Immersion (IMMR) Tops Q4 EPS by 5c, CFO to Retire

Immersion (NASDAQ: IMMR) reported Q4 EPS of $0.07, $0.05 better than the analyst estimate of $0.02. Revenue for the quarter came in at $16.6 million versus the consensus estimate of $13.68 million.

Business Outlook

“As we focus on 2016 and beyond, we are excited about our prospects but also determined to protect our position and valuable technologies while executing effectively on our opportunities. We will continue to invest strategically in key areas to maintain our leadership position and bring increasing value to our customers and partners.”

“Our license with Samsung expired at the end of 2015 and we are dedicated to ensuring that any new agreement covering uses of our technology appropriately compensates us for the value we bring as the leading provider of touch feedback technology. At this point, as we contemplate our guidance for 2016, we must take into account the current uncertainty regarding Samsung as well as the anticipated cost of the lawsuits we recently filed against Apple and AT&T. Even with these considerations and absent a renewal of the Samsung license, we are pleased to report that given the overall strength of our existing business, we are currently expecting 2016 revenues of $55 million to $65 million, generating bottom line results ranging between a non-GAAP net loss of $8 million and non-GAAP net income of $3 million,” continued Mr. Viegas.

CFO Retirement

Immersion also announced the retirement of Paul Norris, chief financial officer, effective February 26, 2016, after the filing of the Company’s annual report. Mr. Norris will assist as necessary with any transition matters, and Mr. Viegas will assume the role of interim CFO until a successor is appointed. “On behalf of the Board and leadership team, I would like to thank Paul for his invaluable contributions over the past four years, which have helped drive Immersion’s recent financial and business success,” concluded Mr. Viegas.

For earnings history and earnings-related data on Immersion (IMMR) click here.

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