SAN JOSE, Calif. — (BUSINESS WIRE) — August 5, 2010 — Immersion Corporation (NASDAQ: IMMR), the leader in developing and licensing haptics technology, today reported financial results for the second quarter and six months ended June 30, 2010.
Revenues for the second quarter of fiscal 2010 were $8.5 million, an increase of 27% compared to revenues of $6.7 million for the second quarter of 2009. Net income for the second quarter of 2010 was $180,000, or $0.01 per share. This compares to net loss of $(8.9) million or $(0.32) per share, for the second quarter of 2009.
“Our second quarter performance reflects strong growth in our royalty and license revenue driven by continued traction for our haptic solutions across a variety of end markets. In addition, we benefitted from the reconciliation of certain customers’ royalty reports in the gaming market and from non-recurring revenue in the medical business of approximately $1.1 million,” said Immersion CEO Victor Viegas. “With the prior corporate headwinds largely behind us, our ability to focus on execution, coupled with a strong value proposition and favorable industry trends are allowing us to post strong growth in our ongoing business. As we move forward, we remain on track to meet or exceed the high end of our $25 - $30 million annual revenue outlook, and for the third quarter, based on our current visibility, we expect revenues to be in the range of $6.0 million to $6.5 million, which is consistent with historical seasonal trends. We remain excited about our ability to capitalize on the opportunities within the large and rapidly growing markets we serve.”
Revenues for the six months ended June 30, 2010 were $18.2 million, an increase of 28% compared to revenues of $14.2 million for the six month period ended June 30, 2009. Net loss for the six months ended June 30, 2010 was $(2.5) million, or $(0.09) per share as compared to net loss of $(15.0) million, or $(0.54) per share, in the same period last year.
As of June 30, 2010, Immersion’s cash, cash equivalents, and short-term investments were $63.9 million, compared to $64.6 million as of March 31, 2010.
Q2 Corporate Highlights
Conference Call Information
Immersion will host a conference call with company management on Thursday, Aug 5, 2010 at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss financial results for the second quarter ended June 30, 2010. To participate on the live call, analysts and investors should dial +1 877.941.8418 at least ten minutes prior to the start of the call. A replay of the call will be available until 11:59 p.m. Pacific time on August 12, 2010 by dialing +1 800.406.7325 and entering the passcode 4329142#. A live and archived webcast of the conference call will also be available for one year within the investor relations section of Immersion’s corporate Web site at www.immersion.com.
About Immersion ( www.immersion.com)
Founded in 1993, Immersion (NASDAQ: IMMR) is the leading innovator in haptics technology; the company’s touch feedback solutions deliver a more compelling sense of the digital world. Using Immersion’s high-fidelity haptic systems, partners can transform user experiences with unique and customizable touch feedback effects; excite the senses in games, videos and music; restore “mechanical” feel by providing intuitive and unmistakable confirmation; improve safety by overcoming distractions while driving or performing a medical procedure; and expand usability when audio and visual feedback are ineffective. Immersion’s TouchSense technology provides haptics in mobile phone, automotive, gaming, medical and consumer electronics products from world-class companies. With over 900 issued or pending patents in the U.S. and other countries, Immersion helps bring the digital universe to life.
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.