INVENSENSE ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS - Fourth Quarter Fiscal 2014 Net Revenues: $59.0 Million
- Fourth Quarter Fiscal 2014 GAAP Diluted Earnings (loss) Per Share: $(0.06) and Non-GAAP $0.07
- Fiscal Year 2014 Net Revenues: $252.5 Million
- Fiscal Year 2014 GAAP Diluted Earnings Per Share: $0.07 and Non-GAAP Diluted Earnings Per Share: $0.58
SAN JOSE, California, May 1, 2014 - InvenSense, Inc. (NYSE: INVN), a leading provider of MotionTracking(TM) sensor system on chip (SoC) and Sound devices, today announced its fourth quarter and fiscal year 2014 results.
Net revenue for the fourth fiscal quarter of 2014 was $59.0 million, up from $55.2 million for the fourth fiscal quarter of 2013. Net revenue for the fiscal year 2014 was $252.5 million, up from $208.6 million for the fiscal year 2013.
Net loss for the fourth fiscal quarter of 2014 was $5.6 million, compared to net income of $13.6 million for the fourth fiscal quarter of 2013. Net income for the fiscal year 2014 was $6.1 million, compared to $51.7 million for the fiscal year 2013.
Diluted earnings (loss) per share for the fourth fiscal quarter of 2014 was $(0.06), compared to $0.15 for the fourth fiscal quarter of 2013. Diluted earnings per share for the fiscal year 2014 was $0.07, compared to $0.59 for the fiscal year 2013.
InvenSense ended the fourth fiscal quarter of 2014 with $246.1 million in cash, cash equivalents and investments, compared to $200.3 million at the end of fiscal year 2013.
Management Qualitative Comments
"During fiscal 2014, we increased investment in research and development in order to support an expanded roadmap, strategic product development initiatives, and extensive new product and customer qualification activities," said Behrooz Abdi, president and CEO. "This is now enabling us to make sizeable market share gains in our core mobile market and to open up exciting business opportunities in emerging applications, such as wearables. To support our expected strong growth in fiscal 2015, we made a strategic decision in both fiscal Q3 and Q4 to build inventory in our core products. This positions us to increase our capacity in a more linear fashion at optimum cost, while we prepare for multiple significant customer ramps in the coming quarters."
(Edit: they increased R&D this quarter and last, and have chosen to build inventory. In Q4-13 R&D increased by almost 70%.)
Financial Highlights
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 fourth fiscal quarter of 2014 was $6.0 million, or $0.07 per diluted share. This compares to non-GAAP net income of $13.5 million, or $0.15 per diluted share for the fourth fiscal quarter of 2013. Non-GAAP adjustments for the fourth fiscal quarter of 2014, net of tax, totaling $11.6 million, primarily included $4.7 million of stock-based compensation expense, $3.2 million of patent litigation legal expenses, $1.2 million of accretion interest expense on convertible notes, $0.6 million amortization of acquired inventory fair value write-up and $1.2 million amortization of acquisition intangibles in connection with the company's acquisition of the microphone business line of Analog Devices, Inc. in October 2013, $0.3 million of expenses related to the acquisition, and $0.4 million related to litigation settlement costs. Non-GAAP net income for the fiscal year 2014 was $52.3 million, or $0.58 per diluted share. This compares to non-GAAP net income of $56.4 million, or $0.65 per diluted share for the fiscal year 2013. Non-GAAP adjustments for fiscal year 2014, net of tax, totaling $46.1 million, primarily included; $14.2 million of stock-based compensation expense, $12.5 related to litigation settlement costs , $11.0 million of patent litigation legal expenses, $ 2.1 million amortization of acquisition intangibles in connection with the company's acquisition of the microphone business line of Analog Devices, Inc. in October 2013, $2.0 million of expenses related to the acquisition, $1.9 million of accretion interest expense on convertible notes, $1.8 million amortization of acquired inventory fair value write-up, and $0.6 million of income tax - discrete cumulative benefit. 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.
The complete statement at
invensense.com |
