HispanicBusiness

MOUNTAIN VIEW, CA -- (Marketwire) -- 01/31/13 -- Audience, Inc. (NASDAQ: ADNC), the leader in advanced voice and audio processing for mobile devices, today announced its fourth quarter and calendar year 2012 financial results.

Revenue for the fourth quarter of 2012 was $38.7 million, compared with $18.0 million for the same period in 2011. As reported under U.S. generally accepted accounting principles (GAAP), fourth quarter 2012 net income was $3.1 million, or $0.14 per diluted share based on weighted average shares outstanding of 22.5 million. GAAP net income for the fourth quarter of 2012 included a $1.2 million income tax benefit from the release of a valuation allowance against Audience's deferred tax asset. This compares with a GAAP net loss of $5.6 million, or $(5.56) per diluted share based on weighted average shares outstanding of 1.0 million, for the same period in 2011. Gross margin on a GAAP basis for the fourth quarter of 2012 was 53.8% of revenue, compared to 44.5% of revenue for the same period in 2011.

Revenue for calendar year 2012 was $143.9 million, compared with $97.7 million for 2011. Net income for calendar year 2012 was $15.2 million, or $0.63 per diluted share based on weighted average shares outstanding of 15.7 million, compared to net income of $8.3 million, or $0.14 per diluted share based on weighted average shares outstanding of 3.4 million for 2011.

Using Audience's non-GAAP measure defined below, non-GAAP net income for the fourth quarter of 2012 was $3.2 million, or $0.14 per diluted share based on weighted average shares outstanding of 22.5 million. This compares with a non-GAAP net loss of $4.8 million, or $(4.70) per diluted share based on weighted average shares outstanding of 1.0 million, for the same period in 2011. Gross margin on a non-GAAP basis for the fourth quarter of 2012 was 54.0% of revenue, compared to 44.6% of revenue for the same period in 2011. For calendar year 2012, non-GAAP net income was $18.0 million, or $0.88 per diluted share based on weighted average shares outstanding of 20.6 million, compared to 2011 non-GAAP net income of $10.5 million, or $0.79 per diluted share based on weighted average shares outstanding of 3.4 million.

"In the final quarter of 2012, we continued to execute our strategy to provide a compelling voice user experience on leading global mobile platforms, with ongoing adoption of our technology in exciting new mobile devices around the world, including the Motorola Razr I, Google's Nexus 10 tablet, the Huawei Ascend D2 and BBK's vivo X1," said Peter Santos, president and chief executive officer. "As we expand our earSmart voice and audio capabilities, and continue to diversify our business in this fast growing market, we look forward to the opportunity ahead of us in 2013."

"In a challenging quarter for the industry, our top line and bottom line achieved results above guidance," said Kevin Palatnik, chief financial officer. "With that strong end to the year, and anticipated growth in the first quarter, we believe we are well-positioned for 2013."

The following statements are based on current expectations. These statements are forward looking and actual results may differ materially.