Immersion Reports Q1 2008 Financial Results

Immersion Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
Three Months
Ended March 31,
2008 2007
(1)
Revenues:

Royalty and license

$ 3,461 $ 2,211

Product sales

3,851 3,590

Development contracts and other

843 613
Total revenues 8,155 6,414
Costs and expenses:
Cost of product sales (exclusive of amortization of intangibles shown separately below)
2,086 1,543
Sales and marketing 3,442 2,703
Research and development 3,229 2,543
General and administrative 4,263 3,259
Amortization of intangibles 235 254
Litigation conclusions and patent license - (134,900 )
Total costs and expenses 13,255 (124,598 )
Operating income (loss) (5,100 ) 131,012
Interest and other income (expense), net 1,507 (45 )
Income (loss) before provision for income taxes (3,593 ) 130,967
Benefit (provision) for income taxes 1,008 (15,129 )
Net income (loss) $ (2,585 ) $ 115,838
Basic net income (loss) per share $ (0.08 ) $ 4.57

Shares used in calculating basic net income (loss) per share

30,478 25,343
Fully diluted net income (loss) per share $ (0.08 ) $ 3.91

Shares used in calculating fully diluted net income (loss) per share

30,478 29,677
(1) Restated to increase income tax provision by $6.6 million

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