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Mindspeed Technologies, Inc.
|Mindspeed Technologies, Inc.|
MINDSPEED REPORTS FISCAL 2004 FOURTH QUARTER RESULTS
Company Initiates Restructuring Plan Expected to Reduce Quarterly Pro Forma
Operating Expenses by Approximately 17 Percent to $26 Million by the End of Fiscal 2005
NEWPORT BEACH, Calif., October 25, 2004 Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today announced revenues of $26.6 million for the fourth quarter of fiscal 2004, which ended September 30, 2004, a decline of 25 percent sequentially from the $35.4 million reported in the third fiscal quarter and consistent with its revised outlook on September 28th.
The company attributed the majority of the sequential revenue decline in the fourth quarter to a drop in demand among its customers in China, coupled with a broad-based inventory build up of products at key customers worldwide. As a result, fourth quarter revenues from the Asia-Pacific region declined 38 percent sequentially, to 42 percent of total revenues. The Americas contributed 45 percent of total revenues with Europe contributing the remaining 13 percent.
We have undertaken a thorough review of our market strategy and business model with a goal of achieving pro forma breakeven operating performance by the end of fiscal 2005, while simultaneously improving our competitive position and increasing research and development activities in our key high-growth focus markets of voice-over-IP and high-performance analog applications, said Raouf Halim, Mindspeeds chief executive officer.
Mindspeed is initiating a restructuring plan which is expected to reduce quarterly pro forma operating expenses by approximately 17 percent to $26 million by the fourth quarter of fiscal 2005, resulting in annualized savings of $20 million. The company expects the restructuring plan to result in charges of $5 to $7 million in fiscal 2005.
Mindspeed expects to achieve the majority of the expense reductions by terminating development programs with a longer return-on-investment timeframe in slower-growth markets, primarily within its ATM network processor and T/E carrier transmission portfolios.
The following information was filed by Mindspeed Technologies, Inc (MSPD) on Monday, October 25, 2004 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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