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.
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CEVA, INC. AND ITS SUBSIDIARIES | ||||
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME – U.S. GAAP | ||||
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U.S. dollars in thousands, except per share data | ||||
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| ||||
|
|
Three months ended |
Six months ended | ||
|
|
June 30, |
June 30, | ||
|
|
2017 |
2016 |
2017 |
2016 |
|
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Unaudited | |||
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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 |
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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 |
