CEVA, Inc. Announces Second Quarter 2017 Financial Results

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 about the Company's licensing business thriving and the Company being encouraged by the consistent growth in shipments of its non-baseband products, as well as the unique value of the Company's broad product portfolio. Forward looking statements also include Mr. Arieli's statement about backlog for the third quarter and stellar sales pipeline. 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, including in non-baseband markets, and maintaining our market position in existing markets; our ability to diversify the company's royalty streams, the ability of products incorporating our technologies to achieve market acceptance, the speed and extent of the expansion of the 4G, 5G and LTE networks, the maturation of the IoT market, 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 INCOME – U.S. GAAP

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



Three months ended

Six months ended


June 30,

June 30,


2017

2016

2017

2016


Unaudited

Revenues:





Licensing and related revenues

$  10,337

$  7,470

$    19,872

$    16,120

Royalties

10,238

9,633

21,990

17,491






Total  revenues

20,575

17,103

41,862

33,611






Cost of revenues

1,608

1,403

3,304

3,031






Gross profit

18,967

15,700

38,558

30,580






Operating expenses:





Research and development, net

10,509

7,811

20,382

15,725

Sales and marketing

3,427

2,855

6,365

5,700

General and administrative

2,552

2,078

4,677

4,068

Amortization of intangible assets

309

309

618

618






Total operating expenses

16,797

13,053

32,042

26,111






Operating income

2,170

2,647

6,516

4,469

Financial income, net

755

561

1,326

1,002






Income  before taxes on income

2,925

3,208

7,842

5,471

 Income taxes expense (benefit)

(983)

497

(173)

960






Net income

3,908

2,711

8,015

4,511






Basic net income per share

$0.18

$0.13

$0.37

$0.22

Diluted  net income per share

$0.17

$0.13

$0.36

$0.21

Weighted-average number of Common Stock used in computation of net income  per share (in thousands):





Basic

21,712

20,604

21,556

20,562

Diluted

22,563

21,371

22,376

21,149


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