InvenSense Announces First Quarter and Fiscal Year 2013 Results
InvenSense, Inc. INVN +29.16% , the leading provider of Motion Interface solution devices for consumer electronics, today announced 2013 fiscal first quarter results.
First fiscal quarter 2013 net revenue was $39.2 million, up from $35.6 million for the first fiscal quarter of 2012.
Net income for the first fiscal quarter of 2013 was $7.7 million. Diluted earnings per share for the first fiscal quarter of 2013 was $0.09, matching the average of analysts’ expectations.
InvenSense ended the first fiscal quarter of 2013 with $157.5 million in cash and cash equivalents and investments, compared to $157.8 million at the end of the fourth fiscal quarter of 2012.
Management Qualitative Comments
“We are pleased with the number of new customer mobile products featuring InvenSense integrated 6-axis MotionTracking(TM) devices which launched during the quarter” said Steven Nasiri, CEO, Chairman and Founder, “While limited availability of other leading edge electronic components reduced the volume and availability of new customer products and impacted our revenue growth rates, we are encouraged by the continuing broad adoption of Motion Interface and in particular our MotionTracking devices by leading smartphone and tablet makers, including some mid-range devices, and we see a continuing demand and strong adoption of our MotionTracking devices by all leading customers in our space.”
First Quarter Fiscal 2013 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 (866) 730-5765 ten minutes prior to the start of the call, using the passcode 26451862. International callers, please dial (857) 350-1589. A taped replay will be made available approximately two hours after the conclusion of the call and will remain available for one week. To access the replay, please dial (888) 286-8010 and enter passcode 46106110. 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 http://www.invensense.com . An archived webcast replay will be available on the web site for three months.
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 or other financial items discussed in this press release, including the potential for an increase in the attach rates of our motion-processing technology in our markets and the potential for rapid and broad adoption of our fully integrated 6-axis gyroscope and accelerometer product by customers. 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, the continued adoption of motion tracking and motion sensing as an interface in consumer electronics products, our achievement of design wins, consumer acceptance of our customers’ products that incorporate our solutions, intense competition in our industry; our dependence on a limited number of customers for a substantial portion of our revenues; our lack of long-term supply contracts and dependence on limited sources of supply; our ability to continue to develop and introduce new and enhanced products on a timely basis; and potential decreases in average selling prices for our products, as well as changes in economic conditions in our markets and other risk factors discussed in 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.