SUNNYVALE, Calif. - August 4, 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 fourth fiscal quarter and fiscal year ended June 30, 2011. All financial results are reported in U.S. GAAP unless otherwise noted.
Selected Fiscal 2011 Financial Highlights:
- Revenue was $82.0 million, a year-to-year increase of 16 percent
- Licensee royalty units grew to 656 million units from 510 million units in FY'10
- Non-GAAP net income was $22.9 million, up 30 percent year-to-year
- Non-GAAP EPS was $0.43, up 13 percent year-to-year
- Cash and investment balances ended the quarter at $109.4 million, a year-to-year increase of $57.0 million
Detailed Fourth Quarter Fiscal 2011 Financial Highlights:
Fiscal fourth quarter revenue was $17.6 million, compared with $23.3 million in the year ago period. Revenue from royalties was $11.8 million, a decrease of 5 percent from the fourth quarter of FY10. License revenue was $5.8 million, a decrease of 47 percent from the $10.9 million reported in the fourth quarter a year ago.
Q4'11 GAAP costs and operating expenses were $16.0 million, a decrease of $0.2 million over Q4'10.
GAAP net income in the fourth quarter of fiscal 2011 was $0.7 million or $0.01 per share, compared with $5.9 million or $0.12 per share in the fourth quarter a year ago.
Non-GAAP net income in the fourth quarter of fiscal 2011, which excludes certain stock and non-recurring charges, was $2.3 million or $0.04 per share, compared with $7.2 million or $0.15 per share in the fourth 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 had strong results for our fiscal year, but our fourth quarter proved to be more challenging than we expected. Despite macroeconomic uncertainty, we remain confident in the market opportunity, and we are taking the steps necessary to achieve long-term success," said Sandeep Vij, chief executive officer, MIPS Technologies.
MIPS Technologies invites you to listen to management's discussion of Q4 and fiscal 2011 results, as well as forward-looking guidance for Q1 fiscal 2012:
- Live webcast (listen-only): visit https://e-meetings.verizonbusiness.com ;
- conference number 7217021; passcode: MIPS
- Live conference call: dial 517-308-9186; password MIPS
- Replay call (available for 30 days shortly following the end of the conference call):
- dial 402-530-8097; 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 for digital home, networking and mobile applications. The MIPS architecture powers some of the world's most popular products, including 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.