000-49842 | 77-0556376 | |
(Commission File Number) | (I.R.S. Employer Identification No.) | |
1943 Landings Drive, Mountain View, CA | 94043 | |
(Address of Principal Executive Offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
CEVA, INC. |
||||
Date: April 27, 2011 | By: | /s/ Yaniv Arieli | ||
Yaniv Arieli | ||||
Chief Financial Officer |
| 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 |
| 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) |
Yaniv Arieli
|
Richard Kingston | |
CEVA, Inc.
|
CEVA, Inc. | |
CFO
|
Director of Marketing & Investor Relations | |
+1.650.417.7941
|
+1.650.417.7976 | |
yaniv.arieli@ceva-dsp.com
|
richard.kingston@ceva-dsp.com |
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 | ||||||
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 | ||||||
Weighted-average number of Common Stock used in computation of
diluted net income per share excluding equity-based
compensation expense (in thousands) |
23,919 | 22,003 | ||||||
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 | ||||
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
Unaudited | Audited | |||||||
ASSETS |
||||||||
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 | ||||
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