$CEVA
CEVA INC

2014 Q4 Form 10-Q Financial Statement

#000119312514406264 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q3
Revenue $13.82M $14.10M $10.01M
YoY Change -1.07% 40.91% -16.67%
Cost Of Revenue $1.260M $1.255M $1.131M
YoY Change -7.35% 10.96% 8.13%
Gross Profit $12.56M $12.84M $8.874M
YoY Change -0.32% 44.73% -19.03%
Gross Profit Margin 90.88% 91.1% 88.7%
Selling, General & Admin $4.540M $4.834M $4.382M
YoY Change -7.35% 10.31% 4.96%
% of Gross Profit 36.15% 37.64% 49.38%
Research & Development $7.330M $6.453M $5.619M
YoY Change 48.38% 14.84% 21.18%
% of Gross Profit 58.36% 50.25% 63.32%
Depreciation & Amortization $540.0K $540.0K $180.0K
YoY Change 217.65% 200.0% 38.46%
% of Gross Profit 4.3% 4.2% 2.03%
Operating Expenses $12.20M $11.61M $10.00M
YoY Change 23.98% 16.12% 13.49%
Operating Profit $360.0K $1.230M -$1.127M
YoY Change -86.96% -209.14% -152.47%
Interest Expense $30.00K $70.00K $620.0K
YoY Change -95.45% -88.71% -15.07%
% of Operating Profit 8.33% 5.69%
Other Income/Expense, Net $0.00 -$400.0K
YoY Change
Pretax Income $400.0K $892.0K -$510.0K
YoY Change -88.3% -274.9% -117.71%
Income Tax $2.330M $236.0K -$187.0K
% Of Pretax Income 582.5% 26.46%
Net Earnings -$1.930M $656.0K -$323.0K
YoY Change -161.66% -303.1% -112.45%
Net Earnings / Revenue -13.97% 4.65% -3.23%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$95.50K $31.93K -$0.01
COMMON SHARES
Basic Shares Outstanding 20.19M shares 20.36M shares 22.07M shares
Diluted Shares Outstanding 20.67M shares 22.07M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.4M $111.7M $125.6M
YoY Change -24.61% -11.07% -11.3%
Cash & Equivalents $16.17M $14.04M $11.61M
Short-Term Investments $85.30M $97.60M $114.0M
Other Short-Term Assets $688.0K $9.400M $5.300M
YoY Change 134.01% 77.36% 20.45%
Inventory $272.0K
Prepaid Expenses
Receivables $8.347M $8.300M $9.100M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $113.8M $129.3M $140.0M
YoY Change -21.87% -7.62% -7.92%
LONG-TERM ASSETS
Property, Plant & Equipment $2.605M $2.171M $1.723M
YoY Change 61.2% 26.0% 43.58%
Goodwill $46.61M $46.42M $36.50M
YoY Change 27.71% 27.17%
Intangibles $5.512M $6.130M
YoY Change
Long-Term Investments $30.20M $18.40M $31.70M
YoY Change 48.04% -41.96% 90.96%
Other Assets $1.806M $1.806M $3.367M
YoY Change -46.36% -46.36% -51.2%
Total Long-Term Assets $93.23M $81.18M $78.08M
YoY Change 39.74% 3.97% 27.58%
TOTAL ASSETS
Total Short-Term Assets $113.8M $129.3M $140.0M
Total Long-Term Assets $93.23M $81.18M $78.08M
Total Assets $207.0M $210.5M $218.0M
YoY Change -2.51% -3.47% 2.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $900.0K $1.200M $700.0K
YoY Change -18.18% 71.43% -30.0%
Accrued Expenses $3.793M $6.558M $6.600M
YoY Change 28.36% -0.64% -20.48%
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 $20.00M $22.09M $12.25M
YoY Change 41.04% 80.27% 2.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.100M $7.400M $7.000M
YoY Change -2.74% 5.71% 18.64%
Total Long-Term Liabilities $8.501M $8.948M $7.000M
YoY Change 17.17% 27.83% 18.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.00M $22.09M $12.25M
Total Long-Term Liabilities $8.501M $8.948M $7.000M
Total Liabilities $28.50M $31.03M $19.30M
YoY Change 32.96% 60.79% 7.82%
SHAREHOLDERS EQUITY
Retained Earnings $24.75M $27.20M $24.54M
YoY Change -10.16% 10.84%
Common Stock $209.4M $20.00K $22.00K
YoY Change 997261.9% -9.09%
Preferred Stock
YoY Change
Treasury Stock (at cost) $54.71M $55.82M $28.60M
YoY Change 33.42% 95.22%
Treasury Stock Shares 3.343M shares 3.411M shares 1.612M shares
Shareholders Equity $179.0M $179.5M $198.8M
YoY Change
Total Liabilities & Shareholders Equity $207.0M $210.5M $218.0M
YoY Change -2.51% -3.47% 2.27%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q3
OPERATING ACTIVITIES
Net Income -$1.930M $656.0K -$323.0K
YoY Change -161.66% -303.1% -112.45%
Depreciation, Depletion And Amortization $540.0K $540.0K $180.0K
YoY Change 217.65% 200.0% 38.46%
Cash From Operating Activities $3.040M $4.730M $1.340M
YoY Change -72.29% 252.99% -52.82%
INVESTING ACTIVITIES
Capital Expenditures -$660.0K -$590.0K -$190.0K
YoY Change 1000.0% 210.53% 35.71%
Acquisitions
YoY Change
Other Investing Activities -$760.0K -$9.130M $4.330M
YoY Change -105.42% -310.85% 485.14%
Cash From Investing Activities -$1.410M -$9.730M $4.140M
YoY Change -110.1% -335.02% 601.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 600.0K -3.460M -1.390M
YoY Change -104.78% 148.92% -38.22%
NET CHANGE
Cash From Operating Activities 3.040M 4.730M 1.340M
Cash From Investing Activities -1.410M -9.730M 4.140M
Cash From Financing Activities 600.0K -3.460M -1.390M
Net Change In Cash 2.230M -8.460M 4.090M
YoY Change -82.0% -306.85% 246.61%
FREE CASH FLOW
Cash From Operating Activities $3.040M $4.730M $1.340M
Capital Expenditures -$660.0K -$590.0K -$190.0K
Free Cash Flow $3.700M $5.320M $1.530M
YoY Change -66.46% 247.71% -48.66%

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dei Document Type
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dei Entity Registrant Name
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CEVA INC
dei Trading Symbol
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CEVA
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="10%" align="left"><b>NOTE&#xA0;13:</b></td> <td valign="top" align="left"><b>IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> In May 2014, the FASB issued Accounting Standards Update No.&#xA0;2014-09 (ASU 2014-09) &#x201C;Revenue from Contracts with Customers.&#x201D; ASU 2014-09 supersedes the revenue recognition requirements in &#x201C;Revenue Recognition (Topic 605)&#x201D;, and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December&#xA0;15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements.</p> </div>
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<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:8%; 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:8%; 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>
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CY2013Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
369000
CY2013Q3 us-gaap Licenses Revenue
LicensesRevenue
3945000
CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-1127000
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-77000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
518000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-510000
CY2013Q3 us-gaap Royalty Revenue
RoyaltyRevenue
6060000
CY2013Q3 us-gaap Revenues
Revenues
10005000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-323000
CY2013Q3 us-gaap Investment Income Net
InvestmentIncomeNet
617000
CY2013Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
77000
CY2013Q3 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
66000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1760000
CY2013Q3 us-gaap Operating Expenses
OperatingExpenses
10001000
CY2013Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5619000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2376000
CY2013Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2338000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-187000
CY2013Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
164000
CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
1131000

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