InvenSense Inc : INVENSENSE ANNOUNCES FIRST QUARTER FISCAL YEAR 2014 RESULTS
07/30/2013 | 04:41pm US/Eastern
First Quarter Fiscal 2014 Diluted Earnings Per Share: $0.12 and Non-GAAP Diluted Earnings Per Share: $0.14
SUNNYVALE, California, July 30, 2013 - InvenSense, Inc. (INVN), the leading provider of MotionTracking(TM) devices for consumer electronics, today announced its first quarter fiscal year 2014 results.
Net revenue for the first fiscal quarter of 2014 was $55.9 million, up from $39.2 million for the first fiscal quarter of 2013.
Net income for the first fiscal quarter of 2014 was $10.3 million, up from $7.7 million for the first fiscal quarter of 2013.
Diluted earnings per share for the first fiscal quarter of 2014 was $0.12, up from $0.09 for the first fiscal quarter of 2013.
InvenSense ended the first fiscal quarter of 2014 with $208.6 million in cash, cash equivalents and investments, compared to $200.3 million at the end of fiscal year 2013.
Management believes that certain other financial information is useful when evaluating business results and provides supplemental information on a non-GAAP (generally accepted accounting principles) basis, non-GAAP net income for the first fiscal quarter of 2014 was $12.7 million, or $0.14 per diluted share. This compares to non-GAAP net income of $9.1 million, or $0.10 per diluted share for the first fiscal quarter of 2013. Non-GAAP adjustments for the first fiscal quarter of 2014, net of tax included; $2.3 million in non-cash stock-based compensation expense. The reconciliation between GAAP and non-GAAP net income for all referenced periods is provided in a table immediately following the Unaudited GAAP Condensed Consolidated Statements of Income below.
Management Qualitative Comments
"This is a very exciting time for the company", said Behrooz Abdi President and CEO. "With our product performance achievements and product roadmap, we are enjoying strong competitive positioning and believe that customer design activity and confirmed design wins at customers has never been stronger. With extraordinary execution, in the June quarter we again shipped a record number of units in that period growing our revenue 43% year over year and expect to again ship a record number of our products in the current quarter growing sequential unit volumes and revenues significantly."
First Quarter Fiscal Year 2014 Earnings Conference Call
A conference call will be held today at 1:30 p.m. Pacific Time to discuss the quarter's results and management's current business outlook. To listen to the conference call, please dial (877) 280-4956 ten minutes prior to the start of the call, using the passcode 10043494. International callers, please dial (857) 244-7313. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for one week. To access the replay, please dial (888) 286-8010 and enter passcode 93324388. International callers please dial (617) 801-6888. The conference call will be available via a live webcast on the investor relations section of InvenSense`s web site athttp://www.invensense.com/. An archived webcast replay will be available on the web site for three months.
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July 30, 2013, 4:57 P.M. ET
InvenSense Up 5% on Q2 Revenue, EPS Beat
By Tiernan Ray
Motion sensor component maker InvenSense are up 75 cents, or almost 5%, at $16.45, in late trading after the company this afternoon reported Q2
Revenue in the three months ended in June rose 43%, year over year, to $55.9 million, yielding EPS of 14 cents.
Analysts had been modeling $54.4 million and 12 cents per share.
CEO Behrooz Abdi said it was “a very exciting time for the company” and that “customer design activity and confirmed design wins at customers has never been stronger.”
The company will host a conference call with analysts at 4:30 pm, Eastern time, this evening, and you can catch a webcast of it on the company’s investor relations Web site.
With its products in multiple mobile devices, InvenSense may be seen as something of a proxy for the smartphone and tablet industries. Northland Capital Markets analyst Tom Sepenzis, reiterating an Outperform rating, wrote in a note to clients this morning that the company probably benefited in the quarter from “solid” sales of the Galaxy S4 phone from Samsung Electronics but weaker sales of BlackBerry handsets. He also said the company can look forward to the roll-out of LG Electronics‘s “G2” flagship phone this quarter, and possible inclusion in Google “X Phone.”
But, wrote Sepenzis,
The most sought out answer the Street will be looking for on the earnings call will be if INVN has landed Apple as a new customer, and in what capacity. AAPL currently uses ST Micro for their sensors, but we believe that INVN is well positioned with its 3 and 6-axis gyros to enter the mix in the Fall. We have refrained from modeling in any future AAPL revenue, providing room for significant upside to our estimates. We don’t believe an AAPL win is baked in and any hint by management that INVN captured a spot in the iPhone 5S or lower-cost iPhone should push the stock higher.
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