InvenSense
Announces Fourth Quarter And Fiscal Year 2015 Results
SAN JOSE, California, May 4,
2015 - InvenSense, Inc. (NYSE: INVN) the leading provider of
intelligent sensor system on chip (SoC) for Motion and Sound, today
announced results for its fourth quarter and fiscal year ended
March 29, 2015.
Net revenue for the fourth quarter of fiscal 2015
was $99.3 million, down 14 percent from $115.9 million for the
third quarter of fiscal 2015, and up 68 percent from $59.0 million
for the fourth quarter of fiscal 2014.
Gross margin determined in accordance with U.S.
generally accepted accounting principles (GAAP) was 43 percent for
the fourth quarter of fiscal 2015, consistent with the third
quarter of fiscal 2015. GAAP gross margin for fourth quarter of
fiscal 2015 included stock-based compensation and related payroll
taxes, and amortization of acquisition intangibles. Excluding these
items, non-GAAP gross margin was 46 percent for the fourth quarter
of fiscal 2015, consistent with the third quarter of fiscal
2015.
GAAP net income for the fourth quarter of fiscal
2015 was $0.4 million, or zero cents per diluted share. By
comparison, GAAP net income was $10.2 million, or 11 cents per
diluted share for the third quarter of fiscal 2015. GAAP net income
for the fourth quarter of fiscal 2015 included stock-based
compensation and related payroll taxes, accreting interest expense
on convertible notes, amortization of acquisition intangibles,
business acquisition costs, certain legal expenses and the income
tax effect of non-GAAP adjustments. Excluding these items, non-GAAP
net income for the fourth quarter of fiscal 2015 was $11.4 million,
or 12 cents per diluted share, compared with $19.3 million, or 21
cents per diluted share, for the third 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.
Fiscal Year 2015
Results
Net revenue for the fiscal year 2015 was $372.0 million, up $119.5
million, or 47% from $252.5 million for the fiscal year 2014.
GAAP net loss for the fiscal year 2015 was $1.1
million, compared with net income of $6.1 million for the fiscal
year 2014. On a non-GAAP basis, net income for the fiscal
year 2015 was $42.7 million, or $0.46 per diluted share. This
compares with non-GAAP net income of $52.3 million, or $0.58 per
diluted share for the fiscal year 2014.
GAAP diluted net loss per share for the fiscal
year 2015 as one cent, compared with diluted net income per share
of seven cents for the fiscal year 2014.
Management Qualitative
Comments
"Fiscal 2015 was a significant year for InvenSense," said Behrooz
Abdi, president and CEO. "We achieved the highest revenue in
company history, driven by strong market share gains and several
high-volume customer wins. We also brought to market a record
number of new products across our motion sensor, software and
microphone portfolio intended to open up incremental revenue growth
opportunities over the coming quarters. Our success in mobile in
fiscal 2015 laid important groundwork for our continued achievement
in the coming year, while the advancement of our platform strategy
provides us with multiple entry points into verticals beyond mobile
where our technology can provide significant value in the years to
come."
Fourth Quarter and Fiscal Year
2015 Earnings Conference Call
A conference call will be held today at 1:30 p.m. Pacific Time to
discuss the quarter results and management's current business
outlook. To listen to the conference call, please dial (866)
202-3048 ten minutes prior to the start of the call, using the
passcode 76139380. International callers, please dial (617)
213-8843. A taped replay will be made available approximately two
hours after the conclusion of the call and will remain available
for two days. To access the replay, please dial (888) 286-8010 and
enter passcode 99966713. 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 at
www.invensense.com/ir. An archived webcast replay will be available
on the web site for three months.
Note Regarding Use of Non-GAAP
Financial Measures
As discussed above, in addition to the company's condensed
consolidated financial statements, which are presented according to
GAAP, the company provides certain non-GAAP financial information
that excludes, stock-based compensation expense and related payroll
taxes, certain legal expenses, business acquisition costs,
amortization of fair value write-up of acquired inventory,
amortization of acquisition intangibles, accreting interest expense
on convertible notes, other adjustments, and the income tax effect
of non-GAAP adjustment. The company uses these non-GAAP measures in
its own financial and operational decision-making processes.
Further, the company believes that these non-GAAP measures offer an
important analytical tool to help investors understand the
company's core operating results and trends and facilitate
comparability with the operating results of other companies that
provide similar non-GAAP measures. These non-GAAP measures have
certain limitations as analytical tools and are not meant to be
considered in isolation or as a substitute for GAAP financial
information. For example, stock-based compensation is an important
component of the company's compensation mix and will continue to
result in significant expenses in the company's GAAP results for
the foreseeable future, but it is not reflected in our non-GAAP
measures. Also, other companies, including companies in the
company's industry, may calculate non-GAAP financial measures
differently, limiting their usefulness as comparative measures.
Forward-Looking
Statements
Statements in this press release that are not historical are
"forward-looking statements" as the term is defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements are generally written in the future tense and/or
preceded by words such as "will," "expects," "anticipates," or
other words that imply or predict a future state. Forward-looking
statements include any projection of revenue, gross margin,
expense, earnings, stockholder return or other financial items
discussed in this press release, including the strength of our
competitive positioning, growth opportunities and our ability to
capitalize on them, and our ability to enter verticals beyond
mobile. Investors are cautioned that all forward-looking statements
in this release involve risks and uncertainty that can cause actual
results to differ from those currently anticipated, due to a number
of factors, including without limitation, intense competition in
our industry; our achievement of design wins; our dependence on a
limited number of customers for a substantial portion of our
revenues; the continued adoption of motion tracking and motion
sensing as an interface in consumer electronics products; decreases
in average selling prices for our products; our lack of long-term
supply contracts and dependence on limited sources of supply;
consumer acceptance of our customers' products that incorporate our
solutions and our ability to continue to develop and introduce new
and enhanced products on a timely basis; as well as changes in
economic conditions in our markets and other risk factors discussed
in InvenSense's Annual Report on Form 10-K for the year ended March
30, 2014, subsequent Quarterly Reports on Form 10-Q, recent Current
Reports on Form 8-K, and other documents filed by us with the
Securities and Exchange Commission (SEC) from time to time. Copies
of InvenSense's SEC filings are posted on the company's website and
are available from the company without charge. Forward-looking
statements are made as of the date of this release, and, except as
required by law, the company does not undertake an obligation to
update its forward-looking statements to reflect future events or
circumstances.
About InvenSense
InvenSense, Inc. (NYSE: INVN) is the world's leading provider of
intelligent sensor system on chip (SoC) for Motion and Sound in
consumer electronic devices. The company's patented InvenSense
Fabrication Platform and MotionFusion® technology address the
emerging needs of many mass-market consumer applications via
improved performance, accuracy, and intuitive motion-, gesture- and
sound-based interfaces. InvenSense technology can be found in
Mobile, Wearables, Smart Home, Industrial, and Automotive products.
InvenSense is headquartered in San Jose, California and has offices
in Boston, China, Taiwan, Korea, Japan, France, Canada, Slovakia
and Italy. More information can be found at www.invensense.com or
follow us on Twitter at @InvenSense.
©2015 InvenSense, Inc. All rights reserved.
InvenSense, Sensing Everything, FireFly, MotionTracking,
MotionProcessing, MotionProcessor, MotionFusion, MotionApps, DMP,
AAR, and the InvenSense logo are trademarks of InvenSense, Inc.
Other company and product names may be trademarks of the respective
companies with which they are associated.
# # #
For Investor Inquiries,
Contact:
Leslie Green
Green Communications Consulting, LLC
650.312.9060
ir@invensense.com
For Press Inquiries,
Contact:
David Almoslino
Senior Director
Marketing and Communications
InvenSense, Inc.
408.501.2278
pr@invensense.com
INVENSENSE,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except per share
amounts)
(Unaudited)
INVENSENSE,
INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
RESULTS
(In thousands, except per share
amounts)
(Unaudited)
INVENSENSE,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except par value)
(Unaudited)
INVENSENSE,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(In thousands)
(Unaudited)
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: InvenSense, Inc. via Globenewswire
HUG#1918658
Invensense, Inc. (NYSE:INVN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Invensense, Inc. (NYSE:INVN)
Historical Stock Chart
From Jul 2023 to Jul 2024