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CEVA, Inc. Announces Record Fourth Quarter and Year End 2010 Financial Results

MOUNTAIN VIEW, Calif. Jan. 31, 2011 December 31, 2010

http://photos.prnewswire.com/prnh/20051010/CEVALOGO

Fourth Quarter 2010

$13.0 million $10.2 million $4.6 million $4.7 million $7.5 million $4.8 million $0.9 million $0.7 million

$4.2 million $2.9 million $0.18 $0.14

$4.3 million $0.19 $2.4 million $0.11 $0.5 million $0.7 million $1.8 million $0.6 million

Gideon Wertheizer, Chief Executive Officer of CEVA, stated, "The fourth quarter of 2010 was the strongest quarter in CEVA’s history, resulting in record high revenues, royalties, operating margins, and earnings. Underpinning this performance, we experienced exceptional growth in the shipment of cellular baseband processors powered by CEVA DSPs across all handset and mobile broadband device market segments, including , feature phones, high-end smartphones, tablets, data cards, and machine-to-machine equipment. This growth is indicative of the wireless industry momentum behind our licensable DSPs, whereby our customers continue to take market share from industry incumbents that rely on in-house developed DSP technology."

Mr. Wertheizer continued, "Overall, 2010 was an outstanding year for CEVA. We continued to increase and strengthen our strategic customer base with leading wireless semiconductor manufacturers and OEMs that will leverage our advanced DSP technologies for future mass deployment of 4G devices. Shipments of CEVA-powered chipsets increased 84% year over year to more than 600 million units, and we reached a historic milestone in becoming the world’s number one DSP architecture deployed in cellular baseband processors. Looking ahead to 2011, we are extremely well positioned to continue our growth trends with tier-one handset OEMs and further expanding in two underpenetrated, significant market segments: the mobile broadband devices market, such as data cards, tablets and machine-to-machine devices, and handsets targeted at the emerging economies."

Asia

Full Year 2010 Review

$44.9 million $38.5 million $22.9 million $16.2 million $18.4 million $18.8 million

$11.4 million $0.51 $8.3 million $0.41

$12.7 million $0.56 $8.7 million $0.42 $2.1 million $2.9 million $3.7 million $1.1 million

Yaniv Arieli $14 million

CEVA Conference Call

January 31, 2011 8:30 a.m. Eastern Time 1:30 p.m. London December 31, 2010

The conference call will be available via the following dial in numbers:

  • US Participants: Dial 1-877-493-9121 (Access Code: CEVA or 35655172)
  • UK/Rest of World: Dial +44-800-051-3806 (Access Code: CEVA or 35655172)

http://www.videonewswire.com/event.asp?id=75584

11:59 p.m. (Eastern Time) February 7, 2011 www.ceva-dsp.com

About CEVA, Inc.

f www.ceva-dsp.com

Forward-Looking Statements

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. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including Mr. Wertheizer’s statements about CEVA’s ability to leverage the industry shift towards the use of third-party DSP cores and CEVA being well positioned to take advantage of the growth of the mobile broadband devices and ultra-low handsets markets.  The risks, uncertainties and assumptions include: the ability of the CEVA DSP cores and other technologies to continue to be strong growth drivers; the ability of products incorporating CEVA’s technologies to achieve market acceptance; CEVA’s success in penetrating new markets and maintaining its market position in existing markets; the effect of intense industry competition and consolidation; the possibility that the markets for CEVA’s technologies may not develop as expected; CEVA’s ability to timely and successfully develop and introduce new technologies; and general market conditions and other risks relating to CEVA’s business, including, but not limited to, those that are described from time to time in its SEC filings. CEVA assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

CEVA, INC. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – U.S. GAAP

U.S. dollars in thousands, except per share data

Quarter ended

Year ended

December 31,

December 31,

2010

2009

2010

2009

Unaudited

Unaudited

Unaudited

Audited

Revenues:

Licensing

$  4,621

$  4,705

$  18,395

$  18,764

Royalties

7,494

4,822

22,866

16,225

Other revenues

911

658

3,650

3,478

Total revenues

13,026

10,185

44,911

38,467

Cost of revenues

1,134

906

3,712

4,117

Gross profit

11,892

9,279

41,199

34,350

Operating expenses:

Research and development, net

4,666

4,429

17,909

16,561

Sales and marketing

2,060

1,818

7,308

6,732

General and administrative

1,399

1,532

6,108

6,087

Total operating expenses

8,125

7,779

31,325

29,380

Operating income

3,767

1,500

9,874

4,970

Interest and other income, net

504

2,358

2,095

5,760

Income before taxes on income

4,271

3,858

11,969

10,730

Taxes on income

64

948

591

2,384

Net income

$4,207

$2,910

$11,378

$8,346

Basic earnings per share

$0.19

$0.14

$0.54

$0.42

Diluted earnings per share

$0.18

$0.14

$0.51

$0.41

Weighted-average number of Common Stock used in computation of earnings per share (in thousands):

Basic

22,029

20,101

21,251

19,717

Diluted

23,367

21,375

22,430

20,411

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

(U.S. Dollars in thousands, except per share amounts)

Quarter ended

Year ended

December 31,

December 31,

2010

2009

2010

2009

Unaudited

Unaudited

Unaudited

Unaudited

GAAP net income

4,207

2,910

11,378

8,346

Equity-based compensation expense included in cost of revenue

21

25

77

115

Equity-based compensation expense included in research and development expenses

163

184

652

873

Equity-based compensation expense included in sales and marketing expenses

80

148

380

590

Equity-based compensation expense included in general and administrative expenses

207

353

1,023

1,342

Other income

(1,811) (1)

(3,712) (2)

Taxes on income (benefit)

(342) (3)

572 (1)

(842) (3)

1,115 (2)

Non-GAAP net income

4,336

2,381

12,668

8,669

GAAP weighted-average number of Common Stock used in computation of diluted earnings per share (in thousands)

23,367

21,375

22,430

20,411

Weighted-average number of shares related to outstanding options

49

105

60

52

Weighted-average number of Common Stock used in computation of diluted earnings per share, excluding equity-based compensation expense; capital gains associated with CEVA’s equity divestment of GloNav Inc., and related tax expense associated with the capital gains (in thousands)

23,416

21,480

22,490

20,463

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