Immersion Corporation Reports Q1 2012 Results

SAN JOSE, Calif. — (BUSINESS WIRE) — May 3, 2012 — Immersion Corporation (NASDAQ: IMMR), the leader in developing and licensing touch feedback technology ( http://www.immersion.com/corporate/), today reported financial results for the first quarter ended March 31, 2012. In a separate press release issued today the company also announced that it has appointed Paul Norris as Chief Financial Officer, effective May 14, 2012.

Total revenues for the first quarter of 2012 were $9.7 million, down 1% as compared to $9.8 million for the first quarter of 2011. Royalty and license revenues totaled $9.1 million for the first quarter of 2012, an increase of 9% as compared to $8.4 million for the same period last year. Net loss for the first quarter of 2012 was $(219,000), or $(0.01) per share. This compares to net income of $1.4 million or $0.05 per share, for the first quarter of 2011. Adjusted EBITDA for the first quarter of 2012 was $1.6 million, as compared to $3.3 million in the first quarter of 2011.

“Immersion posted strong results for the first quarter. Royalty revenues of $9.1 million grew 9% over the same period last year, and we achieved solid Adjusted EBITDA based on our scalable, high-margin licensing model, despite increased litigation expenses,” said Immersion CEO Victor Viegas. “We continue to be encouraged by the rapid adoption of haptics in the mobile market, and remain focused on delivering innovative new product solutions while protecting our intellectual property in the interests of our shareholders, partners and customers.”

“Based on our current outlook, we are reiterating our expectations for fiscal 2012 revenues to be in the range of $34 to $36 million, an increase of 11% to 18% from the prior year, and to achieve positive Adjusted EBITDA for the year,” concluded Mr. Viegas.

As of March 31, 2012, Immersion’s cash, cash equivalents, and short-term investments were $57.6 million, compared to $56.3 million as of December 31, 2011.

Corporate Highlights

Immersion recently:

  • On March 2, 2012, added HTC Corporation and certain of its affiliates to the complaint with the U.S. International Trade Commission and in a separate patent infringement complaint in the U.S. District Court in Delaware alleging that certain HTC Android-based smartphones infringe six Immersion patents that cover various uses of haptic effects in connection with touchscreens.
  • Saw DOCOMO successfully launch a new MEDIAS tablet and smartphone using Immersion technology into the Japanese market from NEC CASIO Mobile Communications and NEC.
  • Saw additional applications designed by numerous third party developers that incorporate haptic effects by using Immersion’s SDK.

Conference Call Information

Immersion will host a conference call with company management on Thursday, May 3, 2012 at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss financial results for the first quarter ended March 31, 2012. To participate on the live call, analysts and investors should dial +1 877-941-4775 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 May 10, 2012 by dialing +1 800-406-7325 and entering the passcode 4533410#. 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)

Founded in 1993, Immersion (NASDAQ: IMMR) is the leading innovator in haptic 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 1200 issued or pending patents in the U.S. and other countries, Immersion helps bring the digital universe to life.

Use of Non-GAAP Financial Measures

Immersion reports all financial information required in accordance with generally accepted accounting principles (GAAP), but it believes that evaluating its ongoing operating results may be difficult to understand if limited to reviewing only GAAP financial measures. Immersion discloses this non-GAAP information because it is useful in understanding the company’s performance as it excludes non-cash and other special charges that many investors feel may obscure the company’s true operating performance. Likewise, management uses these non-GAAP financial measures to manage and assess the profitability of its business. Investors are encouraged to review the related GAAP financial measures.

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