InvenSense
Announces First Quarter Of Fiscal Year 2016 Results
SAN JOSE, California, August 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 first quarter of fiscal year 2016, ended
June 28, 2015.
Net revenue for the first quarter of fiscal 2016
was $106.3 million, up 7 percent from $99.3 million for the fourth
quarter of fiscal 2015, and up 59 percent from $66.7 million for
the first quarter of fiscal 2015.
Gross margin determined in accordance with U.S.
generally accepted accounting principles (GAAP) was 42 percent for
the first quarter of fiscal 2016, slightly down from 43 percent for
the fourth quarter of fiscal 2015. GAAP gross margin for first
quarter of fiscal 2016 included stock-based compensation and
related payroll taxes, and amortization of acquisition intangibles.
Excluding these items, non-GAAP gross margin was 45 percent for the
first quarter of fiscal 2016, slightly down from 46 percent for the
fourth quarter of fiscal 2015.
GAAP net loss for the first quarter of fiscal 2016
was $5.8 million, or 6 cents per diluted share. By comparison, GAAP
net income was $0.4 million, or 0 cents per diluted share for the
fourth quarter of fiscal 2015. GAAP net income for the first
quarter of fiscal 2016 included stock-based compensation and
related payroll taxes, accreting interest expense on convertible
notes, amortization of acquisition intangibles, certain legal and
litigation expenses, contingent consideration adjustment and the
income tax effect of non-GAAP adjustments. Excluding these items,
non-GAAP net income for the first quarter of fiscal 2016 was $12.6
million, or 14 cents per diluted share, compared with $11.4
million, or 12 cents per diluted share, for the fourth 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 was a solid quarter for us with both revenue and profits
slightly higher than expected," said Behrooz Abdi, president and
CEO. "Our performance reflects strong market position in our core
motion products across the majority of mobile OEMs, as well as the
continued adoption of gyro-enabled optical image stabilization
technology by major OEMs worldwide. In addition, we continue to
gain traction with our new motion, audio and software solutions,
building a design win portfolio that we expect will contribute to
revenue later this fiscal year."
First Quarter of Fiscal Year 2016
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 (800)
591-6942 ten minutes prior to the start of the call, using the
passcode 21147390. International callers, please dial (617)
614-4909. 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 11798326. 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, certain legal and
litigation expenses, business acquisition costs, contingent
consideration adjustment, amortization of fair value write-up of
acquired inventory, amortization of acquisition-related intangible
assets, accreting interest expense on convertible notes and other
adjustments. 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, the strength of design activity ,
increased demand for our products, and design wins contributing to
revenue. 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 29, 2015, 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
leslie@greencommunicationsllc.com
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)
invensense_logo_R_sensing-everything
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#1943656
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