Immersion Corporation Reports Fourth Quarter and Fiscal 2012 Results

SAN JOSE, Calif. — (BUSINESS WIRE) — February 28, 2013 — Immersion Corporation (NASDAQ: IMMR), the leading developer and licensor of touch feedback technology, today reported financial results for the fourth quarter and year ended December 31, 2012.

Total revenues for the fourth quarter of 2012 were $8.9 million, an increase of 15% compared to $7.7 million for the fourth quarter of 2011. Royalty and license revenues of $7.6 million for the fourth quarter of 2012 were up 12% from the same period last year. Net loss for the fourth quarter of 2012 was $(200,000), or $(0.01) per share. This compares to a net loss of $(270,000), or $(0.01) per share, for the fourth quarter of 2011. Adjusted EBITDA for the fourth quarter of 2012 was $1.3 million, compared to $1.9 million in the fourth quarter of 2011.

Revenues for fiscal 2012 were $32.2 million, an increase of 5% as compared to $30.6 million for fiscal 2011. Royalty and license revenue for fiscal 2012 totaled $29.0 million, an increase of 8% over $26.9 million for fiscal 2011. Net loss for fiscal 2012 was $(5.6) million, or $(0.20) per share as compared to net loss of $(1.6) million, or $(0.06) per share, for fiscal 2011. Adjusted EBITDA for fiscal 2012 was $259,000, compared to $6.0 million in fiscal 2011.

“2012 was a pivotal year for Immersion, as we saw the value of our technology repeatedly validated through our success in establishing the importance of our intellectual property in the mobile market,” said Vic Viegas, chief executive officer of Immersion. “We made significant progress in creating new haptic technologies and user experiences, in maximizing their value, and in monetizing both our innovative software solutions and our strong patent portfolio. We are tremendously excited by the future for haptic technology within both established as well as new markets. We believe that the success of our strategic initiatives in 2012 has established a solid foundation for future growth.”

As of December 31, 2012, Immersion’s cash, cash equivalents, and short-term investments were $43.5 million, compared to $56.3 million as of December 31, 2011. During 2012, the Company used approximately $5.7 million to purchase 1,054,538 shares of its common stock.

Business Outlook

"Our current license with Samsung expired at the end of 2012, and we believe we are in a strong position to seek substantially higher compensation for Samsung’s use of our TouchSense and Integrator software solutions, as well as for its prior and future shipments of mobile devices containing Basic Haptic technology. While we are seeing positive momentum with existing customers and are optimistic regarding the opportunity for new and expanded software and patent license agreements, until we have greater clarity with regards to our Samsung relationship, it is difficult to provide comprehensive annual guidance at this time. However, given the health of our existing business, we are pleased that even absent a new agreement with Samsung, our current guidance for 2013 revenues is in the range of $28 million to $32 million,” concluded Mr. Viegas.

Corporate Highlights

Recently:

  • Immersion entered into a settlement and license agreement with Google, Inc. and Motorola Mobility LLC, resolving the patent infringement litigation brought by Immersion against Motorola.
  • LG Electronics, Inc. expanded its agreement with Immersion to include a patent license covering LG’s use of simple forms of haptic effects in its smartphones and other mobile devices.
  • Panasonic became the newest Immersion licensee in Japan, and launched Docomo’s “NEXT series ELUGA X P-02E” smartphone with Immersion technology. The smartphone includes Immersion's TouchSense® 3000 embedded control software and Integrator software.
  • The Razer Edge tablet launched with Immersion tactile feedback technology, enabling console-style tactile effects within the gamepad controller.
  • Immersion introduced new build-time interface solutions for OEMs to enrich interactive mobile experiences: Tactile Presence, which transmits tactile information between two devices and Integrated Themes, which uses tactile effects to bring an added sense of realism to the branded mobile user interface.

Conference Call Information

Immersion will host a conference call with company management on Thursday, February 28, 2013 at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss financial results for the fourth quarter and year ended December 31, 2012. To participate on the live call, analysts and investors should dial +1 877-941-2068 at least ten minutes prior to the start of the call. A live and archived webcast of the conference call will also be available for 90 days within the investor relations section of Immersion’s corporate Web site at www.immersion.com.

About Immersion ( www.immersion.com)

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