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MIPS Technologies, Inc.
Stapleton Communications Inc.
+1 650 470-0200
MIPS Technologies Reports Third Quarter Fiscal 2007 Revenue Results
Update on Stock Option Investigation
MOUNTAIN VIEW, Calif. April 25, 2007 MIPS Technologies, Inc. (NASDAQ: MIPS), a leading provider of industry-standard processor architectures and cores for digital consumer, networking, personal entertainment, communications and business applications, today reported revenue results for its third quarter of fiscal 2007, ended March 31, 2007, which are consistent with the preliminary revenue results announced on April 4, 2007. Additionally, the company provided an update on the investigation of historical stock-based compensation practices by a special committee of independent directors.
Third Quarter Revenue
Revenue in the third quarter was $19.1 million, an increase of 9 percent from the $17.5 million in revenue reported in the third fiscal quarter a year ago and a decrease of 8 percent from the $20.8 million reported in the prior quarter.
Revenue from royalties was $10.7 million, an increase of 15 percent from the $9.3 million reported in the third fiscal quarter a year ago and a decrease of 4 percent from the $11.2 million reported in the prior quarter. Contract revenue was $8.3 million, an increase of 2 percent from the $8.2 million reported in the third fiscal quarter a year ago and a decrease of 13 percent from the $9.6 million reported in the prior quarter.
As previously announced, MIPS Technologies formed a special committee of independent members of its board of directors to review the companys historical option grant practices and the companys accounting for its option grants. Although the formal investigation concluded in January, the detailed accounting and related tax impact analysis has not been completed. Therefore, MIPS is not releasing third quarter fiscal 2007 earnings at this time. See below for an update on the internal investigation.
MIPS experienced good licensing activity during the quarter, although, as we previously announced, our revenues were impacted by the movement of two licenses from the third quarter to the fourth quarter. These licenses are now signed, said John Bourgoin, president and CEO. We made several significant announcements in the last 30 days, including MIPS 64(R) architecture licenses with STMicroelectronics and NEC Electronics. The STMicroelectronics agreement is our first with them and should have positive implications for MIPS business in China. We were also very pleased to complete a licensing agreement with Trident Microsystems, ending the patent and trademark infringement lawsuit we filed last December and adding a significant provider of digital TV technology to our growing customer list, Bourgoin said.
MIPS Technologies invites you to listen to managements discussion of Q3 results and Q4 guidance in a live conference call today beginning at 1:45 p.m. Pacific time. The conference call number is 1-210-839-8500. The replay number is 1-203-369-1260 and will be available for seven days, beginning shortly after the end of the conference call. The access code is MIPS. An audio replay of the conference call can be found at www.mips.com/company/investor_relations soon thereafter.
The following information was filed by Mips Technologies Inc (MIPS) on Wednesday, April 25, 2007 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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