CEVA Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter of 2013
January 30, 2013 at 05:31 pm IST
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CEVA Inc. announced unaudited consolidated financial results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported total revenues of $12.967 million against $15.952 million a year ago. Operating income was $2.418 million against $4.915 million a year ago. Income before taxes on income was $3.145 million against $5.788 million a year ago. Net income was $2.755 million or $0.12 per diluted share against $4.853 million or $0.20 per diluted share a year ago. Non-GAAP net income was $4.288 million or $0.19 per diluted share against $6.365 million or $0.26 per diluted share a year ago. During the fourth quarter, the company generated positive cash flow of approximately $5.6 million, offset by $3.5 million used for its buyback program.
For the year, the company reported total revenues of $53.677 million against $60.239 million a year ago. Operating income was $12.367 million against $18.561 million a year ago. Income before taxes on income was $15.747 million against $21.470 million a year ago. Net income was $13.685 million or $0.59 per diluted share against $18.562 million or $0.77 per diluted share a year ago. Non-GAAP net income was $18.356 million or $0.79 per diluted share against $23.516 million or $0.97 per diluted share a year ago.
The company provided earnings guidance for the first quarter of 2013. Revenue for the first quarter is expected to be in the range of $12 million to $13 million. Gross margin is expected to be 92% on GAAP basis and approximately 93% on non-GAAP basis, excluding 123R related expenses. Net interest income is expected to be about $700,000. Tax rate for the first quarter is expected to be approximately 17% on GAAP basis and 16% on non-GAAP basis. U.S. GAAP EPS will be in the range of $0.08 to $0.10 per share, and its non-GAAP EPS is forecasted to be in the range of $0.13 to $0.15 per share, excluding aggregate based compensation expenses, net of tax of $1.1 million.
Ceva, Inc. is a licensor of silicon and software intellectual property (IP) that enables smart edge devices to connect, sense and infer data. The Company powers the connectivity, sensing, and inference in advanced smart edge products across consumer Internet of Things (IoT), mobile, automotive, infrastructure, industrial, and personal computing. Its application software IP is licensed primarily to original equipment manufacturers (OEMs) who embed it in their System on Chip (SoC) designs to enhance the user experience, and OEMs also license its hardware IP products and solutions for their SoC designs to create power-efficient, intelligent, secure, and connected devices. From Bluetooth connectivity, Wi-Fi, ultra-wide band (UWB) and fifth generation (5G) platform IP for communications, to scalable Edge AI neural processing unit (NPU) IPs, sensor fusion processors and embedded application software that make devices smarter, it has the portfolio of IP to connect, sense and infer data.
CEVA Inc. Announces Unaudited Consolidated Financial Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter of 2013