DSP cores maker Ceva Inc. (Nasdaq:CEVA); LSE:CVA) today published its financial report for the third quarter of 2007. The company posted $8.7 million revenue, up 11% on the corresponding quarter of 2006. Net profit $1.1 million ($0.05 per share), more than triple the $300,000 posted in the corresponding quarter.
Ceva’s revenue comes from licensing, royalties, and services.
Non-GAAP profit totaled $1.2 million ($0.06 per share) for the third quarter, up 42% on the $900,000 ($0.04 per share) for the corresponding quarter. The company had a positive cash flow of $1.1 million for the third quarter, boosting its cash to $66 million at the end of September.
Ceva signed ten new license agreements during the third quarter, for a total of 27 licenses since January. Eight agreements were for CEVA DSP cores and platforms and two were for CEVA SATA technology. Two of the agreements were in the US, five were in Europe, and three were in the Asia Pacific region. The company also signed a strategic licensing agreement with one of its largest customers who extended their use of CEVA-X DSP cores to products for wireless applications.
Ceva closed at $9.50 on Nasdaq yesterday, giving a market cap of $187 million. The share rose 0.1% at the Nasdaq opening today and soard 38% in London to ₤5.40 by mid-afternoon.
Published by Globes [online], Israel business news - www.globes.co.il - on November 1, 2007
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