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|MIPS Technologies, Inc.
|MIPS Technologies, Inc.|
Technologies Reports Fourth Quarter and Fiscal 2005 Financial Results
Fiscal Year Return to Profitability with Revenue Growth of 28 Percent
MOUNTAIN VIEW, Calif., July 27, 2005 MIPS Technologies, Inc. (NASDAQ: MIPS), today reported financial results for its fourth quarter and fiscal year ended June 30, 2005. Revenue for the fiscal year 2005 grew 28 percent in both royalties and contract revenue compared to fiscal year 2004.
Total revenue for the fourth quarter of fiscal 2005 was $14.3 million compared to $14.2 million for the same quarter a year ago. Royalties were $7.1 million, an increase of nine percent compared to $6.5 million in the same quarter a year ago. Contract revenue was $7.2 million, a decrease of six percent compared to $7.7 million in the comparable period in fiscal 2004. Net income for the fourth quarter of fiscal 2005 was $2.7 million compared to a net income of $2.6 million for the same quarter a year ago. Net income per share on a diluted basis for the fourth quarter of fiscal 2005 was $0.06 compared to a net income per share on a diluted basis of $0.06 for the same quarter a year ago.
Total revenue for fiscal year 2005 was $61.2 million, an increase of 28 percent compared to $47.9 million in fiscal 2004. Royalties were $30.0 million, an increase of 28 percent compared to $23.4 million in fiscal 2004. Contract revenue was $31.2 million, an increase of 28 percent compared to $24.4 million in 2004. Net income for fiscal 2005 was $13.4 million compared to a net loss of $1.5 million in fiscal 2004. Fiscal 2005 net income per share on a diluted basis was $0.30 compared to a net loss per share of $0.04 in fiscal 2004.
We are pleased with our annual revenue growth and return to fiscal year profitability. With ten new licenses this quarter, bringing our total to 43 for the fiscal year, we realized 28 percent growth in our annual contract revenue, said Casey Eichler, chief financial officer of MIPS Technologies. Although license fees were lower than expected this last quarter, the digital consumer and networking markets in which the MIPS architecture is so successful, continue to offer growth from which we expect to benefit.
Fiscal year 2005 was marked by the strongest revenue growth in our seven year history, despite a soft fourth quarter said John Bourgoin, president and CEO of MIPS Technologies. Our 24K core family continues to beat the competition in the market, and our new multithreading technology has strong promise as a winner and driver of growth in fiscal year 2006.
MIPS Technologies invites you to listen to managements discussion of Q4 and fiscal 2005 results and guidance for Q1 fiscal 2006 in a live conference call today beginning at 1:45 p.m. Pacific. Conference call number is 1-719-457-2642. Replay number is 1-719-457-0820 and will be available for five days, beginning shortly after the end of the conference call. The access code is 3917430. An audio replay of the conference call will be posted on the Companys website (www.mips.com/content/Corporate/InvestorRelations/ir) soon thereafter.
The following information was filed by Mips Technologies Inc (MIPS) on Wednesday, July 27, 2005 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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