CEVA, Inc. Announces Third Quarter 2019 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 statements about CEVA's process in growing its customer base, the good momentum in the band set baseband and non-handset segments and CEVA's portfolio of IP for wireless connectivity and smart sensing applications attracting strong customer interest worldwide. The risks, uncertainties and assumptions that could cause differing CEVA results  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 and connectivity 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

Nine months ended


September 30,

September 30,


2019

2018

2019

2018


Unaudited

Revenues:





Licensing and related revenues

$  11,269

$  9,786

$33,084

$29,907

Royalties

12,202

11,627

25,756

26,569






Total  revenues

23,471

21,413

58,840

56,476






Cost of revenues

2,767

2,006

7,283

5,966






Gross profit

20,704

19,407

51,557

50,510






Operating expenses:





Research and development, net

13,873

11,897

38,593

35,756

Sales and marketing

2,832

2,727

8,809

9,302

General and administrative

3,509

2,406

8,360

8,193

Amortization of intangible assets

757

225

1,177

676






Total operating expenses

20,971

17,255

56,939

53,927






Operating income (loss)

(267)

2,152

(5,382)

(3,417)

Financial income, net

603

831

2,299

2,535






Income (loss) before taxes on income

336

2,983

(3,083)

(882)

 Taxes on income (tax benefit)

(439)

440

(49)

847






Net income (loss)

$  775

$  2,543

($3,034)

($1,729)






Basic net income (loss) per share

$0.04

$0.12

($0.14)

($0.08)

Diluted net income (loss) per share

$0.03

$0.11

($0.14)

($0.08)

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





Basic

21,953

21,997

21,936

22,091

Diluted

22,404

22,428

21,936

22,091














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