MIPS Technologies' Third Quarter Revenue Grows 15% Year-to-Year
SUNNYVALE, Calif. - April 26, 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 third fiscal quarter ended March 31, 2011. All financial results are reported in U.S. GAAP unless otherwise noted.
Summary Third Quarter Fiscal 2011 Financial Highlights:
- Revenue was $20.0 million, a year-to-year increase of 15 percent
- Licensee royalty units grew to 163 million units from 135 million units in Q3'10
- Non-GAAP net income was $4.7 million or $0.09 per share; up 21 percent year-to-year
- Cash and investment balances ended the quarter at $108.4 million, a year-to-year increase of $57.1 million
Revenue from royalties was $13.4 million, an increase of 11 percent from the third quarter a year ago, driven by a 20 percent increase in units. License revenue was $6.6 million, an increase of 23 percent from the $5.4 million reported in the third quarter a year ago.
Q3'11 GAAP costs and operating expenses were $16.0 million, an increase of $2.4 million over Q3'10. The increase compared with Q3'10 was due mainly to higher R&D and marketing costs.
Non-GAAP net income in the third quarter of fiscal 2011, which excludes certain stock and non-recurring charges, was $4.7 million or $0.09 per share, compared with $3.9 million or $0.08 per share in the third 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 announced the first MIPS-Based mobile handsets and tablets during the quarter, and also received our first mobile-related royalties for these devices. These are significant milestones for MIPS as we continue to make inroads into the mobile device market," said Sandeep Vij, chief executive officer, MIPS Technologies.
MIPS Technologies invites you to listen to management's discussion of Q3 fiscal 2011 results, as well as forward-looking guidance for Q4 and fiscal 2011:
- Live webcast (listen-only): visit https://e-meetings.verizonbusiness.com; conference number 6570107; passcode: MIPS
- Live conference call: dial 517-308-9038; password MIPS
- Replay call (available for 30 days shortly following the end of the conference call): dial 203-369-0710; password: MIPS
An audio replay of the conference call will also be posted on the company's website at www.mips.com/company/investor-relations/.
To read financial tables, click here
About MIPS Technologies, Inc.
MIPS Technologies, Inc. (NASDAQ: MIPS) is a leading provider of industry-standard processor architectures and cores that power some of the world's most popular products for the digital home, networking and mobile device markets. These include 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.
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