San Jose, Calif. - July 22, 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 second quarter of 2004, ended June 30, 2004.
The second quarter results were in line with company guidance given on
April 20, 2004. Total revenues were $9.6 million, up four percent from the
$9.2 million reported in the first quarter. Licensing revenues were $6.9
million, up five percent from first quarter licensing revenues of $6.6
million. Royalty revenues were $1.3 million, up from $1.2 million reported
in the first quarter.
Net income in the second quarter was $494,000 or $.03 per share,
compared with first quarter net income of $409,000 or $0.02 per share.
Gross margin in the second quarter of 2004 was 85 percent, compared
with 84 percent in the first quarter. Total cash was $56.8 million at June
30, 2004, compared with $58.6 million at the end of the first quarter,
principally reflecting capital investment in EDA tools in the quarter.
"We are very pleased with our continued progress this year," said Chet
Silvestri, president and CEO of CEVA. "We signed six new licensing
agreements across the portfolio of our technologies in the quarter
including a major new license for our CEVA-X DSP technology with one of
the world's leaders in the wireless industry."
The six new licensing customers in the second quarter included leaders
in the high-growth wireless and multimedia markets and spanned a portfolio
of DSP, framework and solution technologies from CEVA. Three of the six
customers in the quarter are new licensees of CEVA.
"CEVA licensees shipped a record 23 million units in the second
quarter, up 25% over first quarter shipments, further reinforcing our
position as the number one licensor of DSP technology," continued Chet
Silvestri. "With our expanding customer relationships, strong balance
sheet and solid financial performance, we are well positioned to achieve
our corporate objectives in 2004."
CEVA Conference Call
CEVA will broadcast its conference call discussion of second quarter
2004 financial results on Thursday, July 22, 2004 at 7:00 a.m. PT (3:00
p.m. London Time).
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)
UK/European Participants Telephone: +44-20-7970-8460 (Access
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 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
This press release contains forward-looking statements
that involve risks and uncertainties, as well as assumptions that if they
ever 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. The forward looking statements in this press release include
statements concerning CEVA achieving its corporate objectives and
extending its position as the number one licensor of DSP solutions for the
semiconductor industry. The risks, uncertainties and assumptions referred
to above include macroeconomic and geopolitical trends and events; intense
competition within our industry; that the market for the sale of our
technology may not develop as expected; that we rely significantly on
revenue derived from a limited number of licensees; the possible loss of
key employees and/or senior management; the challenges of managing a
geographically dispersed operation and other risks that are described from
time to time in the Company's Securities and Exchange Commission reports,
including but not limited to the Annual Report on Form 10-K for the fiscal
year ended December 31, 2003, and reports filed after the Form 10-K. CEVA
assumes no obligation to update any forward-looking statements or
information, which speak as of their respective dates.