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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,200.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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CEVA, Inc. Announces Second Quarter 2010 Financial Results
-Q2 revenue up 16% year-over-year; royalty revenue increased 30%
year-over-year
-Strong 4G licensing; three CEVA-XC agreements signed for LTE and LTE
Advanced
-Worldwide cellular baseband market share increased to record high 29%
SAN JOSE, Calif., July 28 -- CEVA, Inc. (Nasdaq: CEVA); (LSE: CVA), the
leading licensor of silicon intellectual property (SIP) platform solutions
and DSP cores for the mobile handsets, portable and consumer electronics
markets, today announced its financial results for the second quarter ended
June 30, 2010.
(Logo: http://photos.prnewswire.com/prnh/20051010/CEVALOGO)
(Logo: http://www.newscom.com/cgi-bin/prnh/20051010/CEVALOGO)
Total revenue for the second quarter of 2010 was $10.6 million, an
increase of 16% compared to $9.1 million reported for the second quarter of
2009. Second quarter of 2010 licensing revenue was $4.6 million, an increase
of 7% compared to $4.3 million reported for the second quarter of 2009.
Royalty revenue for the second quarter of 2010 was a record high $5.2
million, an increase of 30% over $4.0 million reported for the second quarter
of 2009. Revenue from services for both the second quarter of 2010 and 2009
was $0.9 million.
Gideon Wertheizer, Chief Executive Officer of CEVA, stated: "We are
extremely pleased with our achievements in the second quarter. Our worldwide
market share in the handset cellular baseband space increased to a record
29%, and additional high-profile CEVA-powered product introductions by
first-tier handset vendors will further increase our market share going
forward.
Wertheizer added, "With substantial growth in data bandwidth requirements
for mobile connectivity, we are experiencing strong demand from wireless
industry leaders for our flagship CEVA-XC DSP to power their LTE user
equipment and facilitate network upgrades. We are also encouraged by
continued traction in the home entertainment markets as another first-tier
manufacturer adopted our technology during the quarter."
U.S. GAAP net income for the second quarter of 2010 was $2.1 million, a
decrease of 8% compared to $2.3 million reported for the same period in 2009.
U.S. GAAP diluted earnings per share for the second quarter of 2010 was
$0.10, a decrease of 17% compared to $0.12 reported for the second quarter of
2009. U.S. GAAP net income for the second quarter of 2009 included a pre-tax
capital gain of $1.9 million related to our equity divestment of GloNav, Inc.
to NXP Semiconductors.
Non-GAAP net income and diluted earnings per share for the second quarter
of 2010 reached all time highs of $2.7 million and $0.12, respectively,
representing an increase of 59% and 50%, respectively, over the $1.7 million
and $0.08 reported for the second quarter of 2009. Non-GAAP net income and
diluted earnings per share for the second quarter of 2010 and 2009, excluded
an aggregate equity-based compensation expense of $0.5 million and $0.7
million, respectively, and a pre-tax capital gain of $1.9 million and the
applicable tax expense of $0.5 million, related to our equity divestment of
GloNav for the second quarter of 2009.
During the quarter, the Company concluded nine new licensing agreements.
All nine agreements were for CEVA DSP cores, platforms and software. Target
applications for customer deployment are 3G and 4G handsets, mobile
broadband, cellular base stations, VoIP gateways, Digital TVs and Blu-ray
players. Geographically, four of the agreements signed were in the U.S., four
were in Asia and one was in Europe.
Yaniv Arieli, Chief Financial Officer of CEVA, stated: "We continue to
show consistent progress in our financial performance. Revenues for the
quarter were at the high end of our guidance and set a new record for royalty
revenues for the third successive quarter. In addition, we expanded our
existing stock repurchase program with an additional two million shares of
common stock available for repurchase, which represents approximately 10% of
the Company's total outstanding shares. Finally, we continued to generate
significant positive cash flow during the quarter. As of June 30, 2010,
CEVA's cash balances, marketable securities and long term bank deposits were
$108.6 million, after taking into consideration $1.2 million used for buyback
activities."
CEVA Conference Call
On July 28, 2010, 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 quarter.
The conference call will be available via the following dial in numbers:
- US Participants: Dial 1-877-493-9121 (Access Code: CEVA or
86099738)
- UK/Rest of World: Dial +44-800-051-3806 (Access Code: CEVA or
86099738)
The conference call will also be available live via the Internet at the
following link: http://www.videonewswire.com/event.asp?id=70427. 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: 86099738) for US domestic
callers and +44-800-917-2646 (passcode: 86099738) for international callers
from two hours after the end of the call until 11:59 p.m. (Eastern Time) on
August 8, 2010. 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 2009, CEVA's IP was shipped in over 330 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 four handsets shipped worldwide is powered by a CEVA DSP core. For more
information, visit www.ceva-dsp.com.
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 further increases in CEVA's market share in the baseband market, strong
demands for CEVA-XC DSP and traction in the home entertainment markets. The
risks, uncertainties and assumptions include: the ability of the CEVA DSP
cores and other technologies to continue to be strong growth drivers for the
company; CEVA's success in penetrating new markets and maintaining its market
position in existing markets; the effect of intense industry competition; the
possibility that the markets for CEVA's technologies may not develop as
expected or that products incorporating CEVA's technologies do not achieve
market acceptance; CEVA's ability to timely and successfully develop and
introduce new technologies; CEVA's ability to continue to improve its
licensing and royalty revenue in future periods; 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 Six months ended
June 30, June 30,
2010 2009 2010 2009
--- --- --- ---
Unaudited Unaudited Unaudited Unaudited
--------- --------- --------- ---------
Revenues:
Licensing $4,593 $4,273 $9,315 $8,817
Royalties 5,154 3,950 10,134 7,709
Other revenues 862 887 1,761 2,097
-- -- ---- ----
Total revenues 10,609 9,110 21,210 18,623
----- ---- ----- -----
Cost of revenues 863 1,152 1,577 2,362
-- ---- ---- ----
Gross profit 9,746 7,958 19,633 16,261
---- ---- ----- -----
Operating expenses:
Research and
development, net 4,505 3,996 9,114 8,071
Sales and marketing 1,776 1,650 3,584 3,286
General and
administrative 1,570 1,558 3,116 3,030
Total operating expenses 7,851 7,204 15,814 14,387
---- ---- ----- -----
Operating income 1,895 754 3,819 1,874
Interest and other
income, net 541 2,375 1,098 2,851
--- ----- ----- -----
Income before taxes on
income 2,436 3,129 4,917 4,725
Taxes on income 313 814 735 1,042
-- -- -- ----
Net income 2,123 2,315 4,182 3,683
==== ==== ==== ====
Basic net income per
share $0.10 $0.12 $0.20 $0.19
Diluted net income per
share $0.10 $0.12 $0.19 $0.19
Weighted-average number
of Common
Stock used in
computation of net
income
per share (in
thousands):
Basic 21,061 19,515 20,859 19,536
Diluted 22,069 20,014 21,991 19,884
====== ====== ====== ======
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(U.S. Dollars in thousands, except per share amounts)
Quarter ended
June 30
2010 2009
---- ----
Unaudited Unaudited
--------- ---------
GAAP net income 2,123 2,315
Equity-based compensation
expense included in 15 34
cost of revenue
Equity-based compensation
expense included in 139 230
research and development
expenses
Equity-based compensation
expense included in 96 142
sales and marketing expenses
Equity-based compensation
expense included in 290 311
general and administrative
expenses
Other income - (1,901)(1)
Taxes on income - 543(1)
-- -----
Non-GAAP net income 2,663 1,674
===== =====
GAAP weighted-average number of
Common 22,069 20,014
Stock used in computation of
diluted net
income per share (in thousands)
Weighted-average number of
shares related to 57 -
outstanding options --- ---
Weighted-average number of
Common Stock 22,126 20,014
used in computation of diluted
net income per
share, excluding equity-based
compensation
expense, and capital gains
associated with the
divestment of CEVA's equity
investment in
GloNav Inc, net (in thousands)
and the
applicable tax expense
GAAP diluted net income per
share $0.10 $0.12
Equity-based compensation
expense $0.02 $0.04
Other income - $(0.1)(1)
Taxes on income - $0.02(1)
--- -------
Non-GAAP diluted net income per
share $0.12 $0.08
===== =====
Six months ended
June 30
2010 2009
---- ----
Unaudited Unaudited
--------- ---------
GAAP net income 4,182 3,683
Equity-based compensation
expense included in 33 69
cost of revenue
Equity-based compensation
expense included in 306 492
research and development
expenses
Equity-based compensation
expense included in 208 304
sales and marketing expenses
Equity-based compensation
expense included in 577 660
general and administrative
expenses
Other income - (1901)(1)
Taxes on income - 543(1)
-- -----
Non-GAAP net income 5,306 3,850
===== =====
GAAP weighted-average number of
Common 21,991 19,884
Stock used in computation of
diluted net
income per share (in thousands)
Weighted-average number of
shares related to 75 -
outstanding options --- ---
Weighted-average number of
Common Stock 22,066 19,884
used in computation of diluted
net income per
share, excluding equity-based
compensation
expense, and capital gains
associated with the
divestment of CEVA's equity
investment in
GloNav Inc, net (in thousands)
and the
applicable tax expense
GAAP diluted net income per
share $0.19 $0.19
Equity-based compensation
expense $0.05 $0.08
Other income - $(0.1)(1)
Taxes on income - $0.02(1)
--- -------
Non-GAAP diluted net income per
share $0.24 $0.19
===== =====
(1) Results for the second quarter and six months ended June 30,
2009 included a capital gain of $1.9 million reported in interest
and other income, net, and the applicable tax expense of $0.5
million reported in taxes on income, both related to the
divestment of CEVA's equity interest in GloNav Inc. to
NXP Semiconductors.
CEVA, INC. AND ITS SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. Dollars in Thousands
June 30, December 31,
2010 2009
--- ---
Unaudited Audited
--------- -------
ASSETS
Current assets:
Cash and cash equivalents $22,228 $12,104
Marketable securities and short term bank
deposits 71,293 88,494
Trade receivables, net 5,546 5,995
Deferred tax assets 1,059 1,096
Prepaid expenses and other accounts
receivables 3,938 5,345
----- -----
Total current assets 104,064 113,034
------ ------
Long-term investments: 15,066 -
Long term bank deposits
Severance pay fund 4,536 4,455
Deferred tax assets 564 309
Property and equipment, net 1,346 1,148
Goodwill 36,498 36,498
----- -----
Total assets $162,074 $155,444
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade payables $650 $530
Deferred revenues 527 432
Accrued expenses and other payables 8,064 9,735
Deferred tax liabilities 1,062 1,168
---- ----
Total current liabilities 10,303 11,865
Accrued severance pay 4,558 4,483
Total liabilities 14,861 16,348
----- -----
Stockholders' equity:
Common Stock 21 20
Additional paid in-capital 164,001 158,325
Treasury Stock (1,133) -
Other comprehensive income (loss) (336) 251
Accumulated deficit (15,340) (19,500)
------- -------
Total stockholders' equity 147,213 139,096
------ ------
Total liabilities and stockholders' equity $162,074 $155,444
======== ========
SOURCE CEVA, Inc.
CONTACT: Yaniv Arieli, CFO, +1-408-514-2941, yaniv.arieli@ceva-dsp.com,
or Richard Kingston, +1-408-514-2976, richard.kingston@ceva-dsp.com, both of
CEVA, Inc.
END
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