CEVA Q1 Profit Down - Quick Facts

(RTTNews) - CEVA Inc. (CEVA) reported that its net income for the first quarter of 2015 was $0.5 million, a 76% decrease from $2.0 million reported for the same period in 2014. U.S. GAAP earnings per share for the first quarter were $0.02, a decrease of 78% when compared to $0.09 last year.

Non-GAAP net income were $1.6 million and $0.08 per share, down from $3.4 million and $0.16 per share in the last year.

Non-GAAP net income and earnings per share for the first quarter of 2015 excluded equity-based compensation expense of $0.8 million, and the impact of the amortization of acquired intangibles and other costs, net of tax, of $0.3 million associated with the acquisition of RivieraWaves. Non-GAAP net income and earnings per share for the first quarter of 2014 excluded an aggregate equity-based compensation expense, net of taxes, of $1.4 million.

Total revenue for the first quarter of 2015 was $13.8 million, a 1% increase compared to $13.7 million reported for the first quarter of 2014. First quarter 2015 licensing and related revenue was $7.8 million, 1% lower when compared to $7.9 million reported for the same quarter a year ago. Royalty revenue for the first quarter of 2015 was $6.0 million, an increase of 4% when compared to $5.8 million reported for the first quarter of 2014.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share and revenues of $13.25 million for the quarter. Analysts' estimates typically exclude special items.