$CEVA
CEVA INC

2015 Q1 Form 10-Q Financial Statement

#000119312515181912 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q4 2014 Q1
Revenue $13.83M $13.82M $13.67M
YoY Change 1.17% -1.07% 12.86%
Cost Of Revenue $1.185M $1.260M $1.112M
YoY Change 6.56% -7.35% -29.4%
Gross Profit $12.65M $12.56M $12.56M
YoY Change 0.69% -0.32% 19.17%
Gross Profit Margin 91.43% 90.88% 91.87%
Selling, General & Admin $4.398M $4.540M $4.433M
YoY Change -0.79% -7.35% 5.72%
% of Gross Profit 34.77% 36.15% 35.29%
Research & Development $7.363M $7.330M $5.996M
YoY Change 22.8% 48.38% 18.99%
% of Gross Profit 58.21% 58.36% 47.73%
Depreciation & Amortization $255.0K $540.0K $162.0K
YoY Change 57.41% 217.65% 5.19%
% of Gross Profit 2.02% 4.3% 1.29%
Operating Expenses $12.09M $12.20M $10.43M
YoY Change 15.89% 23.98% 12.97%
Operating Profit $563.0K $360.0K $2.133M
YoY Change -73.61% -86.96% 62.95%
Interest Expense -$30.00K $30.00K $460.0K
YoY Change -106.52% -95.45% -36.99%
% of Operating Profit -5.33% 8.33% 21.57%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $536.0K $400.0K $2.593M
YoY Change -79.33% -88.3% 27.23%
Income Tax $50.00K $2.330M $608.0K
% Of Pretax Income 9.33% 582.5% 23.45%
Net Earnings $486.0K -$1.930M $1.985M
YoY Change -75.52% -161.66% 16.42%
Net Earnings / Revenue 3.51% -13.97% 14.52%
Basic Earnings Per Share
Diluted Earnings Per Share $23.38K -$95.50K $92.17K
COMMON SHARES
Basic Shares Outstanding 20.42M shares 20.19M shares 21.16M shares
Diluted Shares Outstanding 20.96M shares 21.59M shares

Balance Sheet

Concept 2015 Q1 2014 Q4 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.90M $101.4M $135.7M
YoY Change -34.49% -24.61% 1.42%
Cash & Equivalents $13.99M $16.17M $28.20M
Short-Term Investments $74.90M $85.30M $107.5M
Other Short-Term Assets $7.300M $688.0K $6.900M
YoY Change 5.8% 134.01% 16.95%
Inventory $272.0K
Prepaid Expenses
Receivables $11.40M $8.347M $3.100M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $107.6M $113.8M $145.7M
YoY Change -26.1% -21.87% -0.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.727M $2.605M $1.531M
YoY Change 78.12% 61.2% -0.33%
Goodwill $46.61M $46.61M $36.50M
YoY Change 27.71% 27.71% 0.0%
Intangibles $5.187M $5.512M
YoY Change
Long-Term Investments $41.00M $30.20M $20.50M
YoY Change 100.0% 48.04% -20.85%
Other Assets $1.806M $1.806M $3.367M
YoY Change -46.36% -46.36% 23.2%
Total Long-Term Assets $103.5M $93.23M $66.84M
YoY Change 54.85% 39.74% -6.77%
TOTAL ASSETS
Total Short-Term Assets $107.6M $113.8M $145.7M
Total Long-Term Assets $103.5M $93.23M $66.84M
Total Assets $211.2M $207.0M $212.5M
YoY Change -0.64% -2.51% -2.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $900.0K $600.0K
YoY Change 116.67% -18.18% -45.45%
Accrued Expenses $3.227M $3.793M $10.50M
YoY Change -69.27% 28.36% 29.63%
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 $19.56M $20.00M $13.74M
YoY Change 42.37% 41.04% -3.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.600M $7.100M $7.400M
YoY Change 2.7% -2.74% 10.45%
Total Long-Term Liabilities $8.853M $8.501M $7.400M
YoY Change 19.64% 17.17% 10.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.56M $20.00M $13.74M
Total Long-Term Liabilities $8.853M $8.501M $7.400M
Total Liabilities $28.41M $28.50M $21.10M
YoY Change 34.64% 32.96% 0.48%
SHAREHOLDERS EQUITY
Retained Earnings $22.08M $24.75M $28.99M
YoY Change -23.85% -10.16% 20.42%
Common Stock $210.3M $209.4M $21.00K
YoY Change 1001309.52% 997261.9% -4.55%
Preferred Stock
YoY Change
Treasury Stock (at cost) $49.32M $54.71M $43.68M
YoY Change 12.91% 33.42% 65.74%
Treasury Stock Shares 2.991M shares 3.343M shares 2.563M shares
Shareholders Equity $182.7M $179.0M $191.4M
YoY Change
Total Liabilities & Shareholders Equity $211.2M $207.0M $212.5M
YoY Change -0.64% -2.51% -2.86%

Cashflow Statement

Concept 2015 Q1 2014 Q4 2014 Q1
OPERATING ACTIVITIES
Net Income $486.0K -$1.930M $1.985M
YoY Change -75.52% -161.66% 16.42%
Depreciation, Depletion And Amortization $255.0K $540.0K $162.0K
YoY Change 57.41% 217.65% 5.19%
Cash From Operating Activities -$670.0K $3.040M $4.800M
YoY Change -113.96% -72.29% 616.42%
INVESTING ACTIVITIES
Capital Expenditures $377.0K -$660.0K $77.00K
YoY Change 389.61% 1000.0% -74.16%
Acquisitions
YoY Change
Other Investing Activities -$670.0K -$760.0K $2.430M
YoY Change -127.57% -105.42% -132.19%
Cash From Investing Activities -$1.040M -$1.410M $2.360M
YoY Change -144.07% -110.1% -130.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.917M $4.127M
YoY Change -53.55% 106.14%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -470.0K 600.0K -3.030M
YoY Change -84.49% -104.78% 157.65%
NET CHANGE
Cash From Operating Activities -670.0K 3.040M 4.800M
Cash From Investing Activities -1.040M -1.410M 2.360M
Cash From Financing Activities -470.0K 600.0K -3.030M
Net Change In Cash -2.180M 2.230M 4.130M
YoY Change -152.78% -82.0% -149.45%
FREE CASH FLOW
Cash From Operating Activities -$670.0K $3.040M $4.800M
Capital Expenditures $377.0K -$660.0K $77.00K
Free Cash Flow -$1.047M $3.700M $4.723M
YoY Change -122.17% -66.46% 1169.62%

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CY2015Q1 dei Document Type
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CY2015Q1 dei Entity Registrant Name
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CEVA INC
CY2015Q1 dei Trading Symbol
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CEVA
CY2015Q1 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="8%" align="left"> <b>NOTE&#xA0;12:&#xA0;</b></td> <td valign="top" align="left"><b>IMPACT OF RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET ADOPTED</b></td> </tr> </table> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 8%"> In May 2014, the Financial Accounting Standards Board issued guidance related to revenue from contracts with customers. Under this guidance, revenue is recognized when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The updated standard will replace most existing revenue recognition guidance under GAAP when it becomes effective and permits the use of either the retrospective or cumulative effect transition method. Early adoption is not permitted. The updated standard will be effective for the Company in the first quarter of 2017. The Company has not yet selected a transition method, and it is currently evaluating the effect that the updated standard will have on its consolidated financial statements and related disclosures.</p> </div>
CY2015Q1 us-gaap Treasury Stock Shares Acquired
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<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>
CY2015Q1 dei Document Period End Date
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2015-03-31
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CY2015Q1 ceva Share Based Compensation Arrangement By Share Based Payment Award Options And Stock Appreciation Rights Outstanding Weighted Average Remaining Contractual Terms
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