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InvenSense, Inc. : InvenSense® Announces Fourth Quarter and Fiscal year 2013 Results

 InvenSense, Inc. : InvenSense® Announces Fourth Quarter and Fiscal year 2013
                                   Results

                                      

 ·  Fourth Quarter Fiscal 2013 Net Revenues: $55.2 Million

 ·  Fourth Quarter Fiscal 2013 Net Income: $13.6 Million

 ·  Fourth Quarter Fiscal 2013 GAAP and Non-GAAP Diluted Earnings Per Share:
    $0.15

 ·  Fiscal Year 2013 Net Revenues: $208.6 Million

 ·  Fiscal Year 2013 Net Income: $51.7 Million

 ·  Fiscal Year 2013 Diluted Earnings Per Share: $0.59 and Non-GAAP Diluted
    Earnings Per Share: $0.65

SUNNYVALE, California, May 2, 2013 - InvenSense, Inc. (NYSE: INVN), the
leading provider of MotionTracking^(TM) devices, today announced its fourth
quarter and fiscal year 2013 results.

Net revenue for the fourth fiscal quarter of 2013 was $55.2 million, up from
$33.1 million for the fourth fiscal quarter of 2012. Net revenue for the
fiscal year 2013 was $208.6 million, up from $153.0 million for the fiscal
year 2012.

Net income for the fourth fiscal quarter of 2013 was $13.6 million up from
$5.9 million for the fourth fiscal quarter of 2012. Net income for the fiscal
year 2013 was $51.7 million, up from $36.9 million for the fiscal year 2012.

Diluted earnings per share for the fourth fiscal quarter of 2013 was $0.15.
Diluted earnings per share for the fourth fiscal quarter of 2012 was $0.07.
Diluted earnings per share for the fiscal year 2013 was $0.59. Diluted
earnings per share for the fiscal year 2012 was $0.37.

InvenSense ended the fiscal year of 2013 with $200.3 million in cash, cash
equivalents and investments, compared to $157.8 million at the end of fiscal
year 2012.

Management also believes that certain other financial information is useful
when evaluating business results and provides supplemental information on a
non-GAAP (generally accepted accounting principles) basis, non-GAAP net income
for the fourth quarter of fiscal 2013 was $13.5 million, or $0.15 per diluted
share. This compares to non-GAAP net income of $6.7 million, or $0.08 per
diluted share for the fourth quarter of fiscal 2012. Non-GAAP adjustments for
the fourth quarter of fiscal 2013, net of tax included; $1.5 million in
non-cash stock-based compensation expense offset by $1.5 million of income tax
discrete and other benefits, net, primarily due to the recent enactment of the
R&D tax credit. Non-GAAP net income for the fiscal year 2013 was $56.4
million, or $0.65 per diluted share. This compares to non-GAAP net income of
$39.5 million, or $0.50 per diluted pro forma share for fiscal year 2012.
Non-GAAP adjustments for fiscal year 2013, net of tax, included $5.9 million
in non-cash stock-based compensation expense and $0.9 million in executive
separation costs offset by $2.2 million of income tax discrete and other
benefits, net, associated primarily with an increase in our foreign based
income. The reconciliation between GAAP and non-GAAP net income for all
referenced periods is provided in a table immediately following the Unaudited
GAAP Condensed Consolidated Statements of Income below.

________________________________________

Management Qualitative Comments
"The InvenSense team continued to deliver solid results in a highly
competitive market this quarter where we were able to deliver above the higher
end of our stated revenue outlook for Q4 of $52.0 million to $54.0 million,
with revenue for the quarter of $55.2 million. Our March quarter revenue
increased 67% year over year, with smartphones and tablets leading the growth,
representing over 80% of total revenue." said Behrooz Abdi, CEO and President.
"Also, last quarter our customer design pipeline for fiscal year 2014
continued to expand significantly across all of our products, with solid
traction for the 6-axis product (MPU-6500), 9-axis product (MPU-9250), and
2-axis (IDG-2020) in optical image stabilization applications. We look
forward to ramping these design wins to production as they contribute to our
continued market share gain in mobile and computing, and consumer market
segments."

Fourth Quarter and Fiscal Year 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 (877) 280-4958 ten minutes prior to the start of
the call, using the passcode 10452623. International callers, please dial
(857) 244-7315. 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 80846192.
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.

Note Regarding Use of Non-GAAP Financial Measures
As above, in addition to the company's condensed consolidated financial
statements, which are presented according to GAAP, the company provides
certain non-GAAP financial information that excludes stock-based compensation
expenses, net of tax, recorded under Accounting Standard Codification 718-10
and other non-GAAP financial adjustments. The company uses these non-GAAP
measures in its own financial and operational decision-making processes.
Further, the company believes that these non-GAAP measures offer an important
analytical tool to help investors understand the company's core operating
results and trends, and to facilitate comparability with the operating results
of other companies that provide similar non-GAAP measures. These non-GAAP
measures have certain limitations as analytical tools and are not meant to be
considered in isolation or as a substitute for GAAP financial information.
For example, stock-based compensation is an important component of the
company's compensation mix, and will continue to result in significant
expenses in the company's GAAP results for the foreseeable future, but is not
reflected in the non-GAAP measures. Also, other companies, including
companies in InvenSense's industry, may calculate non-GAAP financial measures
differently, limiting their usefulness as comparative measures.

________________________________________

Forward-Looking Statements
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 expansion of our customer
design pipeline and the potential for continued gains in our share of the
mobile, computing and consumer market segments. 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.

About InvenSense
InvenSense Inc. (NYSE: INVN) is the world's leading provider
ofMotionTracking^(TM)solutions for consumer electronic devices. The
company's patentedInvenSensePlatform and patent-pending MotionFusion^(TM)
technology address the emerging needs of many mass-market consumer
applications via improved performance, accuracy, and intuitive motion- and
gesture-based interfaces. InvenSense technology can be found in consumer
electronic products including smartphones, tablets, gaming devices, optical
image stabilization, and remote controls for Smart TVs. The company's
MotionTracking products are also being integrated into a number of industrial
applications. InvenSense is headquartered in Sunnyvale, California and has
offices in China, Taiwan, Korea, Japan, and Dubai. More information can be
found atwww.invensense.com.

©2013 InvenSense, Inc. All rights reserved. InvenSense, MotionTracking,
MotionProcessing, MotionProcessor, MotionFusion, MotionApps, DMP, and the
InvenSense logo are trademarks of InvenSense, Inc. Other company and product
names may be trademarks of the respective companies with which they are
associated.

                                    # # #

Investor Inquiries, Contact:
Alan Krock
Chief Financial Officer
ir@invensense.com

For Press Inquiries, Contact:
David Almoslino
Director, Marketing and Communications
408.988.7339 x285
dalmoslino@invensense.com



                               INVENSENSE, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF INCOME   
                   (In thousands, except per share amounts)
                                 (Unaudited)

                              ThreeMonthsEnded        Fiscal YearsEnded
                            March 31,     April 1,    March 31,    April 1,
                              2013          2012        2013         2012
Net revenue                                                     $  152,96752
                           $  55,210  $  33,077  $  208,634 
Cost of revenue                 27,653       14,652      97,937        67,571
Gross profit                    27,557       18,425     110,697        85,396
Operating expenses:
Research and development
                                 6,363        5,573      24,648        19,672
Selling, general and
administrative                   7,504        5,874      29,391        18,710
Total operating expenses
                                13,867       11,447      54,039        38,382
Income from operations          13,690        6,978      56,658        47,014
Other income (expense)
net                                160         (28)         348           138
Income before income
taxes                           13,850        6,950      57,006        47,152
Income tax provision               278        1,058       5,301        10,205
Net income                      13,572        5,892      51,705        36,947
Net income allocable to
convertible preferred
stockholders                         -            -           -        20,618
Net income allocable to                               $  51,705 $     
common stockholders       $  13,572   $  5,892             16,329 
Basic                                                           $     
                             $  0.16    $  0.07   $  0.62    0.39
Diluted *                                                       $     
                             $  0.15    $  0.07   $  0.59    0.37
Weighted average shares
outstanding in computing
net income per share
allocable to common
stockholders:
Basic                                                                 
                                 84,109       80,163   82,738  41,614 
Diluted                                                               
                                 87,741       87,510   87,359  47,011 
Pro forma net income  per 
share of common stock
   Basic                             $                  $      
                             $  0.16        0.07  $  0.62    0.50 
   Diluted**          $        $                  $      
                                   0.15       0.07  $  0.59    0.47 
Weighted average shares
outstanding pro forma
   Basic                                                           
                                 84,109       80,163   82,738  73,268 
   Diluted                                                         
                                 87,741       87,510   87,359  79,381 



*  Diluted net income per share attributable to common stockholders for the
   twelve months ended April1, 2012 is computed by dividing net income
** attributable to common stockholders, calculated as net income less income
   allocable to the rights of Series A, Series B and Series C convertible
   preferred stock holders for the period prior to their conversion upon our
   initial public offering, by the weighted average number of common shares
   outstanding, including unvested restricted stock, and potential dilutive
   common shares assuming the dilutive effect of outstanding stock options
   using the treasury stock method.

   Pro forma diluted net income per share for the twelve months ended April 1,
   2012 was computed to give effect to the conversion of the Series A, Series
   B, and Series C convertible preferred shares and certain preferred stock
   warrants both using the as-if converted method into common shares as if the
   conversion had occurred as of the beginning of each period presented.





                               INVENSENSE, INC.
           RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME
                   (In thousands, except per share amounts)
                                 (Unaudited)

                            ThreeMonthsEnded              
                         Fiscal YearsEnded
                       March 31,        April1,       March 31,    April1,
                          2013            2012           2013         2012
GAAP net income          $    13,572       $   5,892    $   51,705   $  36,947
Items reconciling
GAAP net income to
non-GAAP net
income, net of tax; 
    Stock-based
compensation
expense                      1,484             830         5,934       2,581
Executive
separation costs                   -               -           930           -
Income tax -                                                 
discrete and other                                           
benefits, net                (1,540)               -      (2,181)            -
Non-GAAP net income         13,515           6,722        56,388      39,528
Non-GAAP net income
allocable to
convertible
preferred
stockholders                       -               -             -      21,996
Non-GAAP net income
allocable to common
stockholders             $    13,515       $   6,722    $   56,388   $  17,531
Basic                    $      0.16       $    0.08    $     0.68   $    0.42
Diluted*               $      0.15       $    0.08    $     0.65   $    0.40
Weighted average
shares outstanding
in computing
non-GAAP net income
per share allocable
to common
stockholders:
Basic                         84,109          80,163        82,738      41,614
Diluted                       87,741          87,510        87,359      47,011
Non-GAAP pro forma
net income per
share of common
stock
         
  Basic                $      0.16       $    0.08    $     0.68   $    0.54
         
  Diluted**            $      0.15       $    0.08    $     0.65   $    0.50
                    
Weighted average
shares outstanding
non-GAAP pro forma
         
  Basic                     84,109          80,163        82,738      73,268
         
  Diluted                   87,741          87,510        87,359      79,381

* and ** same method s as described in the unaudited condensed consolidated
statements of income footnotes.



                               INVENSENSE, INC.
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                       (In thousands, except par value)
                                 (Unaudited)

                                                    March 31,     April1,
                                                       2013          2012
Assets
Current assets:
Cash and cash equivalents                         $  100,843  $  153,643 
Short-term investments                                77,040   4,129 
Accounts receivable                                   30,098   11,931 
Inventories                                           23,762   12,240 
Prepaid expenses and other current assets             13,302   4,188 
Total current assets                                 245,045   186,131 
Property and equipment, net                            8,650   4,011 
Long-term investments                                 22,442   - 
Other assets                                           2,957   3,176 
Total assets                                      $  279,094  $  193,318 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable                                   $  14,464  $  5,446 
Accrued liabilities                                    7,753   7,754 
Total current liabilities                             22,217   13,200 
     Long-term liabilities                           6,930         3,241
Total liabilities                                     29,147   16,441 
Commitments and contingencies
Stockholders' equity:
Preferred stock:
Preferred stock, $0.001 par value - 20,000 shares
authorized, no shares issued and outstanding at
March 31, 2013 and April1, 2012                         -   - 
Common stock:
Common stock, $0.001 par value - 750,000 shares
authorized, 84,980 shares issued and outstanding
at March 31, 2013, 80,890 shares issued and
outstanding at April1, 2012                         158,108   136,792 
Accumulated other comprehensive income                    50   1 
Retained earnings                                     91,789   40,084 
Total stockholders' equity                           249,947   176,877 
Total liabilities and stockholders' equity        $  279,094  $  193,318 




                               INVENSENSE, INC.
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (In thousands)
                                 (Unaudited)

                                                       Fiscal Years Ended
                                                    March 31,       April 1,
                                                    2013            2012
                                                
Cash flows from operating activities:           
Net income                                       $    51,705   $   36,947
Adjustments to reconcile net income to net cash
provided by operating activities:               
Depreciation and amortization                          1,998        1,992
Loss (gain) on disposal of property and
equipment                                                  8        (154)
Stock-based compensation expense                       8,519          3,688
Deferred income tax assets                             (348)          (699)
Tax effect of employee benefit plans                   7,077              -
Excess tax benefit from stock-based
compensation                                           (7,077)              -
Changes in operating assets and liabilities:    
Accounts receivable                                 (18,167)        (2,222)
Inventories                                        (11,522)          2,968
Prepaid expenses and other current assets            (9,583)        (1,018)
Other assets                                           1,006        (1,402)
Accounts payable                                       7,592        (1,245)
Accrued liabilities                                    4,062          5,567
                                                
Net cash provided by operating activities             35,270         44,422
                                                
Cash flows from investing activities:           
Purchase of property and equipment                   (5,076)        (2,502)
Proceeds from the sale of property and
equipment                                                  5            188
Sales and maturities of available-for-sale
investments                                           20,979         15,176
Purchase of available-for-sale investments         (116,254)       (10,025)
                                                
Net cash provided by (used in) investing
activities                                         (100,346)          2,837
                                                
Cash flows from financing activities:           
Proceeds from initial public offering and
secondary offering, net of underwriter
commissions                                                -         77,904
Net proceeds from issuance of warrants and
preferred stock                                           81            499
Proceeds from issuance of common stock                 5,617          1,356
Offering costs                                         (471)        (2,145)
Payments of long-term debt and capital lease
obligations                                             (28)           (25)
Excess tax benefit from stock-based                      7,077              -
compensation
                                                
Net cash provided by financing activities             12,276         77,589
                                                
Net (decrease) increase in cash and cash
equivalents                                         (52,800)        124,848
Cash and cash equivalents:                      
Beginning of period                              $   153,643     $   28,795
                                                
End of period                                    $   100,843     $  153,643
                                                
Supplemental disclosures of cash flow
information:                                    
Cash paid for interest                           $         2   $       23
                                                
Cash paid for income taxes                       $        40   $    9,078
                                                
Noncash investing and financing activities:     
Unpaid accounts payable for property and
equipment purchased                              $     1,845   $      274
                                                
Unrealized gain from available-for-sale
investments                                      $        49   $        -
                                                
Fixed assets acquired under capital leases       $         -   $       40
                                                
Unpaid accrued liabilities for offering costs
incurred                                         $         -   $      494
                                                
      Conversion of warrants and
preferred stock to common stock                  $       150   $   50,740

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The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
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(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: InvenSense, Inc. via Thomson Reuters ONE
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