DSP solutions provider Ceva Inc. (Nasdaq:CEVA; LSE:CVA) reported its fourth quarter financial results and guidance for the first quarter of 2015 today.
The company predicts revenue in the first quarter of 2015 in the range of $12.7 million to $13.7 million, down from $13.8 million in the fourth quarter, and $13.7 million in the corresponding quarter of 2014.
Revenue for the fourth quarter of 2014 was $13.8 million, down 1% from $14 million in the corresponding quarter of 2013. Fourth quarter 2014 licensing and related revenue was $7.4 million, up 1% from $7.3 million in the corresponding quarter and royalty revenue for the fourth quarter of 2014 was $6.4 million, down 4% from $6.7 million in the fourth quarter of 2013.
GAAP net loss for the fourth quarter of 2014 was $1.9 million, compared with net profit of $3.1 million reported for the same period in 2013. GAAP diluted net loss per share for the fourth quarter of 2014 was $0.10, compared with net profit per share of $0.14 for the fourth quarter of 2013. GAAP net loss for the fourth quarter of 2014 also included a one-time write off of a deferred tax asset in the U.S. of about $3.4 million.
Non-GAAP net profit and diluted earnings per share for the fourth quarter of 2014 were $1.7 million and $0.08, respectively, down 61% and 60% over the $4.5 million and $0.20 reported for the fourth quarter of 2013, respectively.
Ceva CEO Gideon Wertheizer said, "Our strong fourth quarter performance was driven by robust demand for our new vision and connectivity IPs. We also signed a comprehensive agreement for baseband processing with a new semiconductor company associated with a leading Tier 1 OEM. Our royalty revenue continues to progress, showing 20% sequential growth primarily driven by growing LTE and 3G WCDMA smartphone shipments."
He added, "The vast majority of the 36 license agreements we signed in 2014 were for non-baseband applications, which clearly illustrates the successful execution of our diversification strategy. With our latest DSP platforms in the areas of vision, audio, voice and sensing and our Wi-Fi and Bluetooth connectivity products, we are now serving markets of much greater magnitude, totaling tens of billions of devices. Looking ahead, we believe we are well positioned to leverage our technologies and engineering talent to further expand our customer base and help us meet our strategic mid-term objective to power 700 million to 900 million non-baseband devices annually by 2018."
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2015
© Copyright of Globes Publisher Itonut (1983) Ltd. 2015