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AuthenTec Reports Second Quarter 2012 Financial Results
MELBOURNE, Fla.--()--AuthenTec (NASDAQ:AUTH), a leading provider of mobile and network security, today reported financial results for the second quarter ended June 29, 2012.
Second Quarter Highlights:
- Posted revenue of $20.5 million
- Achieved fourth consecutive quarter of non-GAAP profitability
- AuthenTec Added to the Russell 3000 and Global Indexes
AuthenTec achieved revenue of $20.5 million for the second quarter of 2012, which was comprised of approximately $12.7 million from Smart Sensor Solutions and $7.9 million from Embedded Security Solutions.
GAAP Results:
Under Generally Accepted Accounting Principles in the United States of America (GAAP), consolidated net loss for the second quarter of 2012 was $1.2 million, or $0.03 per diluted share. This compares to GAAP net loss of $1.5 million, or $0.03 per diluted share, in the first quarter of 2012 and a GAAP net loss of $4.8 million, or $0.11 per diluted share, in the second quarter of 2011.
GAAP gross margin in the second quarter was 57.4 percent, compared to 57.5 percent reported in the first quarter of 2012 and 47.8 percent in the second quarter of 2011. Total operating expenses on a GAAP basis in the second quarter were $12.8 million, compared to $11.4 million in the first quarter of 2012, and $12.3 million in the second quarter of 2011. The $1.4 million sequential increase in operating expenses was due to fees incurred to support M&A activities as well as increased R&D investments in our Embedded Security business.
Non-GAAP Results:
On a non-GAAP basis, consolidated net income for the second quarter of 2012 was $1.3 million, or $0.03 per diluted share. Non-GAAP results exclude certain legal and other costs, stock-based compensation, as well as the amortization of acquired intangible assets. The second quarter net income compares to non-GAAP net income of $0.3 million, or $0.01 per diluted share, in the first quarter of 2012 and a non-GAAP net loss of $1.9 million, or $0.04 per diluted share, in the second quarter of 2011.
Non-GAAP gross margin in the second quarter was 58.4 percent, compared to 58.7 percent in the first quarter of 2012 and 53.7 percent in the second quarter of 2011.
Total operating expenses on a non-GAAP basis were $10.6 million, an increase from the $9.8 million reported in the first quarter of 2012 and the $10.4 million in the second quarter of 2011. A reconciliation of second quarter GAAP to non-GAAP results is provided in Table 2 following the text of this press release.
As of June 29, 2012, AuthenTec had approximately $25.3 million in cash and investments, up from the $22.8 million cash and investments at the end of the first quarter of 2012, and had no debt.
Recent Business Highlights:
- Posted sequential and year-over-year growth in both business segments. Smart Sensor revenue of $12.7 million was driven by growth of sensors for wireless to support new smartphone programs and was partially offset by a decrease in government programs. Embedded Security revenue of $7.9 million was driven by increased license revenue from new contracts.
- Began production of smart fingerprint sensors during the quarter to support new Android smartphones from Fujitsu.
- Announced that Samsung has chosen AuthenTec’s QuickSec™ VPN security for use in new Android smartphone and tablet models, giving device users built-in security that enables easier, more secure connections to enterprise networks.
- Supported the launch of multiple new mobile content delivery programs that utilize the Company’s DRM content protection.
Pending Merger Transaction:
On July 27, AuthenTec filed a Form 8-K with the U.S. Securities and Exchange Commission disclosing that it had entered into an agreement and plan of merger with Apple Inc. pursuant to which Apple will acquire all of the outstanding shares of common stock of AuthenTec for $8.00 per share in cash. The transaction is subject to customary closing conditions, including regulatory approval and AuthenTec stockholder approval. Additional details will be provided in the proxy statement AuthenTec will file with the U.S. Securities and Exchange Commission.
