InvenSense Announces Second Quarter Fiscal Year 2015 Results
SAN JOSE, California, October 28, 2014 - (NYSE: INVN), the leading provider of intelligent sensor solutions, today announced results for the second quarter of fiscal year 2015, ended Sept. 28, 2014.
Net revenue for the second quarter fiscal 2015 was $90.2 million, up 35 percent from $66.7 million for the first quarter fiscal 2015.
Gross margin determined in accordance with U.S. generally accepted accounting principles (GAAP) for the second quarter of fiscal 2015 was 35 percent, compared with 47 percent for the first quarter of fiscal 2015. GAAP gross margin for second quarter fiscal 2015 included stock-based compensation and related payroll taxes, and amortization of acquisition intangibles.
(edit: the bad news)
Excluding these items, non-GAAP gross margin for the second quarter fiscal 2015 was 37 percent, compared with 50 percent for the first quarter of fiscal 2015. The sequential decrease in gross margin was primarily attributable to two factors: a non-recurring inventory charge largely related to earlier generations of the company's products that reduced the gross margin by approximately eight percentage points, and a shift in revenue mix towards lower margin, high volume customers that reduced the gross margin by approximately five percentage points.
GAAP net loss for the second quarter of fiscal 2015 was $6.9 million, or 8 cents per share. By comparison, GAAP net loss was $4.8 million, or 5 cents per share for the first quarter fiscal 2015. GAAP net loss for second quarter fiscal 2015 included stock-based compensation and related payroll taxes, accretion interest expense on convertible notes, amortization of acquisition intangibles, a write-off of in-process research and development costs in connection with the company's acquisition of the microphone business line of Analog Devices, Inc. in fiscal 2014, business acquisition costs, litigation expenses, which were partially offset by a gain on the company's equity investment in Trusted Positioning, Inc., and income tax effect of non-GAAP adjustments.
Excluding the items described above, non-GAAP net income for the second quarter of fiscal 2015 was $4.9 million or 5 cents per diluted share, compared with $7.0 million or 8 cents per diluted share for the first quarter of fiscal 2015.
The reconciliation between GAAP and non-GAAP financial results for all referenced periods is provided in a table immediately following the Unaudited GAAP Condensed Consolidated Statements of Operations below.
Management Qualitative Comments
"This is an exciting time for our company," said Behrooz Abdi, president and CEO. "Q2 was a record revenue quarter, with the North America region leading our growth. During the quarter, we successfully ramped several key design wins, leveraging our strategic inventory of second-generation 6-axis products in order to meet demand for both our second and third generation devices. With strong market share gain in mobile, our team has executed on the first step in our growth strategy, while our investment in content increase has delivered a full portfolio of differentiated products that we believe will provide meaningful growth opportunity for years to come. As we move beyond the second quarter's inventory adjustment, we believe that our solid business model will allow us to drive improved earnings leverage and shareholder return in the coming quarters."
more at:
ir.invensense.com
Quarterly Data
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