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Exhibit 99.01
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Media Contact:
Jen Bernier
MIPS Technologies, Inc.
+1 408 530-5178
jenb@mips.com
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Investor Contact:
Maury Austin
MIPS Technologies, Inc.
+1 408 530-5100
ir@mips.com
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MIPS Technologies' Fourth Quarter Revenue Grows 33% Sequentially
- 85% Year-to-year Quarterly Revenue Growth
- 75% Year-to-year Quarterly Unit Growth
SUNNYVALE, Calif. – August 4, 2010 – MIPS Technologies, Inc. (NASDAQ: MIPS), a leading provider of industry-standard processor architectures and cores for digital consumer, home networking, wireless, communications and business applications, today reported consolidated financial results for its fourth fiscal quarter and fiscal 2010 ended June 30, 2010. 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 Technologies’ Analog Business Group.
Fourth Quarter Fiscal 2010 Details:
Revenue for the fourth quarter was $23.3 million, an increase of 33 percent over the prior quarter revenue of $17.5 million and an increase of 85 percent from the $12.6 million reported in the fourth fiscal quarter a year ago.
Revenue from royalties was $12.4 million, an increase of 3 percent from the prior quarter and 62 percent from the fourth quarter a year ago. License revenue was $10.9 million, a sequential increase of 101 percent from the prior quarter and an increase of 120 percent from the $4.9 million reported in the fourth quarter a year ago.
The Company’s fiscal Q4 GAAP net income from continuing operations was $5.7 million or $0.12 per share compared to $3.1 million and $0.07 per share in the third quarter and $2.7 million and $0.06 per share in the fourth quarter a year ago.
Non-GAAP net income from continuing operations in the fourth quarter of fiscal 2010, which excludes certain costs detailed in the tables below, was $7.2 million or $0.15 per share, compared with $3.9 million or $0.08 per share in the prior quarter and $5.5 million or $0.12 per share in the fourth quarter a year ago. The tables below provide a reconciliation of non-GAAP measures used in this press release to the corresponding GAAP results.
“The fourth quarter was quite successful for MIPS, showing clear momentum and increasing traction across our target markets. We experienced one of our best core licensing quarters ever, and the highest royalty unit shipments in the company’s history,” said Sandeep Vij, MIPS Technologies chief executive officer.
Summary Annual Fiscal 2010 Financial Results:
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Royalty units grew to a record 510 million units from 427 million units in FY09
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Revenue grew to $71.0 million
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GAAP net income from Continuing Operations was $12.6 million or $0.27 per share
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Non-GAAP net income from Continuing Operations was $17.7 million or $0.38 per share
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Cash and investments net of debt grew to $52.4 million at June 30, 2010 from $31.7 million at June 30, 2009
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The Company is now debt-free
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MIPS Technologies invites you to listen in a live conference call to management’s discussion of Q4 and fiscal 2010 results, as well as forward looking guidance for Q1 fiscal 2011. The conference call number is 210-839-8502 and the replay number is 203-369-0063. 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 at: www.mips.com/company/investor-relations/.
About MIPS Technologies, Inc.
MIPS Technologies, Inc. (NASDAQ: 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.
Forward Looking Statements
This 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 Technologies’ 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, the level of demand for semiconductors and end-user products that incorporate semiconductors and our ability to compete effectively with larger companies and other companies that are active in our markets. 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.
MIPS 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 4, 2010 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.
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Ticker: MIPS
CIK: 1059786
Form Type: 10-K Annual Report
Accession Number: 0001103969-10-000039
Submitted to the SEC: Thu Sep 09 2010 5:14:51 PM EST
Accepted by the SEC: Thu Sep 09 2010
Period: Wednesday, June 30, 2010
Industry: Semiconductors And Related Devices
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