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Immersion Q4 Losses Lessen

Immersion Q4 Losses Lessen

March 2, 2007 | By David Jenkins

March 2, 2007 | By David Jenkins
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More: Console/PC

Following yesterday’s news of the end of the company’s long legal battle with Sony Computer Entertainment America, officials from haptic technology developer Immersion have announced details of the corporation’s fourth quarter results, in which losses lessened to $2 million.

For the three months ended December 31st, the company saw revenues of $8.6 million, up from $6.9 million at the same time the previous year. The net loss of $2.0 million was an improvement from the loss of $3.0 million at the same time in 2005. At the end of the company’s financial year, it had cash and cash equivalents of $32.0 million, compared to a balance of $29.0 million at the end of the third quarter.

For the full year, revenues were put at $27.9 million, compared to $24.3 million the previous year. The net loss as a whole for the twelve months was $10.4 million. This was an improvement of 20 percent on the previous year figure of $13.1 million.

Although the company will profit from its new arrangement with Sony, both in terms of legal payments and expected revenues from using its technology with official PlayStation products, the company has also recently seen the launch of the first two commercial phones with a VibeTonz enabled touch screen.

"The fourth quarter and 2006 total revenues were at new record levels for Immersion," said CEO Victor Viegas. "In our medical business, revenue increased 62 percent over the fourth quarter of 2005 and 47 percent for the year, led by the sales of our medical simulator products."

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