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News Release from: MIPS Technologies
Edited by the Electronicstalk Editorial
Team on 16 January 2001
Nintendo drags MIPS results down
MIPS Technologies has reported financial results for its second fiscal quarter ended 31st December 2000.
MIPS Technologies has reported financial results for its second fiscal quarter ended 31st December 2000 Revenue for the second quarter of fiscal 2001 was $21.2 million compared with $21.5 million for the same quarter a year ago and represents a 54% growth in total revenue when royalties from Nintendo 64 products are excluded
This article was originally published on Electronicstalk on 23 Feb 2001 at 8.00am (UK)
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Contract revenue was $12.0 million, an increase of 53% compared with $7.9 million in the comparable period in fiscal 2000.
Royalties were $9.2 million, a decrease of 32% compared with $13.6 million in the same quarter a year ago due to lower royalties from Nintendo 64 video game products.
Royalties excluding royalties from Nintendo 64 were $3.6 million, an increase of 56% compared with $2.3 million in the same quarter a year ago.
Net income for the second quarter of fiscal 2001 was $5.6 million compared with $6.6 million for the same quarter a year ago.
The diluted net income per share for the second quarter of fiscal 2001 was $0.14 compared with $0.17 for the same quarter a year ago.
Pro-forma diluted EPS excluding Nintendo 64 revenue for the second quarter of fiscal 2001 was $0.05 compared with $0.00 for the same quarter a year ago.
"Despite a greater than $5 million decline in Nintendo 64 related royalties, we were able to sustain the same overall level of revenue to the comparable quarter a year ago", said Casey Eichler, chief financial officer.
"In addition to our growing non-Nintendo royalties, most of this gap was fulfilled by our ongoing licensing activities as we completed seven new agreements this quarter.
Many of these agreements will be announced over the course of the next few months and includes a major smartcard silicon provider".
"The acceptance of the MIPS architecture and MIPS technology products continues to be strong despite a generally weaker semiconductor industry", said John Bourgoin, chairman and CEO.
"Licensing revenues in calendar year 2000 were up nearly 74% compared with 1999.
I am particularly pleased with the interest shown in our 64bit products.
New licensing agreements are the seeds of future royalty revenue, and our strong licensing growth, especially in Europe, is encouraging".
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