Semiconductor company Ceva Inc. (Nasdaq:CEVA); LSE:CVA) released its first quarter financials today. Revenue for the quarter totaled $13.8 million, 1% more than the $13.7 million reported for the first quarter of 2014, and exceeding the company's guidance.
Ceva made a US GAAP-based net profit for the first quarter of 2015 of $0.5 million, representing a 76% decrease from $2.0 million reported for the same period in 2014. US GAAP-based diluted earnings per share for the first quarter of 2015 were $0.02, a decrease of 78% from $0.09 for the first quarter of 2014.
Non-GAAP net profit was $1.6 million, or $0.08 per share, compared with $3.4 million and $0.16 per share reported for the first quarter of 2014.
The analysts' consensus estimate for the first quarter of 2015 was for earnings per share of $0.07 on revenue of $13.25 million.
Ceva CEO Gideon Wertheizer said, "Ceva had an excellent start to 2015, with our first quarter revenues coming in above our guidance range. Demand for our DSP and connectivity product portfolios continues to grow, with a record twelve licensing agreements signed in the quarter. We also delivered year-over-year royalty revenue growth, driven primarily by LTE shipments. Overall, our results are encouraging and we remain confident in our growth prospects for the remainder of the year."
CFO Yaniv Arieli added, "Our first quarter results reflect excellent licensing execution and continued growth in LTE smartphones enabled by our DSPs in the quarter, reaching an all-time high of more than seven million units shipped. During the quarter, we repurchased approximately 94,000 shares of our common stock for an aggregate consideration of approximately $1.9 million. At the end of the quarter, our cash balance, marketable securities and bank deposits totaled $128 million."
In the company's conference call, Arieli provided guidance for the second quarter of $12.5-13.5 million revenue, a 90% gross profit margin, and earnings per share of $0.04-0.06.
Published by Globes [online], Israel business news - www.globes-online.com - on May 4, 2015
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