Technologies Reports Fourth Quarter and Fiscal 2009
to Annual GAAP Profit from Continuing Operations
SUNNYVALE, Calif. – August 12,
2009 – MIPS Technologies, Inc. (NasdaqGS: MIPS), a leading provider of
industry-standard processor architectures and cores for home entertainment,
communications, networking and portable multimedia markets, today reported
consolidated financial results for the quarter and fiscal year ended June 30,
2009. All financial results are reported in U.S. GAAP unless
otherwise noted and compare current results with historical results recast to
reflect the disposition of MIPS’ Analog Business Group.
Summary Fiscal 2009
revenue from continuing operations was $70.2 million, a decrease of 7%
from FY’08 revenue of $75.6 million
operating expense from continuing operations reduced $22.5 million from
fiscal 2008 levels
GAAP net income from continuing operations was $10.9 million or $0.24 per
share compared to a GAAP net loss of $5.3 million or a loss of $0.12 per
share from FY'08
Technologies licensees shipped a record 427 million units containing MIPS®
Business Group divested in May for $22 million in
balances up $31.8 million from Q4FY’08 to $44.5
for the fourth quarter was $12.6 million, a decrease of 29 percent over the
prior quarter revenue of $17.7 million and a decrease of 40 percent from the
$20.9 million reported in the fourth fiscal quarter a year ago.
revenue was $4.9 million, a decrease of 29 percent from the $7.0 million
reported in the prior quarter and a decrease of 51 percent from the $10.2
million reported in the fourth quarter a year ago. Revenue from
royalties was $7.7 million, a decrease of $3.0 million or 28 percent both from
the prior quarter and from the $10.7 million reported in the fourth quarter a
Q4, a charge of $1.7 million associated with the reduction in value of an
investment in a private technology company was recorded in Other Income and
Expenses. Additionally, the Company recorded a tax benefit of $4.3 million in
its continuing operations which was triggered by the sale of its Analog Business
of these charges and the operating results of the quarter, the Company’s fiscal
Q4 GAAP net income from continuing operations was $2.7 million or $0.06 per
share of which approximately $0.10 was a result of the tax benefit recorded
during the quarter. This compares with a net income of $3.2 million or $0.07 per
share from continuing operations in the prior quarter and a net loss of $1.9
million or $0.04 per share in the fourth quarter a year ago.
Company sold its Analog Business Group on May 7, 2009. In connection with this
divestiture, a gain on the disposition of $1.7 million was recorded along with a
loss from operations of discontinued operations of $11.0 million.
the impact of discontinued operations, the Company’s fiscal Q4 GAAP net loss was
$6.7 million or $0.15 per share. This compares with a net loss of $0.8 million
or $0.02 per share in the prior quarter and a net loss of $108.5 million or
$2.45 per share in the fourth quarter a year ago.
net income from continuing operations in the fourth quarter of fiscal 2009,
which excludes certain costs detailed in the tables below, was $5.5 million or
$0.12 per share, compared with a non-GAAP net income from continuing operations
of $4.5 million or $0.10 per share in the prior quarter and $4.3 million or
$0.09 per share in the fourth quarter a year ago. Approximately $0.10 of this
non-GAAP net income is a result of the tax benefit recorded during the quarter.
The tables below provide a reconciliation of non-GAAP measures used in this
release to the corresponding GAAP results.
Company’s fiscal 2009 GAAP net loss was $9.5 million or $0.21 per share. This
compares favorably with a GAAP net loss of $131.8 million or $3.00 per share in
the prior year.
2009 non-GAAP net income from continuing operations, which excludes certain
costs detailed in the tables below, was $17.6 million or $0.39 per share,
compared with a non-GAAP net loss from continuing operations of $10.2 million or
$0.22 per share in fiscal 2008. The tables below provide a reconciliation of
non-GAAP measures used in this release to the corresponding GAAP
2009 was a challenging year for both MIPS Technologies and for the broad
consumer electronics industry. However, MIPS enters fiscal 2010 poised to take
advantage of an improving economic outlook, a broad industry-leading suite of
products and a very strong financial foundation including over $44 million in
cash,” said John Bourgoin, president and CEO. “We plan to continue to deliver
comprehensive solutions that take full advantage of the Android architecture
over the coming quarters.”
Technologies invites you to listen in a live conference call to management’s
discussion of Q4 and fiscal 2009 results, as well as guidance for Q1 fiscal
2010. The conference call number is 210-839-8502 and the replay number is
203-369-1470. The password for both calls is MIPS. The replay will be available
for 30 days shortly following the end of the conference call. An audio replay of
the conference call will also be posted on the company’s website
MIPS Technologies, Inc.
Technologies, Inc. (NasdaqGS: MIPS) is a leading provider of industry-standard
processor architectures and cores that power some of the world’s most popular
products for the home entertainment, communications, networking and portable
multimedia markets. These include broadband devices from Linksys, DTVs and
digital consumer devices from Sony, DVD recordable devices from Pioneer, digital
set-top boxes from Motorola, network routers from Cisco, 32-bit microcontrollers
from Microchip Technology and laser printers from Hewlett-Packard. Founded in
1998, MIPS Technologies is headquartered in Sunnyvale, California, with offices
worldwide. For more information, contact (408) 530-5000 or visit www.mips.com.
press release contains forward-looking statements; such statements are indicated
by forward-looking language such as “plans”, “anticipates”, “expects”, “will”,
and other words or phrases contemplating future activities including statements
about future technology and growth. These forward-looking statements include
MIPS’ expectation regarding improvements in financial results. Actual events or
results may differ materially from those anticipated in these forward-looking
statements as a result of a number of different risks and uncertainties,
including but not limited to: the fact that there can be no assurance that our
products will achieve market acceptance, changes in our research and development
expenses, the anticipated benefits of our partnering relationships may be more
difficult to achieve than expected, the timing of or delays in customer orders,
delays in the design process, the length of MIPS Technologies’ sales cycle,
MIPS’ ability to develop, introduce and market new products and product
enhancements, and the level of demand for semiconductors and end-user products
that incorporate semiconductors, in particular the level of demand in these
markets during the recessionary period currently affecting global economies. For
a further discussion of risk factors affecting our business, we refer you to the
risk factors section in the documents we file from time to time with the
Securities and Exchange Commission.
is a trademark or registered trademark in the United States and other countries
of MIPS Technologies, Inc. All other trademarks referred to herein are the
property of their respective owners.
The following information was filed by Mips Technologies Inc (MIPS) on Wednesday, August 12, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.