Stock Update (NYSE:INVN): InvenSense Inc Announces Fourth Quarter And Fiscal Year 2015 Results


InvenSense Inc (NYSE:INVN), the leading provider of intelligent sensor system on chip (SoC) for Motion and Sound, today announced results for its fourth quarter and fiscal year ended March 29, 2015.

Net revenue for the fourth quarter of fiscal 2015 was $99.3 million, down 14 percent from $115.9 million for the third quarter of fiscal 2015, and up 68 percent from $59.0 million for the fourth quarter of fiscal 2014.

Gross margin determined in accordance with U.S. generally accepted accounting principles (GAAP) was 43 percent for the fourth quarter of fiscal 2015, consistent with the third quarter of fiscal 2015. GAAP gross margin for fourth quarter of fiscal 2015 included stock-based compensation and related payroll taxes, and amortization of acquisition intangibles. Excluding these items, non-GAAP gross margin was 46 percent for the fourth quarter of fiscal 2015, consistent with the third quarter of fiscal 2015.

GAAP net income for the fourth quarter of fiscal 2015 was $0.4 million, or zero cents per diluted share. By comparison, GAAP net income was $10.2 million, or 11 cents per diluted share for the third quarter of fiscal 2015. GAAP net income for the fourth quarter of fiscal 2015 included stock-based compensation and related payroll taxes, accreting interest expense on convertible notes, amortization of acquisition intangibles, business acquisition costs, certain legal expenses and the income tax effect of non-GAAP adjustments. Excluding these items, non-GAAP net income for the fourth quarter of fiscal 2015 was $11.4 million, or 12 cents per diluted share, compared with $19.3 million, or 21 cents per diluted share, for the third quarter of fiscal 2015.

The reconciliation between GAAP and non-GAAP financial results for all referenced periods is provided in a table immediately following the Unaudited GAAP Condensed Consolidated Statements of Operations below.

Fiscal Year 2015 Results
Net revenue for the fiscal year 2015 was $372.0 million, up $119.5 million, or 47% from $252.5 million for the fiscal year 2014.

GAAP net loss for the fiscal year 2015 was $1.1 million, compared with net income of $6.1 million for the fiscal year 2014.  On a non-GAAP basis, net income for the fiscal year 2015 was $42.7 million, or $0.46 per diluted share.  This compares with non-GAAP net income of $52.3 million, or $0.58 per diluted share for the fiscal year 2014.

GAAP diluted net loss per share for the fiscal year 2015 as one cent, compared with diluted net income per share of seven cents for the fiscal year 2014.

Management Qualitative Comments
“Fiscal 2015 was a significant year for InvenSense,” said Behrooz Abdi, president and CEO. “We achieved the highest revenue in company history, driven by strong market share gains and several high-volume customer wins. We also brought to market a record number of new products across our motion sensor, software and microphone portfolio intended to open up incremental revenue growth opportunities over the coming quarters. Our success in mobile in fiscal 2015 laid important groundwork for our continued achievement in the coming year, while the advancement of our platform strategy provides us with multiple entry points into verticals beyond mobile where our technology can provide significant value in the years to come.” (Original Source)

Shares of InvenSense close today at $15.53, up $0.43 or 2.85%. INVN has a 1-year high of $26.78 and a 1-year low of $13.19. The stock’s 50-day moving average is $15.63 and its 200-day moving average is $15.86.

On the ratings front, InvenSense has been the subject of a number of recent research reports. In a report issued on April 14, Rosenblatt Securities analyst Brian Blair upgraded INVN to Buy. Separately, on February 26, Imperial’s Ashok Kumar maintained a Buy rating on the stock and has a price target of $18.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Brian Blair and Ashok Kumar have a total average return of -0.1% and 10.3% respectively. Blair has a success rate of 44.4% and is ranked #2686 out of 3590 analysts, while Kumar has a success rate of 58.5% and is ranked #430.

InvenSense Inc designs, develops, markets and sells Micro-Electro-Mechanical Systems sensors, including accelerometers, gyroscopes and microphones for consumer electronics.