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Exhibit 99.01
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Media Contact:
Jen Bernier-Santarini
MIPS Technologies, Inc.
+1 408 530-5178
jenb@mips.com
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Investor Contact:
Maury Austin
MIPS Technologies, Inc.
+1 408 530-5200
ir@mips.com
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MIPS Technologies’ Fiscal 2011 Revenue Grows 16% Year-to-Year
SUNNYVALE, Calif. – August 4, 2011 – MIPS Technologies, Inc. (NASDAQ: MIPS), a leading provider of industry-standard processor architectures and cores for digital home, networking and mobile applications, today reported consolidated financial results for its fourth fiscal quarter and fiscal year ended June 30, 2011. All financial results are reported in U.S. GAAP unless otherwise noted.
Selected Fiscal 2011 Financial Highlights:
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Revenue was $82.0 million, a year-to-year increase of 16 percent
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Licensee royalty units grew to 656 million units from 510 million units in FY’10
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Non-GAAP net income was $22.9 million, up 30 percent year-to-year
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Non-GAAP EPS was $0.43, up 13 percent year-to-year
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Cash and investment balances ended the quarter at $109.4 million, a year-to-year increase of $57.0 million
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Detailed Fourth Quarter Fiscal 2011 Financial Highlights:
Fiscal fourth quarter revenue was $17.6 million, compared with $23.3 million in the year ago period. Revenue from royalties was $11.8 million, a decrease of 5 percent from the fourth quarter of FY10. License revenue was $5.8 million, a decrease of 47 percent from the $10.9 million reported in the fourth quarter a year ago.
Q4’11 GAAP costs and operating expenses were $16.0 million, a decrease of $0.2 million over Q4’10.
GAAP net income in the fourth quarter of fiscal 2011 was $0.7 million or $0.01 per share, compared with $5.9 million or $0.12 per share in the fourth quarter a year ago.
Non-GAAP net income in the fourth quarter of fiscal 2011, which excludes certain stock and non-recurring charges, was $2.3 million or $0.04 per share, compared with $7.2 million or $0.15 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.
“We had strong results for our fiscal year, but our fourth quarter proved to be more challenging than we expected. Despite macroeconomic uncertainty, we remain confident in the market opportunity, and we are taking the steps necessary to achieve long-term success,” said Sandeep Vij, chief executive officer, MIPS Technologies.
MIPS Technologies invites you to listen to management’s discussion of Q4 and fiscal 2011 results, as well as forward-looking guidance for Q1 fiscal 2012:
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Live webcast (listen-only): visit https://e-meetings.verizonbusiness.com; conference number 7217021; passcode: MIPS
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Live conference call: dial 517-308-9186; password MIPS
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Replay call (available for 30 days shortly following the end of the conference call): dial 402-530-8097; password: MIPS
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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 for digital home, networking and mobile applications. The MIPS architecture powers some of the world's most popular products, including 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 Thursday, August 4, 2011 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: 0001103969-11-000029
Submitted to the SEC: Fri Aug 26 2011 5:18:13 PM EST
Accepted by the SEC: Fri Aug 26 2011
Period: Thursday, June 30, 2011
Industry: Semiconductors And Related Devices
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