Immersion Corporation Reports Record Revenue for the Third Quarter of 2008

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 any projections of earnings, revenues, profitability targets or other financial matters; any statements of the plans, strategies, and objectives of management for future operations; any statements relating to Immersion's ability to maintain effective internal control over financial reporting and disclosure controls and procedures; any statements regarding consumer or market acceptance of touch feedback products in general; future development of force feedback products; proposed products or services; any statements regarding future economic conditions or performance; and statements of belief or assumptions underlying any of the foregoing. 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 delay in or failure to achieve commercial demand for Immersion's expanded technology offerings; a delay in or failure to achieve the acceptance of force feedback as a critical user experience in new and existing markets for our business segments; and risks and uncertainties associated with ongoing and prospective litigation.

For a more detailed discussion of these factors and other factors that could cause Immersion's actual results to vary materially, interested parties should review the risk factors listed in Immersion's most current Form 10-Q, 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, and TouchSense are trademarks of Immersion Corporation in the U.S. and other countries.

Immersion Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
         
Three Months Nine Months
Ended September 30, Ended September 30,
2008 2007 2008 2007
     

(1)

Revenues:
Royalty and license $4,761 $2,904 $11,393 $7,862
Product sales 4,755 5,420 13,992 14,299
Development contracts and other 565   1,479   2,164   2,651  
Total revenues 10,081   9,803   27,549   24,812  
 
Costs and expenses:
Cost of product sales (exclusive of amortization
of intangibles shown separately below) 2,951 2,563 7,607 6,533
Sales and marketing 4,296 2,825 11,996 8,558
Research and development 3,155 2,482 9,239 7,538
General and administrative 4,774 2,781 14,121 9,162
Amortization of intangibles 179 243 584 739
Litigation settlements, conclusions & patent license 20,750   -   20,750   (134,900 )
Total costs and expenses 36,105   10,894   64,297   (102,370 )
 
Operating income (loss) (26,024 ) (1,091 ) (36,748 ) 127,182
Interest and other income (expense), net 988   1,645   3,404   3,013  
 
Income (loss) before provision for income taxes (25,036 ) 554 (33,344 ) 130,195
 
Provision for income taxes (7,262 ) (61 ) (4,630 ) (13,688 )
 
Net income (loss) $(32,298 ) $493   $(37,974 ) $116,507  
 
Basic net income (loss) per share $(1.10 ) $0.02   $(1.26 ) $4.35  
 
Shares used in calculating basic
net income (loss) per share 29,448   28,630   30,092   26,768  
 
Diluted net income (loss) per share $(1.10 ) $0.02   $(1.26 ) $3.73  
 
Shares used in calculating diluted
net income (loss) per share 29,448   31,399   30,092   31,315  
 
(1) Restated to increase income tax provision by $6.6 million

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