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Mindspeed Reports Fiscal Third Quarter 2012 Results
- Grows Wireless Revenue to 11% of Quarterly Revenue
- Recorded 3 New LTE Small Cell Basestation Design Engagements, including a New Major European OEM
- Begins Search to Add Independent Director from Wireless Telecommunications Service Provider Industry
- Announces a Significant Restructuring to Accelerate Profitability
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--July 23, 2012--Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today reported results for its fiscal third quarter of 2012. For the quarter ended June 29, 2012, Mindspeed recorded net sales of $35.5 million and a loss per share of $0.12 on a non-GAAP basis, or a loss per share of $0.18 on a GAAP basis.
Product revenue from communications convergence processing (CCP) solutions contributed 41 percent of fiscal third quarter 2012 product revenues and decreased 4 percent sequentially from the prior quarter. Product revenue from high-performance analog (HPA) products represented 48 percent of fiscal third quarter 2012 product revenue and increased 8 percent sequentially from the prior quarter. Wide area networking (WAN) product revenue accounted for the remaining 11%.
“While the end markets we serve remain challenging, we delivered on our revenue forecast and grew wireless revenue to $4 million in the quarter, up from $2 million in the prior quarter,” said Raouf Y. Halim, Mindspeed’s chief executive officer. “Growth in our HPA and optical access infrastructure markets was offset by the expected slowdown in our core wireline business due to global weakness in wireline carrier capital expenditures.”
Non-GAAP operating loss for the fiscal third quarter of 2012 was $3.9 million, compared to a non-GAAP operating loss of $4.9 million in the prior fiscal quarter. GAAP operating loss for the fiscal third quarter of 2012 was $13.2 million, compared to a GAAP operating loss of $13.8 million in the prior fiscal quarter. Non-GAAP net loss for the fiscal third quarter of 2012 was $4.7 million, or $0.12 per share, compared to a non-GAAP net loss of $5.2 million, or $0.14 per share, in the prior quarter. GAAP net loss in the fiscal third quarter of 2012 was $6.9 million, or $0.18 per share, compared to a GAAP net loss of $14.2 million, or $0.39 per share, in the prior quarter.
The following information was filed by Mindspeed Technologies, Inc (MSPD) on Monday, July 23, 2012 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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