SUNNYVALE, Calif. - October 25, 2010 - MIPS Technologies, Inc. (NASDAQ: MIPS), a leading provider of industry-standard processor architectures and cores for digital consumer, home networking, wireless, communications and business applications, today reported consolidated financial results for its first fiscal quarter ended September 30, 2010. All financial results are reported in U.S. GAAP unless otherwise noted.
Summary First Quarter Fiscal 2011 Financial Highlights:
- Revenue was $22.5 million, a year-to-year increase of 50 percent
- Licensee royalty units grew to 157 million units from 106 million units in Q1'10
- GAAP net income was $7.6 million or $0.16 per share; up $7.0 million year-to-year
- Non-GAAP net income was $8.5 million or $0.17 per share; up 235 percent year-to-year
- Cash and investment balances ended the quarter at $65.2 million, a year-to-year increase of $21.7 million
Revenue from royalties was $13.6 million, an increase of 40 percent from the first quarter a year ago. License revenue was $8.9 million, an increase of 71 percent from the $5.2 million reported in the first quarter a year ago.
The Company's fiscal Q1 GAAP net income was $7.6 million or $0.16 per share compared to $0.6 million and $0.01 per share in the first quarter a year ago.
Non-GAAP net income in the first quarter of fiscal 2011, which excludes certain stock and non-recurring charges, was $8.5 million or $0.17 per share, compared with $2.5 million or $0.06 per share in the first quarter a year ago. The tables below provide a reconciliation of non-GAAP measures used in this press release to the corresponding GAAP results.
"Our financial performance in the first quarter continues to demonstrate our momentum across all of our target markets. This momentum includes the addition of new licensees in the quarter that are developing chips for mobile solutions. Both our royalty revenue and our license revenue exceeded our expectations during the quarter." said Sandeep Vij, MIPS Technologies chief executive officer.
MIPS Technologies invites you to listen in a live conference call to management's discussion of Q1 fiscal 2011 results, as well as forward looking guidance for Q2 and fiscal 2011. The conference call number is 210-839-8502 and the replay number is 203-369-3809. The password for both calls is MIPS. The replay will be available for 30 days shortly following the end of the conference call. 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 home entertainment, communications, networking and portable multimedia 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.