MIPS Technologies' Second Quarter Revenue Grows 44% Year-to-Year
SUNNYVALE, Calif. - January 25, 2011 - 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 second fiscal quarter 2011 ended December 31, 2010. All financial results are reported in U.S. GAAP unless otherwise noted.
Summary Second Quarter Fiscal 2011 Financial Highlights:
- Revenue was $21.9 million, a year-to-year increase of 44 percent
- Licensee royalty units grew to 173 million units from 126 million units in Q2'10
- GAAP net income was $6.0 million or $0.11 per share; up $2.8 million year-to-year
- Non-GAAP net income was $7.5 million or $0.14 per share; up 82 percent year-to-year
- Cash and investment balances ended the quarter at $101 million, a year-to-year increase of $53 million
Revenue from royalties was $14.8 million, an increase of 30 percent from the second quarter a year ago driven by a 37 percent increase in units. License revenue was $7.0 million, an increase of 85 percent from the $3.8 million reported in the second quarter a year ago.
Q2'11 GAAP costs and operating expenses were $16.1 million; an increase of $3.0 million over Q2'10. The increase compared with Q2'10 was due mainly to higher R&D and Marketing investment.
Non-GAAP net income in the second quarter of fiscal 2011, which excludes certain stock and non-recurring charges, was $7.5 million or $0.14 per share, compared with $4.1 million or $0.09 per share in the second quarter a year ago. The tables below provide a reconciliation of non-GAAP measures used in this press release to the corresponding GAAP results.
"Both our royalty revenue and earnings exceeded our expectations during the quarter. Our financial performance in the second quarter demonstrates our continued momentum across the digital home, networking and mobile markets. This momentum includes the addition of three new licenses with companies that are developing chips for mobile solutions. Now that we have publicly shown the first MIPS-Based smartphones and tablets, we look forward to continued traction in this area," said Sandeep Vij, MIPS Technologies chief executive officer.
MIPS Technologies invites you to listen in a live conference call to management's discussion of Q2 fiscal 2011 results, as well as forward-looking guidance for Q3 fiscal 2011. The conference call number is 517-308-9139 and the replay number is 203-369-0502. 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.
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