(Adds second quarter forecast)
TEL AVIV May 4 Israeli chip designer Ceva
reported on Thursday
a rise in profit and revenue in the first quarter, during which
it completed 11 license agreements, including five in China.
Ceva earned 28 cents per share excluding one-time items in
the quarter, up from 17 cents a year earlier. It reported a 29
percent rise in quarterly revenue to $21.3 million.
Analysts on average expected Ceva to earn 28 cents a share
on revenue of $21 million, according to Thomson Reuters
"Our strongest licensing quarter in the company's history
helped to deliver a fifth record revenue quarter in succession,"
Ceva CEO Gideon Wertheizer said.
The company's customers shipped a record 352 million chips
based on Ceva's technology, resulting in 50 percent royalty
In the second quarter Ceva forecast adjusted EPS of 26-28
cents compared with 21 cents a year earlier, on revenue of
$19.1-$20.1 million, up from $17.1 million. Analysts on average
forecast EPS of 23 cents and revenue of $19.4 million.
The second quarter usually sees a decline in royalty revenue
due to seasonal factors, the company said.
(Reporting by Tova Cohen; Editing by Steven Scheer)