028 11,892 56,680 41,199 Operating expenses: Research and development, net 5,730 4,666 21,543 17,909 Sales and marketing 2,287 2,060 8,937 7,308 General and administrative 2,096 1,399 7,649 6,108 Total operating expenses 10,113 8,125 38,129 31,325 Operating income 4,915 3,767 18,551 9,874 Interest and other income, net 873 504 2,919 2,095 Income before taxes on income 5,788 4,271 21,470 11,969 Taxes on income 935 64 2,908 591 Net income $4,853 $4,207 $18,562 $11,378 Basic earnings per share $0.21 $0.19 $0.80 $0.54 Diluted earnings per share $0.20 $0.18 $0.77 $0.51 Weighted-average number of Common Stock used in computation of earnings per share (in thousands): Basic 23,491 22,029 23,173 21,251 Diluted 24,293 23,367 24,153 22,430 Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures (U.S. Dollars in thousands, except per share amounts) Quarter ended Year ended December 31, December 31, 2011 2010 2011 2010 Unaudited Unaudited Unaudited Unaudited GAAP net income 4,853 4,207 18,562 11,378 Equity-based compensation expense included in cost of revenue 68 21 239 77 Equity-based compensation expense included in research and development expenses 562 163 1,934 652 Equity-based compensation expense included in sales and marketing expenses 347 80 1,094 380 Equity-based compensation expense included in general and administrative expenses 641 207 1,891 1,023 Taxes on income (benefit) (106) (1) (342) (1) (204) (1) (842) (1) Non-GAAP net income 6,365 4,336 23,516 12,668 GAAP weighted-average number of Common Stock used in computation of diluted earnings per share (in thousands) 24,293 23,367 24,153 22,430 Weighted-average number of shares related to outstanding options 9 49 16 60 Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding equity-based compensation expense and tax (in thousands) 24,302 23,416 24,169 22,490 GAAP diluted earnings per share $0.20 $0.18 $0.77 $0.51 Equity-based compensation expense $0.07 $0.02 $0.21 $0.09 Taxes on income (benefit) ($0.01) ($0.01) ($0.01) ($0.04) Non-GAAP diluted earnings per share $0.26 $0.19 $0.97 $0.56 (1) Results for the three months and for the year ended December 31, 2011 included tax gains of $0.1 and $0.2 million, respectively, reported in taxes on income, mainly related to tax benefits associated with equity-based compensation. Results for the three months and for the year ended December 31, 2010 included tax gains of $0.3 and $0.8 million, respectively, reported in taxes on income, mainly related to tax benefits associated with equity-based compensation. CEVA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. Dollars in thousands) December 31, December 31, 2011 2010 Unaudited Audited ASSETS Current assets: Cash and cash equivalents $ 14,954 $ 17,098 Marketable securities and short term bank deposits 124,458 98,681 Trade receivables, net 5,116 5,906 Deferred tax assets 2,248 1,288 Prepaid expenses and other accounts receivables 2,320 4,609 Total current assets 149,096 127,582 Long-term investments: Long term bank deposits 25,106 15,173 Severance pay fund 5,473 5,433 Property and equipment, net 1,235 1,348 Goodwill 36,498 36,498 Other long term assets 1,732 574 Total assets $ 219,140 $ 186,608 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade payables $ 580 $ 616 Deferred revenues 1,074 616 Accrued expenses and other payables 10,669 10,521 Deferred tax liabilities 290 901 Total current liabilities 12,613 12,654 Accrued severance pay 5,607 5,486 Total liabilities 18,220 18,140 Stockholders' equity: Common Stock: 24 23 Additional paid in-capital 191,945 176,838 Other comprehensive income (loss) (901) 317 Retained earnings (accumulated deficit) 9,852 (8,710) Total stockholders' equity 200,920 168,468 Total liabilities and stockholders' equity $ 219,140 $ 186,608 SOURCE CEVA, Inc. CONTACT: Yaniv Arieli, CEVA, Inc., CFO, +1.650.417.7941, yaniv.arieli@ceva-dsp.com; or Richard Kingston, CEVA, Inc., Director of Marketing & Investor Relations, +1.650.417.7976, richard.kingston@ceva-dsp.com END More |
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| 27-10-11 | PRN |
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CEVA, Inc. Announces Third Quarter 2011 Financial Results -First license agreement for CEVA-MM3000 video & imaging platform for smartphones and smart TVs -Quarterly volume of CEVA-powered units shipped increase for eleventh quarter in succession, reaching 250 million -Record high profitability - gross margins expand to 95%, operating margins reach 32% and 41% on a US GAAP and non-GAAP basis, respectively MOUNTAIN VIEW, Calif., Oct. 27, 2011 -- CEVA, Inc. (NASDAQ: CEVA); (LSE: CVA), the leading licensor of silicon intellectual property (SIP) platform solutions and DSP cores for the mobile handset, portable and consumer electronics markets, today announced its financial results for the third quarter ended September 30, 2011. Total revenue for the third quarter of 2011 was $14.8 million, an increase of 39% compared to $10.7 million reported for the third quarter of 2010. Third quarter 2011 licensing revenue was $5.2 million, representing an increase of 17% when compared to $4.5 million reported for the same quarter a year ago. Royalty revenue for the third quarter 2011 was $8.8 million, an increase of 67% compared to $5.2 million reported for the third quarter of 2010. Revenue from services for the third quarter of 2011 was $0.9 million, a decrease of 12% compared to $1 million reported for the third quarter of 2010. Gideon Wertheizer, Chief Executive Officer of CEVA, stated, "CEVA's strong third quarter performance reflects the continued strength of our cellular baseband presence, as shipment volumes of CEVA-powered products increased for the eleventh consecutive quarter, reaching 250 million units during the quarter. We continue to see considerable interest in our diverse technology portfolio from both existing and new customers, as evidenced by strategic licensing agreements with a high volume semiconductor vendor for our new CEVA-MM3000 platform to be used for smartphones and smart TVs and with a tier one handset and tablet OEM for our audio platform." Of the eight new license agreements concluded during the third quarter of 2011, six agreements were for CEVA DSP cores, platforms and software, one agreement was for CEVA SATA/SAS product lines and one agreement was for CEVA Bluetooth technology. Target applications for customer deployment are 4G baseband processors, video, imaging and audio in application processors, power line communications (PLC), connectivity and solid state drives (SSDs). Geographically, two of the agreements signed were in the U.S. and six were in Asia Pacific, including Japan. U.S. GAAP net income for the third quarter of 2011 was $4.9 million, an increase of 65% over $3.0 million reported for the same period in 2010. U.S. GAAP diluted earnings per share for the third quarter of 2011 were $0.20, an increase of 54% compared to $0.13 for the third quarter of 2010. Non-GAAP net income and diluted earnings per share for the third quarter of 2011 were $6.3 million and $0.26 respectively, representing an increase of 107% and 86%, respectively, over the $3.0 million and $0.14 reported for the third quarter of 2010. Non-GAAP net income and diluted earnings per share for the third quarter of 2011 and 2010 excluded an aggregate equity-based compensation expense, net of taxes, of $1.4 million and $0.5 million, respectively. Yaniv Arieli, Chief Financial Officer of CEVA, stated, "Our third quarter financial performance achieved a number of significant milestones and maintained the momentum generated during the first half of the year. We produced record high gross margins, operating margins, non-GAAP net income and earnings per share through a combination of solid licensing pipeline, reflecting our excellent product portfolio, continued strength in our royalty business and a company-wide commitment to conservative financial management. At the end of the third quarter, our cash balance, marketable securities and bank deposits totaled approximately $156 million." CEVA Conference Call On October 27, 2011, CEVA management will conduct a conference call at 8:30 a.m. Eastern Time / 1:30 p.m. London time, to discuss the operating performance for the third quarter ended September 30, 2011. The conference call will be available via the following dial in numbers: - U.S. Participants: Dial 1-800-860-2442 (Access Code: CEVA or 10005147) - International Participants: Dial +1-412-858-4600 (Access Code: CEVA or 10005147) The conference call will also be available live via the Internet at the following link: http://www.videonewswire.com/event.asp?id=82668. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software. For those who cannot access the live broadcast, a replay will be available by dialing +1-877-344-7529 (passcode: 10005147) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on November 03, 2011. The replay will also be available at CEVA's web site www.ceva-dsp.com. About CEVA, Inc. CEVA is the world's leading licensor of silicon intellectual property (SIP) DSP cores and platform solutions for the mobile handset, portable and consumer electronics markets. CEVA's IP portfolio includes comprehensive technologies for cellular baseband (2G / 3G / 4G), multimedia, HD video and audio, voice over packet (VoP), Bluetooth, Serial Attached SCSI (SAS) and Serial ATA (SATA). In 2010, CEVA's IP was shipped in over 600 million devices, powering handsets from 7 out of the top 8 handset OEMs, including Nokia, Samsung, LG, Motorola, Sony Ericsson and ZTE. Today, more than one in every three handsets shipped worldwide is powered by a CEVA DSP core. For more information, visit www.ceva-dsp.com. Follow CEVA on twitter at www.twitter.com/cevadsp. CEVA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - U.S. GAAP U.S. dollars in thousands, except per share data Quarter ended Nine months ended September 30, September 30, 2011 2010 2011 2010 --- --- --- --- Unaudited Unaudited Unaudited Unaudited --------- --------- --------- --------- Revenues: Licensing $5,225 $4,459 $15,528 $13,774 Royalties 8,766 5,238 26,244 15,372 Other revenues 856 978 2,515 2,739 -- -- ---- ---- Total revenues 14,847 10,675 44,287 31,885 ----- ----- ----- ----- Cost of revenues 811 1,001 2,635 2,578 -- ---- ---- ---- Gross profit 14,036 9,674 41,652 29,307 ----- ---- ----- ----- Operating expenses: Research and development, net 5,158 4,129 15,813 13,243 Sales and marketing 2,099 1,664 6,650 5,248 General and administrative 2,057 1,593 5,553 4,709 ----- ----- ----- ----- Total operating expenses 9,314 7,386 28,016 23,200 ----- ----- ------ ------ Operating income 4,722 2,288 13,636 6,107 Interest and other income, net 784 493 2,046 1,591 --- --- ----- ----- Income before income tax 5,506 2,781 15,682 7,698 Income tax expense (income) 571 (208) 1,973 527 --- ---- ----- --- Net income 4,935 2,989 13,709 7,171 ==== ==== ===== ==== Basic net income per share $0.21 $0.14 $0.59 $0.34 Diluted net income per share $0.20 $0.13 $0.57 $0.32 Weighted-average number of Common Stock used in computation of net income per share (in thousands): Basic 23,390 21,244 23,065 20,989 Diluted 24,253 22,356 24,105 22,114 ====== ====== ====== ====== Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures (U.S. Dollars in thousands, except per share amounts) Quarter ended Nine months ended September 30, September 30, 2011 2010 2011 2010 ---- ---- ---- ---- Unaudited Unaudited Unaudited Unaudited --------- --------- --------- --------- GAAP net income 4,935 2,989 13,709 7,171 Equity-based compensation expense included in cost of revenue 61 23 171 56 Equity-based compensation expense included in research and development expenses 510 183 1,372 489 Equity-based compensation expense included in sales and marketing expenses 291 92 747 300 Equity-based compensation expense included in general and administrative expenses 553 239 1,250 816 Income tax expense (income) (99)(2) (500)(1) (98)(2) (500)(1) ------ ------- ------ ------- Non-GAAP net income 6,251 3,026 17,151 8,332 ===== ===== ====== ===== GAAP weighted- average number of Common Stock used in computation of diluted net income per share (in thousands) 24,253 22,356 24,105 22,114 Weighted-average number of shares related to outstanding options 11 41 19 64 --- --- --- --- Weighted-average number of Common Stock used in computation of diluted net income per share, excluding equity- based compensation expense and tax income (in thousands) 24,264 22,397 24,124 22,178 GAAP diluted net income per share $0.20 $0.13 $0.57 $0.32 Equity-based compensation expense $0.06 $0.03 $0.14 $0.08 Income tax expense (income) - $(0.02)(1) - $(0.02)(1) --- --------- --- --------- Non-GAAP diluted net income per share $0.26 $0.14 $0.71 $0.38 ===== ===== ===== ===== (1) Results for the three months and the nine months ended September 30, 2010 included $0.5 million of tax income associated with adjustments related to international cost allocations, as well as tax planning strategies to utilize certain deferred tax assets. (2) Results for the three months and the nine months ended September 30, 2011 included $0.1 million of tax income related to equity-based compensation expenses. CEVA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS U.S. Dollars in Thousands September December 30, 31, 2011 2010 --- --- Unaudited Audited --------- ------- ASSETS Current assets: Cash and cash equivalents $22,695 $17,098 Marketable securities and short term bank deposits 114,537 98,681 Trade receivables, net 4,485 5,906 Deferred tax assets 1,973 1,288 Prepaid expenses and other accounts receivables 4,508 4,609 ----- ----- Total current assets 148,198 127,582 ------ ------ Long-term investments: 18,369 15,173 Long-term bank deposits Severance pay fund 5,525 5,433 Deferred tax assets 893 574 Property and equipment, net 1,192 1,348 Goodwill 36,498 36,498 ----- ----- Total assets $210,675 $186,608 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade payables $562 $616 Deferred revenues 1,450 616 Accrued expenses and other payables 9,353 10,521 Deferred tax liabilities 136 901 -- -- Total current liabilities 11,501 12,654 Accrued severance pay 5,782 5,486 Total liabilities 17,283 18,140 ----- ----- Stockholders' equity: Common Stock 23 23 Additional paid in-capital 189,256 176,838 Accumulated other comprehensive income (loss) (886) 317 Accumulated income (deficit) 4,999 (8,710) ---- ------ Total stockholders' equity 193,392 168,468 ------ ------ Total liabilities and stockholders' equity $210,675 $186,608 ======== ======== SOURCE CEVA, Inc. CONTACT: Yaniv Arieli, CEVA, Inc., CFO, +1-650-417-7941, yaniv.arieli@ceva-dsp.com, or Richard Kingston, CEVA, Inc., Director of Marketing & Investor Relations, +1-650-417-7976, richard.kingston@ceva-dsp.com END More |
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| 26-07-11 | PRN |
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CEVA, Inc. Announces Second Quarter 2011 Financial Results -- Quarterly revenues of $14.4 million, up 36% year-over-year -- Healthy licensing environment with good short-term visibility -- Strong financial performance -both operating income and net income approximately double year-over-year MOUNTAIN VIEW, Calif., July 26, 2011 -- CEVA, Inc. (NASDAQ: CEVA); (LSE: CVA), the leading licensor of silicon intellectual property (SIP) platform solutions and DSP cores for the mobile handset, portable and consumer electronics markets, today announced its financial results for the second quarter ended June 30, 2011. (Logo: http://photos.prnewswire.com/prnh/20051010/cevalogo) Total revenue for the second quarter of 2011 was $14.4 million, an increase of 36% compared to $10.6 million reported for the second quarter of 2010. Second quarter 2011 licensing revenue was $5.2 million, representing an increase of 13% when compared to $4.6 million reported for the same quarter a year ago. Royalty revenue for the second quarter 2011 was $8.3 million, an increase of 60% compared to $5.2 million reported for the second quarter of 2010. Revenue from services for both the second quarters of 2011 and 2010 was $0.9 million. Gideon Wertheizer, Chief Executive Officer of CEVA, stated, "The second quarter demonstrated strong financial and business achievements. We are particularly pleased with the dynamics of our licensing business, where we concluded strategic CEVA-XC agreements with partners in the LTE handset and smart grid markets. We also experienced higher sequential shipment volumes of CEVA-powered products, resulting from continued expansion in the lucrative 3G smartphone and TD-SCDMA market segments. Overall, we continue to make exceptional progress in both the licensing and market deployment of our technology, reaffirming the key trends that drive growth and profitability for our company." Of the eight new license agreements concluded during the second quarter of 2011, seven agreements were for CEVA DSP cores, platforms and software, and one agreement was for CEVA SATA/SAS product lines. Target applications for customer deployment are 4G and 3G baseband processors for handsets, infrastructure, smart grid, portable game consoles and SSD drives. Geographically, four of the agreements signed were in the U.S. and four were in Asia. U.S. GAAP net income for the second quarter of 2011 was $4.1 million, an increase of 94% over $2.1 million reported for the same period in 2010. U.S. GAAP diluted earnings per share for the second quarter of 2011 were $0.17, an increase of 70% compared to $0.10 for the second quarter of 2010. Non-GAAP net income and diluted earnings per share for the second quarter of 2011 were $5.4 million and $0.22 respectively, representing an increase of 102% and 83%, respectively, over the $2.7 million and $0.12 reported for the second quarter of 2010. Non-GAAP net income and diluted earnings per share for the second quarter of 2011 and 2010 excluded an aggregate equity-based compensation expense, net of taxes, of $1.2 million and $0.5 million, respectively. Yaniv Arieli, Chief Financial Officer of CEVA, stated, "We continued to demonstrate considerable progress during the second quarter, delivering significant year-over-year growth in every aspect of our business. Total revenue increase was driven by exceptional year-over-year royalty revenue growth and progress in our licensing business. As a result, our operating income and net income approximately doubled compared to the second quarter of 2010. Finally, we continued to strengthen our balance sheet with the addition of approximately $9 million in positive cash flow. At the end of the quarter, our cash balance, marketable securities and bank deposits totaled approximately $153 million." CEVA Conference Call On July 26, 2011, CEVA management will conduct a conference call at 8:30 a.m. Eastern Time / 1:30 p.m. London time, to discuss the operating performance for the second quarter ended June 30, 2011. The conference call will be available via the following dial in numbers: - US Participants: Dial 1-877-493-9121 (Access Code: CEVA or 81159859) - UK/Rest of World: Dial +44-800-051-3806 (Access Code: CEVA or 81159859) The conference call will also be available live via the Internet at the following link: http://www.videonewswire.com/event.asp?id=80733. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software. For those who cannot access the live broadcast, a replay will be available by dialing 1-800-642-1687 (passcode: 81159859) for US domestic callers and +44-800-917-2646 (passcode: 81159859) for international callers from two hours after the end of the call until 11:59 p.m. (Eastern Time) on August 02, 2011. The replay will also be available at CEVA's web site www.ceva-dsp.com. About CEVA, Inc. CEVA is the world's leading licensor of silicon intellectual property (SIP) DSP cores and platform solutions for the mobile handset, portable and consumer electronics markets. CEVA's IP portfolio includes comprehensive technologies for cellular baseband (2G / 3G / 4G), multimedia, HD video and audio, voice over packet (VoP), Bluetooth, Serial Attached SCSI (SAS) and Serial ATA (SATA). In 2010, CEVA's IP was shipped in over 600 million devices, powering handsets from 7 out of the top 8 handset OEMs, including Nokia, Samsung, LG, Motorola, Sony Ericsson and ZTE. Today, more than one in every three handsets shipped worldwide is powered by a CEVA DSP core. For more information, visit www.ceva-dsp.com. Follow CEVA on twitter at www.twitter.com/cevadsp. CEVA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - U.S. GAAP U.S. dollars in thousands, except per share data Quarter ended Six months ended June 30, June 30, 2011 2010 2011 2010 --- --- --- --- Unaudited Unaudited Unaudited Unaudited --------- --------- --------- --------- Revenues: Licensing $5,195 $4,593 $10,303 $9,315 Royalties 8,272 5,154 17,478 10,134 Other revenues 921 862 1,659 1,761 -- -- ---- ---- Total revenues 14,388 10,609 29,440 21,210 ----- ----- ----- ----- Cost of revenues 876 863 1,824 1,577 -- -- ---- ---- Gross profit 13,512 9,746 27,616 19,633 ----- ---- ----- ----- Operating expenses: Research and development, net 5,405 4,505 10,655 9,114 Sales and marketing 2,327 1,776 4,551 3,584 General and administrative 1,742 1,570 3,496 3,116 Total operating expenses 9,474 7,851 18,702 15,814 ---- ---- ----- ----- Operating income 4,038 1,895 8,914 3,819 Interest and other income, net 717 541 1,262 1,098 -- -- ---- ---- Income before taxes on income 4,755 2,436 10,176 4,917 Taxes on income 632 313 11,402 735 -- -- ----- -- Net income 4,123 2,123 8,774 4,182 ==== ==== ==== ==== Basic net income per share $0.18 $0.10 $0.38 $0.20 Diluted net income per share $0.17 $0.10 $0.37 $0.19 Weighted-average number of Common Stock used in computation of net income per share (in thousands): Basic 23,107 21,061 22,900 20,859 Diluted 24,165 22,069 24,028 21,991 ====== ====== ====== ====== Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures (U.S. Dollars in thousands, except per share amounts) Quarter ended Six months ended June 30, June 30, 2011 2010 2011 2010 ---- ---- ---- ---- Unaudited Unaudited Unaudited Unaudited --------- --------- --------- --------- GAAP net income 4,123 2,123 8,774 4,182 Equity-based compensation expense included in cost of revenue 61 15 110 33 Equity-based compensation expense included in research and development expenses 484 139 862 306 Equity-based compensation expense included in sales and marketing expenses 255 96 456 208 Equity-based compensation expense included in general and administrative expenses 371 290 697 577 Deferred tax related to equity- based compensation expenses 85 - 1 - Non-GAAP net income 5,379 2,663 10,900 5,306 ===== ===== ====== ===== GAAP weighted-average number of Common Stock used in computation of diluted net income per share (in thousands) 24,165 22,069 24,028 21,991 Weighted-average number of shares related to outstanding options 15 57 23 75 Weighted-average number of Common Stock used in computation of diluted net income per share excluding equity-based compensation expense (in thousands) 24,180 22,126 24,051 22,066 GAAP diluted net income per share $0.17 $0.10 $0.37 $0.19 Equity-based compensation expense $0.05 $0.02 $0.08 $0.05 Non-GAAP diluted net income per share $0.22 $0.12 $0.45 $0.24 ===== ===== ===== ===== CEVA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS U.S. Dollars in Thousands June 30, December 31, 2011 2010 ---- ---- Unaudited Audited --------- ------- ASSETS Current assets: Cash and cash equivalents $14,379 $17,098 Marketable securities and short term bank deposits 123,112 98,681 Trade receivables, net 3,622 5,906 Deferred tax assets 2,355 1,288 Prepaid expenses and other accounts receivables 5,186 4,609 ----- ----- Total current assets 148,654 127,582 ------ ------ Long-term investments: 15,277 15,173 Long term bank deposits Severance pay fund 5,858 5,433 Deferred tax assets 839 574 Property and equipment, net 1,308 1,348 Goodwill 36,498 36,498 ----- ----- Total assets $208,434 $186,608 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade payables $850 $616 Deferred revenues 3,646 616 Accrued expenses and other payables 9,535 10,521 Deferred tax liabilities 597 901 -- -- Total current liabilities 14,628 12,654 Accrued severance pay 5,902 5,486 Total liabilities 20,530 18,140 ----- ----- Stockholders' equity: Common Stock 23 23 Additional paid in-capital 187,378 176,838 Accumulated other comprehensive income 439 317 Accumulated income (deficit) 64 (8,710) -- ------ Total stockholders' equity 187,904 168,468 ------ ------ Total liabilities and stockholders' equity $208,434 $186,608 ======== ======== SOURCE CEVA, Inc. CONTACT: Yaniv Arieli, CFO, +1-650-417-7941, yaniv.arieli@ceva-dsp.com, or Richard Kingston, Director of Marketing & Investor Relations, +1-650-417-7976, richard.kingston@ceva-dsp.com, both of CEVA, Inc. END More |
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| 27-04-11 | PRN |
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CEVA, Inc. Announces First Quarter 2011 Financial Results - Record quarterly total revenues of $15.1 million, record royalty revenue of $9.2 million, up 42% and 85% year-over-year, respectively - Record GAAP and non-GAAP operating margins of 32% and 39%, respectively - Three licensing deals concluded for flagship CEVA-XC DSP MOUNTAIN VIEW, Calif., April 27, 2011 -- CEVA, Inc. (NASDAQ: CEVA); (LSE: CVA), the leading licensor of silicon intellectual property (SIP) platform solutions and DSP cores for the mobile handset, portable and consumer electronics markets, today announced its financial results for the first quarter ended March 31, 2011. (Logo: http://photos.prnewswire.com/prnh/20051010/CEVALOGO) Total revenue for the first quarter of 2011 was a record $15.1 million, an increase of 42% compared to $10.6 million reported for the first quarter of 2010. First quarter 2011 licensing revenue was $5.1 million, representing an increase of 8% when compared to $4.7 million reported for the same quarter a year ago. Royalty revenue for the first quarter 2011 was a record $9.2 million, an increase of 85% compared to $5.0 million reported for the first quarter of 2010. Revenue from services for the first quarter was $0.7 million, a decrease of 18% compared to $0.9 million reported for the first quarter of 2010. Gideon Wertheizer, Chief Executive Officer of CEVA, stated, "We are very pleased with the level of earnings growth recorded during the first quarter, which reflects the strong licensing and royalty revenue generating capabilities of our business model. Our rapid market share expansion in cellular baseband for both handsets and non-handsets continues, with more than 210 million CEVA-powered wireless chipsets shipped during the quarter. On licensing, our best of breed DSP, the CEVA-XC, was selected by new key players in the wireless infrastructure and smart grid markets, thereby continuing our expansion beyond handsets to new, strategic and high volume markets." U.S. GAAP net income for the first quarter of 2011 was $4.7 million, an increase of 126% over $2.1 million reported for the same period in 2010. U.S. GAAP diluted earnings per share for the first quarter of 2011 were $0.19, an increase of 111% compared to $0.09 for the first quarter of 2010. Non-GAAP net income and diluted earnings per share for the first quarter of 2011 was $5.5 million and $0.23, respectively, representing an increase of 109% and 92%, respectively, over the $2.6 million and $0.12 reported for the first quarter of 2010. Non-GAAP net income and diluted earnings per share for the first quarter of 2011 and 2010 excluded an aggregate equity-based compensation expense, net of taxes, of $0.9 million and $0.6 million, respectively. During the first quarter of 2011, the Company concluded seven new license agreements. Four agreements were for CEVA DSP cores, platforms and software, and three agreements were for CEVA SATA/SAS product lines. Target applications for customer deployment are 3G and 4G baseband processors for handsets, infrastructure, smart grid and SSD drives. Geographically, three of the agreements signed were in the U.S., three were in Asia and one in Europe. Yaniv Arieli, Chief Financial Officer of CEVA, stated, "Our first quarter 2011 financial performance exceeded our expectations and produced the sixth sequential quarter of record royalty revenue. We achieved strong financial results in all aspects of our business, including GAAP and non-GAAP gross margins of 94%, as well as GAAP and non-GAAP operating margins of 32% and 39%, respectively, excluding, for purposes of non-GAAP operating margins, an aggregate equity-based compensation expense of $1 million. We also bolstered our strong balance sheet with the addition of approximately $12 million in positive cash flow. At the end of the quarter, our cash balance, marketable securities and bank deposits totaled $143 million." CEVA Conference Call On April 27, 2011, CEVA management will conduct a conference call at 8:30 a.m. Eastern Time / 1:30 p.m. London time, to discuss the operating performance for the first quarter ended March 31, 2011. The conference call will be available via the following dial in numbers: - US Participants: Dial 1-877-493-9121 (Access Code: CEVA or 57912042) - UK/Rest of World: Dial +44-800-051-3806 (Access Code: CEVA or 57912042) The conference call will also be available live via the Internet at the following link: http://www.videonewswire.com/event.asp?id=78173. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software. For those who cannot access the live broadcast, a replay will be available by dialing 1-800-642-1687 (passcode: 57912042) for US domestic callers and +44-800-917-2646 (passcode: 57912042) for international callers from two hours after the end of the call until 11:59 p.m. (Eastern Time) on May 04, 2011. The replay will also be available at CEVA's web site http://www.ceva-dsp.com. About CEVA, Inc. CEVA is the world's leading licensor of silicon intellectual property (SIP) DSP cores and platform solutions for the mobile handset, portable and consumer electronics markets. CEVA's IP portfolio includes comprehensive technologies for cellular baseband (2G / 3G / 4G), multimedia, HD video and audio, voice over packet (VoP), Bluetooth, Serial Attached SCSI (SAS) and Serial ATA (SATA). In 2010, CEVA's IP was shipped in over 600 million devices, powering handsets from 7 out of the top 8 handset OEMs, including Nokia, Samsung, LG, Motorola, Sony Ericsson and ZTE. Today, more than one in every three handsets shipped worldwide is powered by a CEVA DSP core. For more information, visit http://www.ceva-dsp.com. Follow CEVA on twitter at http://www.twitter.com/cevadsp. Forward-Looking Statements This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including Mr. Wertheizer's statements about CEVA's ability to expand into new, strategic and high volume markets. The risks, uncertainties and assumptions include: the ability of the CEVA DSP cores and other technologies to continue to be strong growth drivers; the ability of products incorporating CEVA's technologies to achieve market acceptance; CEVA's success in penetrating new markets and maintaining its market position in existing markets; the effect of intense industry competition and consolidation; the possibility that the markets for CEVA's technologies may not develop as expected; CEVA's ability to timely and successfully develop and introduce new technologies; and general market conditions and other risks relating to CEVA's business, including, but not limited to, those that are described from time to time in its SEC filings. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. CEVA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - U.S. GAAP U.S. dollars in thousands, except per share data Quarter ended March 31, 2011 2010 ---- ---- Unaudited Unaudited --------- --------- Revenues: Licensing $5,108 $4,722 Royalties 9,206 4,980 Other revenues 738 899 --- --- Total revenues 15,052 10,601 ------ ------ Cost of revenues 948 714 --- --- Gross profit 14,104 9,887 ------ ----- Operating expenses: Research and development, net 5,250 4,609 Sales and marketing 2,224 1,808 General and administrative 1,754 1,546 Total operating expenses 9,228 7,963 ----- ----- Operating income 4,876 1,924 Financial income, net 545 557 --- Income before taxes on income 5,421 2,481 Income tax expenses 770 422 --- --- Net income $4,651 $2,059 ====== ====== Basic net income per share $0.20 $0.10 Diluted net income per share $0.19 $0.09 Weighted-average number of Common Stock used in computation of net income per share (in thousands): Basic 22,692 20,654 Diluted 23,888 21,911 ====== ====== Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures (U.S. Dollars in thousands, except per share amounts) Quarter ended March 31, 2011 2010 ---- ---- Unaudited Unaudited --------- --------- GAAP net income $4,651 $2,059 Equity-based compensation expense included in cost of revenues 49 18 Equity-based compensation expense included in research and development expenses 378 167 Equity-based compensation expense included in sales and marketing expenses 201 112 Equity-based compensation expense included in general and administrative expenses 326 287 Deferred tax related to equity-based compensation expenses (84) - Non-GAAP net income $5,521 $2,643 ====== ====== GAAP weighted-average number of Common Stock used in computation of diluted net income per share (in thousands) 23,888 21,911 Weighted-average number of shares related to outstanding options 31 92 --- --- 23,919 22,003 Weighted-average number of Common Stock used in computation of diluted net income per share excluding equity-based compensation expense (in thousands) GAAP diluted net income per share $0.19 $0.09 Equity-based compensation expense $0.04 $0.03 Non GAAP diluted net income per share $0.23 $0.12 ===== ===== CEVA, INC. AND ITS SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. Dollars in thousands) March 31, December 31, 2011 2010 ---- ---- ASSETS Unaudited Audited --------- ------- Current assets: Cash and cash equivalents $15,058 $17,098 Marketable securities and short term bank deposits 113,003 98,681 Trade receivables, net 1,172 5,906 Deferred tax assets 1,240 1,288 Prepaid expenses and other accounts receivables 5,120 4,609 ----- ----- Total current assets 135,593 127,582 ------- ------- Long term assets: Long term bank deposits 15,259 15,173 Severance pay fund 5,682 5,433 Deferred tax assets 831 574 Property and equipment, net 1,296 1,348 Goodwill 36,498 36,498 ------ ------ Total assets $195,159 $186,608 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Trade payables $398 $616 Deferred revenues 376 616 Accrued expenses and other payables 11,088 10,521 Deferred tax liabilities 888 901 --- --- Total current liabilities 12,750 12,654 Accrued severance pay 5,735 5,486 Total liabilities 18,485 18,140 ------ ------ Stockholders' equity: Common Stock: 23 23 Additional paid in-capital 180,281 176,838 Accumulated other comprehensive income 429 317 Accumulated deficit (4,059) (8,710) ------ ------ Total stockholders' equity 176,674 168,468 ------- ------- Total liabilities and stockholders' equity $195,159 $186,608 ======== ======== SOURCE CEVA, Inc. CONTACT: Yaniv Arieli, CFO, +1-650-417-7941, yaniv.arieli@ceva-dsp.com, or Richard Kingston, Director of Marketing & Investor Relations, +1-650-417-7976, richard.kingston@ceva-dsp.com, both of CEVA, Inc. END More |
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| 21-02-11 | ||||
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All sold through redmayne, they got just over £16 a share. They charge an admin fee and a transaction fee, about £40. But the good thing is they are now sold and rid of, I took a loss of course, but at least I can invest the proceeds elsewhere with a view to recovering some of the losses. You live and learn.
Good luck all holders. |
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| 31-01-11 | ||||
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Ceva Inc today reported record revenue increase in year to Dec.
Up by 41% thanks to "exceptional growth". rgds |
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| 31-01-11 |
Hold
results........
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results to December (10th?) due out late lunchtime today.
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| 22-01-11 | ||||
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I had a very similar experience but I did get a response from either Ceva in US or registrar - cant remember which.
Bottom line was that my £2000 investment back in the year 2000 was now worth less than the $40 charge to transfer certification and sell. |
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