Immersion Corporation Reports Record Revenues in First Quarter 2013

Forward-looking Statements

This press release contains "forward-looking statements" that involve risks and uncertainties as well as assumptions that, if they never materialize or prove incorrect, could cause the results of Immersion Corporation and its consolidated subsidiaries to differ materially from those expressed or implied by such forward-looking statements.

All statements, other than the statements of historical fact, are statements that may be deemed forward-looking statements, including, but not limited to, the statements regarding our expectations relating to the scalability of our licensing business model, our expectations relating to capturing a larger share of the rapidly expanding worldwide smartphone market and our expectation that revenues for 2013 will be in the range of $44 million to $48 million and adjusted EBITDA for 2013 will be in the range of $12 million to $15 million.

Immersion's actual results might differ materially from those stated or implied by such forward-looking statements due to risks and uncertainties associated with Immersion's business, which include, but are not limited to, potential and actual claims and proceedings, including litigation involving Immersion’s intellectual property; delay in or failure to achieve commercial demand for Immersion's or its licensees’ products; a delay in or failure to achieve the acceptance of force feedback as a critical user experience; unexpected difficulties in monetizing the patent portfolio; the commercial success of applications or devices into which Immersion's technology is licensed; potentially lengthy sales cycles and design processes; unanticipated difficulties and challenges encountered in development efforts; unexpected costs; failure to retain key personnel; competition; the inherently uncertain nature of litigation which makes future outcomes and timing difficult to predict; the impact of global economic conditions and other factors. Many of these risks and uncertainties are beyond the control of Immersion.

For a more detailed discussion of these factors, and other factors that could cause actual results to vary materially, interested parties should review the risk factors listed in Immersion's Annual Report on Form 10-K for 2012 which is on file with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release reflect Immersion's beliefs and predictions as of the date of this release. Immersion disclaims any obligation to update these forward-looking statements as a result of financial, business, or any other developments occurring after the date of this release.

Immersion, the Immersion logo, TouchSense, HD Haptics and Reverb are trademarks of Immersion Corporation in the United States and other countries. All other trademarks are the property of their respective owners.

The use of the word "partner" or "partnership" in this press release does not mean a legal partner or legal partnership.

(IMMR – C)

Immersion Corporation
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
2013 2012
(Unaudited) (1)
Cash and cash equivalents $ 30,223 $ 4,558
Short-term investments 33,994 38,988
Accounts receivable, net 3,342 1,878
Inventories 76 141
Deferred income taxes 165 165
Prepaid expenses and other current assets   523   706  
Total current assets 68,323 46,436
Property and equipment, net 1,193 1,281
Intangibles and other assets, net   16,271   15,725  
TOTAL ASSETS $ 85,787 $ 63,442  
Accounts payable $ 1,599 $ 338
Accrued compensation 1,756 2,502
Other current liabilities 3,246 1,022
Deferred revenue and customer advances   19,139   3,934  
Total current liabilities 25,740 7,796
Long-term deferred revenue 9,581 10,221
Deferred income tax liabilities 165 165
Other long-term liabilities   598   619  
STOCKHOLDERS’ EQUITY   49,703   44,641  
STOCKHOLDERS’ EQUITY $ 85,787 $ 63,442  
(1) Derived from Immersion’s annual audited consolidated financial statements.
Immersion Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months
Ended March 31,
  2013     2012  
Royalty and license $ 13,649 $ 9,085
Product sales 19 272
Development contracts and other   192     334  
Total revenues   13,860     9,691  
Costs and expenses:
Cost of revenues (exclusive of amortization and
abandonment of intangibles shown separately below) 148 315
Sales and marketing 2,247 1,746
Research and development 2,573 2,194
General and administrative 6,138 4,771
Amortization and abandonment of intangibles   494     341  
Total costs and expenses   11,600     9,367  
Operating Income 2,260 324
Interest and other income   10     10  
Income before provision for income taxes 2,270 334
Provision for income taxes   (17 )   (553 )
Net Income (loss) $ 2,253   $ (219 )
Basic net income (loss) per share $ 0.08   $ (0.01 )
Shares used in calculating basic net income (loss) per share   27,424     27,941  
Diluted net income (loss) per share $ 0.08   $ (0.01 )
Shares used in calculating diluted net income (loss) per share   28,294     27,941  
Immersion Corporation
Reconciliation of GAAP Net Income to Adjusted EBITDA
(In thousands)
Three Months
Ended March 31,
  2013       2012  
GAAP Net Income (Loss) $ 2,253 $ (219 )
Interest and other income (10 ) (10 )
Provision for income taxes 17 553
Depreciation and amortization 164 166
Amortization and abandonment of intangibles 494 341
Stock-based compensation   1,037     720  
Total adjustments 1,702 1,770
Adjusted EBITDA $ 3,955   $ 1,551  

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