CEVA, Inc. Announces Fourth Quarter and 2015 Financial Results

Yaniv Arieli, Chief Financial Officer, stated, "2015 was an outstanding year for CEVA, as we returned to top-line and bottom-line growth for the first time in three years, as well as significantly outperformed the growth rates of the smartphone market and the overall semiconductor industry. We continued to actively execute our share repurchase program throughout the year, buying back approximately 509,000 shares for a total consideration of $10.1 million.  At the end of 2015, CEVA's cash and cash equivalent balances, marketable securities and bank deposits were approximately $139 million."

CEVA Conference Call 
CEVA management will conduct a conference call today, February 3rd at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.

The conference call will be available via the following dial in numbers:

  • U.S. Participants: Dial 1-866-364-3869 (Access Code: CEVA)
  • International Participants: Dial +1-412-902-4215 (Access Code: CEVA)

The conference call will also be available live via the Internet at the following link:   https://www.webcaster4.com/Webcast/Page/984/12568. Please go to the web site at least fifteen minutes prior to the call to register, download and install any necessary audio software.

For those who cannot access the live broadcast, a replay will be available by dialing +1-877-344-7529 or +1-412-317-0088 (access code: 10078329) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on February 11, 2016. The replay will also be available at CEVA's web site  www.ceva-dsp.com.

About CEVA, Inc. 
CEVA is the leading licensor of signal processing IP for a smarter, connected world. We partner with semiconductor companies and OEMs worldwide to create power-efficient, intelligent and connected devices for a range of end markets, including mobile, consumer, automotive, industrial and IoT. Our ultra-low-power IPs for vision, audio, communications and connectivity include comprehensive DSP-based platforms for LTE/LTE-A/5G baseband processing in handsets, infrastructure and machine-to-machine devices, computer vision and computational photography for any camera-enabled device, audio/voice/speech and ultra-low power always-on/sensing applications for multiple IoT markets. For connectivity, we offer the industry's most widely adopted IPs for Bluetooth (Smart and Smart Ready), Wi-Fi (802.11 b/g/n/ac up to 4x4) and serial storage (SATA and SAS). Visit us at www.ceva-dsp.com and follow us on Twitter, YouTube and LinkedIn.

Forward Looking Statement 
This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of CEVA to differ materially from those expressed or implied by such forward-looking statements and assumptions.  Forward-looking statements include Mr. Wertheizer's statements that the record licensing deals in 2015 illustrated the continued success of CEVA's investment and strategic initiatives to diversify and expand its business and that CEVA is entering 2016 with a healthy industry backdrop for royalty growth, a stronger-than-ever licensing pipeline and a compelling product portfolio that is exceptionally well positioned to address the key technology trends driving the mobile, consumer and automotive industries.  The risks, uncertainties and assumptions include: the ability of the CEVA DSP cores and other technologies to continue to be strong growth drivers for us; our success in penetrating new markets, specifically non-baseband markets such as the IoT space, and maintaining our market position in existing markets; the ability of products incorporating our technologies to achieve market acceptance, the speed and extent of the expansion of the 3G and LTE networks and the increase of our royalty revenues derived from such expansion, the effect of intense industry competition and consolidation, global chip market trends, the possibility that markets for CEVA's technologies may not develop as expected or that products incorporating our technologies do not achieve market acceptance; our ability to timely and successfully develop and introduce new technologies; and general market conditions and other risks relating to our business, including, but not limited to, those that are described from time to time in our SEC filings.  CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

 


CEVA, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – U.S. GAAP

U.S. dollars in thousands, except per share data



Quarter ended

Year ended


December 31,

December 31,


2015

2014

2015

2014 (*)


Unaudited

Unaudited

Unaudited

Unaudited

Revenues:





Licensing and related revenues

$   8,027

$   7,359

$     32,135

$     28,348

Royalties

8,044

6,462

27,364

22,460






Total revenues

16,071

13,821

59,499

50,808






Cost of revenues

1,408

1,263

5,424

5,000






Gross profit

14,663

12,558

54,075

45,808






Operating expenses:





Research and development, net

6,938

7,328

28,113

25,828

Sales and marketing

2,810

2,614

10,168

9,815

General and administrative

2,363

1,930

8,184

8,054

Amortization of intangible assets

324

323

1,298

649






Total operating expenses

12,435

12,195

47,763

44,346






Operating income

2,228

363

6,312

1,462

Financial and other  income, net

426

32

1,069

571






Income before taxes on income

2,654

395

7,381

2,033

Taxes on income

350

2,329

1,114

2,852






Net income (loss)

$2,304

($1,934)

$6,267

($819)






Basic net income (loss) per share

$0.11

($0.10)

$0.31

($0.04)

Diluted net income (loss) per share

$0.11

($0.10)

$0.30

($0.04)

Weighted-average shares to compute net income (loss) per share (in thousands):





Basic

20,491

20,209

20,480

20,622

Diluted

21,203

20,209

20,989

20,622








 (*) Derived from audited financial statements


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