Paolo Gorgo
Special situations, long-term horizon, long only

Immersion Corporation's Story Finally Unfolding

Executive summary:

  • Immersion Corporation (NASDAQ:IMMR) reported Q4 and fiscal 2013 results last Thursday night.
  • Total revenues in Q4 2013 were $12.1 million (+ 36% Y/Y). Royalty and license revenues of $11.6 million (Immersion's most important metric) were up 52% from Q4 2012.
  • Revenues for fiscal 2013 were $47.5 million (+ 48% Y/Y). Royalty and license revenues for fiscal 2013 totaled $46.2 million, an increase of 59% compared to 2012.
  • A change in accounting method adopted in Q4 2013 and the release of a tax valuation allowance relating to net deferred tax assets make it a bit complicated to decipher the company's quarterly performance.
  • Bottom line: 2013 was a breakthrough year for Immersion. While mobility has been the real
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