MOUNTAIN VIEW, Calif., July 1, 2002 - MIPS Technologies, Inc., (NASDAQ: MIPS, MIPSB) a leading provider of industry standard processor architectures and cores for digital consumer and business applications today announced that fiscal fourth quarter revenue is anticipated to be below the company's previous expectations. The company expects revenue for the fourth quarter ending June 30, 2002 to be approximately $10.0 million and is projecting a net loss per share of $0.09 to $0.10. Expenses are expected to be slightly below March 2002 quarter spending levels.
"Our anticipated results for the fourth quarter are disappointing to us, but reflect the difficulty we are experiencing in the current market environment and the time it is taking to close identified opportunities," said Casey Eichler, chief financial officer for MIPS Technologies, Inc. "We are redoubling our efforts to consummate new contracts and will provide more detail on our financial results and plans when we announce our operating results later this month."
MIPS Technologies will report results for the fourth quarter of fiscal 2002 on July 18, 2002 after the close of the market. The company invites you to listen to management's discussion of Q4 and fiscal year 2002 results and Q1 guidance and fiscal year 2003 outlook in a conference call live on July 18, 2002 beginning at 1:45 p.m. Pacific. Conference call number is (719) 457-2634. Replay number is (719) 457-0820 and will be available for 5 days, beginning shortly after the end of the conference call. The access code is 280681.
MIPS Technologies, Inc.
MIPS Technologies, Inc. is a leading provider of industry standard processor architectures and cores for digital consumer and business applications. The company drives the broadest architectural alliance that is delivering 32- and 64-bit embedded RISC solutions. The company licenses its intellectual property to semiconductor companies, ASIC developers, and system OEMs. MIPS Technologies, Inc. and its licensees offer the widest range of robust, scalable processors in standard, custom, semi-custom and application-specific products. MIPS Technologies, Inc. is based in Mountain View, California, and can be reached at 650-567-5000 or www.mips.com .
This press release contains forward-looking statements regarding future events or the future financial performance of MIPS Technologies, Inc. Actual events or results may differ materially. Many factors could cause the actual results to differ materially from those contained in such forward-looking statements, including but not limited to: that products will fail to achieve market acceptance, increases in our research and development expenses, the anticipated benefits of our partnering relationships may be more difficult to achieve than expected, the timing of or delays in customer orders, delays in the design process, the length of MIPS Technologies' sales cycle, MIPS Technologies' ability to develop, introduce and market new products and product enhancements, and the level of demand for semiconductors and end-user products that incorporate semiconductors. With respect to MIPS Technologies, we refer you to the documents that it files from time to time with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended June 30, 2001 and subsequent Forms 10-Q and 8-K.
MIPS® is a registered trademark in the United States and other countries, and MIPS-based™ is a trademark of MIPS Technologies, Inc.