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Immersion Corporation (IMMR+0.53%) has submitted its 10-Q filing for the quarterly period ended October 31, 2024.
The filing includes financial statements for the quarter, detailing the acquisition of a controlling interest in Barnes & Noble Education, Inc. on June 10, 2024. This acquisition has been accounted for as a business combination, and the financial results of Barnes & Noble Education have been included in Immersion's consolidated financial statements from the acquisition date.
Immersion reported total revenues of $616.2 million for the quarter, with $14.1 million from Immersion's royalty and license revenue and $602.1 million from Barnes & Noble Education's product and rental income.
Cost of sales for Barnes & Noble Education was reported at $465.5 million, excluding depreciation and amortization expenses. The company also reported operating expenses of $86.3 million, including selling and administrative expenses, depreciation, amortization, and restructuring charges.
Net income for the quarter was $55.8 million, with a provision for income taxes of $7.6 million. Net income attributable to Immersion stockholders was $27.2 million.
The filing details the acquisition of Barnes & Noble Education, including the issuance of new shares and the total consideration transferred of approximately $50.1 million. The acquisition aims to expand Immersion's offerings and diversify into the education sector.
Immersion's cash, cash equivalents, and investments totaled $159.3 million as of October 31, 2024. The company reported net cash used in operating activities of $64.0 million for the six months ended October 31, 2024.
The filing also discusses the company's stock repurchase program, with $41.7 million available for repurchase under the December 2022 Stock Repurchase Program as of October 31, 2024.
Immersion's management has assessed the effectiveness of its disclosure controls and procedures and concluded they were effective as of October 31, 2024. The company is in the process of integrating Barnes & Noble Education's internal controls over financial reporting.
The filing includes information about ongoing legal proceedings, including patent infringement lawsuits and a tax matter involving LG Electronics in Korea.
Immersion continues to focus on its core business of generating license and royalty revenues from its intellectual property, while also expanding its presence in the education sector through its acquisition of Barnes & Noble Education.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Immersion Corporation quarterly 10-Q report dated December 16, 2024. To report an error, please email earnings@qz.com.