San Jose, Calif. - April 20, 2004 - CEVA (NASDAQ: CEVA; LSE:
CVA), the leading licensor of Digital Signal Processor (DSP) cores and
communications solutions to the semiconductor industry, today announced
financial results for the first quarter of 2004, ended March 31, 2004.
First Quarter Ended March 31, 2004
The first quarter 2004 results were in line with company guidance.
Total revenues were $9.2 million, compared with $9.6 million in the fourth
quarter of 2003. Licensing revenues were $6.6 million, approximately the
same as in the fourth quarter. Royalty revenues were $1.2 million,
compared with $1.4 million in the fourth quarter.
Net income in the first quarter of 2004 was $409,000 or $0.02 per
share, compared with a loss of $9.6 million, or a loss of $0.53 per share
in the fourth quarter of 2003.
Gross margins in the first quarter of 2004 were 84 percent, compared
with 85 percent in the fourth quarter of 2003. Total cash was $58.6
million at March 31, 2004, compared with $59.1 million at the end of the
fourth quarter of 2003.
"We are pleased with our continued progress on both the customer and
financial fronts, especially our achievement of profitability in the
quarter," said Chet Silvestri, president and CEO.
In the quarter, CEVA completed five new licensing agreements with
leaders from the wireless and semiconductor industry. In addition, CEVA
announced that Samsung, the world's third largest manufacturer of mobile
phones, and EoNex, one of Asia's most progressive wireless players, have
licensed the new CEVA-X DSP architecture to power their next generation 3G
multimedia phones. Further industry adoption behind CEVA was evidenced
with the licensing announcements that technology leaders including
Kawasaki, Oki, Stepmind and National Semiconductor have licensed CEVA
CEVA continued its aggressive new product programs in the first quarter
with the launch of two new platforms: Xpert-Media, for audio and video
applications, and Xpert-Blue, for Bluetooth applications.
"The DSP industry is enjoying vibrant growth and with our enhanced
portfolio of DSP technologies, we believe we are well positioned to
achieve our corporate objectives of growth, profitability and extended DSP
leadership in 2004," Silvestri said.
"Our achievement of profitability in the first quarter demonstrates the
benefits of our re-alignment actions in the fourth quarter," said
Christine Russell, CFO. "We were able to lower our costs substantially
while retaining our revenue levels, resulting in a more efficient
operation and a profitable business."
CEVA Conference Call
CEVA will broadcast its conference call discussion of first quarter
2004 financial results on Tuesday, April 20, 2004 at 8:30 a.m. PT (4:30
p.m. London Time). The conference call will be available via the following
Participants Telephone: 877-951-7311 (password: CEVA)
Participants Telephone: +44-20-7019-0810 (Password: CEVA)
A recording will be available approximately one hour after the call for
five working days at the following dial-in numbers:
Participants Telephone: 877-814-5621 (Access code: CEVA)
Participants Telephone: +44-20-7970-8460 (Access code: CEVA)
The CEVA financial results conference call will be available via a live
webcast on the CEVA website at http://www.ceva-dsp.com. Please access the
website fifteen (15) minutes prior to the start of the call to download
and install any necessary audio software. An archived webcast replay of
the call will be available at the web site for one year.
Condensed Consolidated Statements Of Operations
& Condensed Consolidated Balance Sheets
Condensed Consolidated Statements of Operations &
Condensed Consolidated Balance Sheets are available for download here
About CEVA, Inc.
Headquartered in San Jose, Calif., CEVA is the leading licensor of digital signal processor (DSP) cores, multimedia, GPS and storage platforms to the semiconductor industry. CEVA licenses a family of programmable DSP cores, associated SoC system platforms and a portfolio of application platforms including multimedia, audio, Voice over Packet (VoP), GPS location, Bluetooth, Serial Attached SCSI and Serial ATA (SATA). In 2005 CEVA's IP was shipped in over 115 million devices. CEVA was created through the merger of the DSP licensing division of DSP Group and Parthus Technologies. For more information, visit www.ceva-dsp.com.
A PDF copy of this press release is also available here
Safe Harbour Statement
Safe Harbor Statement Any statements contained in this
press release that are not statements of historical fact may be deemed to
be forward-looking statements, including statements with respect to CEVA's
anticipated financial results for the second quarter of fiscal 2004 and
future quarters. Words such as "expected," "believes," "anticipates,"
"plans," "expects," "will" and similar expressions are intended to
identify forward-looking statements. There are a number of important
factors that could cause the results of CEVA to differ materially from
those indicated by these forward-looking statements, including, among
others, risks detailed from time to time in the Company's SEC reports,
including its Annual Report on Form 10-K for the year ended December 31,
2003. CEVA does not undertake any obligation to update forward-looking