$CEVA
CEVA INC

2014 Q1 Form 10-Q Financial Statement

#000119312514194805 Filed on May 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $13.67M $13.97M $12.12M
YoY Change 12.86% 7.71% -19.83%
Cost Of Revenue $1.112M $1.360M $1.575M
YoY Change -29.4% 32.04% 81.03%
Gross Profit $12.56M $12.60M $10.54M
YoY Change 19.17% 5.53% -25.99%
Gross Profit Margin 91.87% 90.19% 87.0%
Selling, General & Admin $4.433M $4.900M $4.193M
YoY Change 5.72% 1.45% 0.84%
% of Gross Profit 35.29% 38.89% 39.78%
Research & Development $5.996M $4.940M $5.039M
YoY Change 18.99% 5.11% -8.15%
% of Gross Profit 47.73% 39.21% 47.8%
Depreciation & Amortization $162.0K $170.0K $154.0K
YoY Change 5.19% 21.43% 19.38%
% of Gross Profit 1.29% 1.35% 1.46%
Operating Expenses $10.43M $9.840M $9.232M
YoY Change 12.97% 3.36% -4.27%
Operating Profit $2.133M $2.760M $1.309M
YoY Change 62.95% 14.05% -71.53%
Interest Expense $460.0K $660.0K $730.0K
YoY Change -36.99% -9.59% -23.16%
% of Operating Profit 21.57% 23.91% 55.77%
Other Income/Expense, Net
YoY Change
Pretax Income $2.593M $3.420M $2.038M
YoY Change 27.23% 8.57% -63.25%
Income Tax $608.0K $300.0K $333.0K
% Of Pretax Income 23.45% 8.77% 16.34%
Net Earnings $1.985M $3.130M $1.705M
YoY Change 16.42% 13.41% -64.9%
Net Earnings / Revenue 14.52% 22.41% 14.07%
Basic Earnings Per Share $0.08
Diluted Earnings Per Share $92.17K $141.9K $0.08
COMMON SHARES
Basic Shares Outstanding 21.16M shares 21.98M shares 22.20M shares
Diluted Shares Outstanding 21.59M shares 22.67M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $135.7M $134.5M $133.8M
YoY Change 1.42% -0.37% -2.83%
Cash & Equivalents $28.20M $24.12M $10.00M
Short-Term Investments $107.5M $110.4M $123.8M
Other Short-Term Assets $6.900M $294.0K $5.900M
YoY Change 16.95% -29.67% 31.11%
Inventory $285.0K
Prepaid Expenses
Receivables $3.100M $5.600M $7.300M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $145.7M $145.6M $147.1M
YoY Change -0.95% -0.03% -0.44%
LONG-TERM ASSETS
Property, Plant & Equipment $1.531M $1.616M $1.536M
YoY Change -0.33% 16.09% 28.0%
Goodwill $36.50M $36.50M $36.50M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $20.50M $20.40M $25.90M
YoY Change -20.85% -20.0% -1.15%
Other Assets $3.367M $3.367M $2.733M
YoY Change 23.2% 38.39% -60.39%
Total Long-Term Assets $66.84M $66.72M $71.70M
YoY Change -6.77% -5.61% 1.41%
TOTAL ASSETS
Total Short-Term Assets $145.7M $145.6M $147.1M
Total Long-Term Assets $66.84M $66.72M $71.70M
Total Assets $212.5M $212.3M $218.8M
YoY Change -2.86% -1.85% 0.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $1.100M $1.100M
YoY Change -45.45% -8.33% 37.5%
Accrued Expenses $10.50M $2.955M $8.100M
YoY Change 29.63% -65.64% -19.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.74M $14.18M $14.23M
YoY Change -3.46% 0.5% 10.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.400M $7.300M $6.700M
YoY Change 10.45% 17.74% 11.67%
Total Long-Term Liabilities $7.400M $7.255M $6.700M
YoY Change 10.45% 17.81% 11.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.74M $14.18M $14.23M
Total Long-Term Liabilities $7.400M $7.255M $6.700M
Total Liabilities $21.10M $21.43M $21.00M
YoY Change 0.48% 5.76% 11.7%
SHAREHOLDERS EQUITY
Retained Earnings $28.99M $27.55M $24.07M
YoY Change 20.42% 20.36%
Common Stock $21.00K $21.00K $22.00K
YoY Change -4.55% -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost) $43.68M $41.01M $26.35M
YoY Change 65.74% 59.59%
Treasury Stock Shares 2.563M shares 2.413M shares 1.463M shares
Shareholders Equity $191.4M $190.9M $197.8M
YoY Change
Total Liabilities & Shareholders Equity $212.5M $212.3M $218.8M
YoY Change -2.86% -1.85% 0.16%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income $1.985M $3.130M $1.705M
YoY Change 16.42% 13.41% -64.9%
Depreciation, Depletion And Amortization $162.0K $170.0K $154.0K
YoY Change 5.19% 21.43% 19.38%
Cash From Operating Activities $4.800M $10.97M $670.0K
YoY Change 616.42% 84.99% -88.07%
INVESTING ACTIVITIES
Capital Expenditures $77.00K -$60.00K $298.0K
YoY Change -74.16% -82.35% 242.53%
Acquisitions $300.0K
YoY Change
Other Investing Activities $2.430M $14.03M -$7.550M
YoY Change -132.19% -363.72% 31.3%
Cash From Investing Activities $2.360M $13.96M -$7.846M
YoY Change -130.08% -347.08% 34.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.127M $2.002M
YoY Change 106.14% -79.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.030M -12.54M -1.176M
YoY Change 157.65% 262.43% -86.03%
NET CHANGE
Cash From Operating Activities 4.800M 10.97M 670.0K
Cash From Investing Activities 2.360M 13.96M -7.846M
Cash From Financing Activities -3.030M -12.54M -1.176M
Net Change In Cash 4.130M 12.39M -8.352M
YoY Change -149.45% -489.62% -3.39%
FREE CASH FLOW
Cash From Operating Activities $4.800M $10.97M $670.0K
Capital Expenditures $77.00K -$60.00K $298.0K
Free Cash Flow $4.723M $11.03M $372.0K
YoY Change 1169.62% 75.92% -93.27%

Facts In Submission

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NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-7846000
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
143000
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
9232000
CY2013Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-87000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
333000
CY2013Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-70000
CY2013Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
100000
CY2013Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2002000
CY2013Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-382000
CY2013Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-619000
CY2013Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
156000
CY2013Q1 us-gaap Cost Of Revenue
CostOfRevenue
1575000
CY2013Q1 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
9000
CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
826000
CY2013Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-39000
CY2013Q1 us-gaap Investment Income Amortization Of Premium
InvestmentIncomeAmortizationOfPremium
380000
CY2013Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
3916000
CY2013Q1 us-gaap Depreciation
Depreciation
154000
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1318000
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5039000
CY2013Q1 ceva Increase Decrease In Deferred Tax Net
IncreaseDecreaseInDeferredTaxNet
-204000
CY2013Q1 ceva Increase Decrease In Accrued Severance Pay Net
IncreaseDecreaseInAccruedSeverancePayNet
91000
CY2013Q1 ceva Proceeds From Bank Deposits
ProceedsFromBankDeposits
18444000
CY2013Q1 ceva Accrued Interest On Bank Deposits
AccruedInterestOnBankDeposits
352000
CY2013Q1 ceva Investment In Bank Deposits
InvestmentInBankDeposits
21000000
CY2013Q1 ceva Increase Decrease In Accrued Salaries And Related Expenses
IncreaseDecreaseInAccruedSalariesAndRelatedExpenses
-1033000
CY2014Q1 dei Trading Symbol
TradingSymbol
CEVA
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
CEVA INC
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001173489
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y7M6D
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21590000 shares
CY2014Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
235619 shares
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y3M18D
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21159000 shares
CY2014Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
4799000
CY2014Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
431000 shares
CY2014Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
17.51
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2202797 shares
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b><i>Use of Estimates</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The preparation of the interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company&#x2019;s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the dates of the interim condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.09
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y1M6D
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
77000
CY2014Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
21000
CY2014Q1 us-gaap Licenses Revenue
LicensesRevenue
7906000
CY2014Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
-6000
CY2014Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
289000
CY2014Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
10084000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
179000
CY2014Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-1000
CY2014Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
27000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2593000
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2564000
CY2014Q1 us-gaap Investment Income Net
InvestmentIncomeNet
460000
CY2014Q1 us-gaap Revenues
Revenues
13674000
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1455000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2010000
CY2014Q1 us-gaap Gross Profit
GrossProfit
12562000
CY2014Q1 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
11000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2133000
CY2014Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
-1000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-7000
CY2014Q1 us-gaap Royalty Revenue
RoyaltyRevenue
5768000
CY2014Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
26000
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4127000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
1985000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
25000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
28000
CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3033000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2040000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1513000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
4084000
CY2014Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2393000
CY2014Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
12205000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
2355000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax
-1000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
10429000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-455000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
608000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-37000
CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
1000
CY2014Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
4127000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
177000
CY2014Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-298000
CY2014Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
25000
CY2014Q1 us-gaap Cost Of Revenue
CostOfRevenue
1112000
CY2014Q1 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
12000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
915000
CY2014Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-4000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
179000
CY2014Q1 us-gaap Investment Income Amortization Of Premium
InvestmentIncomeAmortizationOfPremium
298000
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
700000
CY2014Q1 us-gaap Depreciation
Depreciation
162000
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1513000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5996000
CY2014Q1 ceva Increase Decrease In Deferred Tax Net
IncreaseDecreaseInDeferredTaxNet
108000
CY2014Q1 ceva Increase Decrease In Accrued Severance Pay Net
IncreaseDecreaseInAccruedSeverancePayNet
70000
CY2014Q1 ceva Proceeds From Bank Deposits
ProceedsFromBankDeposits
21000000
CY2014Q1 ceva Accrued Interest On Bank Deposits
AccruedInterestOnBankDeposits
-116000
CY2014Q1 ceva Investment In Bank Deposits
InvestmentInBankDeposits
21389000
CY2014Q1 ceva Share Based Compensation Arrangement By Share Based Payment Award Remaining Vesting Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardRemainingVestingPeriod
P36M
CY2014Q1 ceva Increase Decrease In Accrued Salaries And Related Expenses
IncreaseDecreaseInAccruedSalariesAndRelatedExpenses
-166000

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ceva-20140331.xml Edgar Link completed
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