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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Ceva | LSE:CVA | London | Ordinary Share | COM STK USD0.001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1,200.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMCVA 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
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