Invensense earnings. Some positives and some negatives.

It wasn't the best and it wasn't the worst. InvenSense, Inc. (NYSE: INVN) the leading provider of intelligent sensor system on chip (SoC) for Motion and Sound, today announced results for its fourth quarter and fiscal year ended March 29, 2015.

Net revenue for the fourth quarter of fiscal 2015 was $99.3 million, down 14 percent from $115.9 million for the third quarter of fiscal 2015, and up 68 percent from $59.0 million for the fourth quarter of fiscal 2014.

Gross margin determined in accordance with U.S. generally accepted accounting principles (GAAP) was 43 percent for the fourth quarter of fiscal 2015, consistent with the third quarter of fiscal 2015. GAAP gross margin for fourth quarter of fiscal 2015 included stock-based compensation and related payroll taxes, and amortization of acquisition intangibles. Excluding these items, non-GAAP gross margin was 46 percent for the fourth quarter of fiscal 2015, consistent with the third quarter of fiscal 2015.

GAAP net income for the fourth quarter of fiscal 2015 was $0.4 million, or zero cents per diluted share. By comparison, GAAP net income was $10.2 million, or 11 cents per diluted share for the third quarter of fiscal 2015. GAAP net income for the fourth quarter of fiscal 2015 included stock-based compensation and related payroll taxes, accreting interest expense on convertible notes, amortization of acquisition intangibles, business acquisition costs, certain legal expenses and the income tax effect of non-GAAP adjustments. Excluding these items, non-GAAP net income for the fourth quarter of fiscal 2015 was $11.4 million, or 12 cents per diluted share, compared with $19.3 million, or 21 cents per diluted share, for the third quarter of fiscal 2015.

Fiscal Year 2015 Results
Net revenue for the fiscal year 2015 was $372.0 million, up $119.5 million, or 47% from $252.5 million for the fiscal year 2014.

GAAP net loss for the fiscal year 2015 was $1.1 million, compared with net income of $6.1 million for the fiscal year 2014. On a non-GAAP basis, net income for the fiscal year 2015 was $42.7 million, or $0.46 per diluted share. This compares with non-GAAP net income of $52.3 million, or $0.58 per diluted share for the fiscal year 2014.

GAAP diluted net loss per share for the fiscal year 2015 as one cent, compared with diluted net income per share of seven cents for the fiscal year 2014.

Management Qualitative Comments
"Fiscal 2015 was a significant year for InvenSense," said Behrooz Abdi, president and CEO. "We achieved the highest revenue in company history, driven by strong market share gains and several high-volume customer wins. We also brought to market a record number of new products across our motion sensor, software and microphone portfolio intended to open up incremental revenue growth opportunities over the coming quarters. Our success in mobile in fiscal 2015 laid important groundwork for our continued achievement in the coming year, while the advancement of our platform strategy provides us with multiple entry points into verticals beyond mobile where our technology can provide significant value in the years to come."