On 15 October 2014, CSR plc and Qualcomm Incorporated ("Qualcomm") announced that an agreement had been reached regarding the terms of a recommended cash offer for the Company by Qualcomm Global Trading Pte. Ltd. ("QGT"), an indirect wholly owned subsidiary of Qualcomm:
o Clearance has been obtained in respect of the United States, as announced on 15 December 2014, and Germany, as announced on 2 February 2015. It is expected that the Scheme will become effective by late summer 2015.
Full year 2014 performance:
o Revenue $774.8m (2013: $960.7m). Core revenue $703.0m (2013: $722.3m), reflecting lower revenue within Auto aftermarket and personal navigation devices ("PND"), declining Consumer revenues in particular from Gaming and Cameras, and non-recurring revenue for Voice & Music in China in H1 2013,
o Underlying earnings per share $0.51 increase of 11% (2013: $0.46); IFRS earnings per share $0.55 (2013: loss per share $0.28).
Q4 2014 financial performance:
o Revenue of $188.1m (Q4 2013: $208.2m) down 10% year-on-year, as expected reflecting mainly a 75% decline in Legacy revenue,
o Core revenue of $175.3m (Q4 2013: $157.2m) up 12% year-on-year, reflecting mainly strong growth of 29% in Voice & Music, with small declines in Auto and Consumer of 3% and 2% respectively,
o Record underlying gross margin 60.4% (Q4 2013: 52.8%); IFRS gross margin 60.0% (Q4 2013: 51.9%) mainly due to change in revenue mix towards Core,
o Underlying operating profit of $27.8m (Q4 2013: $11.8m); IFRS operating profit of $6.5m (Q4 2013: loss of $95.2m),
o Underlying diluted earnings per share of $0.13 (Q4 2013: $0.06),
o Ended Q4 2014 with cash, cash equivalents and treasury deposits of $283.2m (Q4 2013: $306.2m).
Momentum in platform strategy during Q4 2014:
o aptX® added 23 licences taking total to nearly 320,
o Series of Tier One design wins for Bluetooth® Smart,
o Strong level of interest in CSRmesh™,
o Continued year-on-year revenue growth in Auto factory-fit business and good interest in new generation Auto SoC product.
