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News Release from: MIPS Technologies
Edited by the Electronicstalk Editorial
Team on 20 July 2001
MIPS down 21% on the quarter
MIPS Technologies has reported its financial results for its fourth quarter and fiscal year ended 30th June 2001.
MIPS Technologies has reported its financial results for its fourth quarter and fiscal year ended 30th June 2001 Revenue for the fourth quarter of fiscal 2001 was $17.6 million, a 21% decline compared with $22.4 million for the same quarter a year ago
This article was originally published on Electronicstalk on 23 Feb 2001 at 8.00am (UK)
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Revenue excluding revenue from Nintendo 64 video game products declined by 4% compared with the same quarter a year ago.
Contract revenue was $9.9 million including $3.0 million due to the adoption of Securities Exchange Commission Staff Accounting Bulletin 101 (SAB 101), a decrease of 3% compared with $10.2 million in the comparable period in fiscal 2000.
Royalties were $7.7 million, a decrease of 37% compared with $12.2 million in the same quarter a year ago primarily due to lower royalties from Nintendo 64 video game products.
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Royalties excluding royalties from Nintendo 64 were $3.8 million, a decrease of 7% compared with $4.1 million in the same quarter a year ago.
Net income for the fourth quarter of fiscal 2001 was $2.0 million compared with $5.0 million for the same quarter a year ago.
The diluted net income per share for the fourth quarter of fiscal 2001 was $0.05 including $0.04 due to the adoption of SAB 101 compared with $0.13 for the same quarter a year ago.
"The fourth fiscal quarter results were disappointing as we were only slightly above breakeven on a proforma basis without the benefit of the adoption of SAB 101", said Casey Eichler, chief financial officer.
"Our expenses were slightly lower than the prior quarter as we managed near term costs given the current business climate".
Total revenue for fiscal year 2001 declined 5% to $84.9 million, when compared with revenue of $89.8 million in fiscal 2000.
Total revenue for fiscal year 2001 excluding royalties from Nintendo was $57.9 million, an increase of 23% compared with $47.2 million in fiscal 2000.
Contract revenue increased by $9.0 million or 26% to $43.0 million and accounted for 51% of total revenue for fiscal 2001 compared with 38% in fiscal 2000.
Net income for fiscal 2001 was $19.8 million before the cumulative effect of the accounting change and was $19.1 million including the effect of the accounting change compared to $27.1 million for fiscal 2000.
Fiscal 2001 diluted net income per share before cumulative effect of the accounting change was $0.49 and was $0.47 after taking into effect the accounting change for fiscal 2001 compared with $0.68 for fiscal 2000.
"We have the strongest, most competitive product offering in the history of our company", said John Bourgoin, chairman and CEO.
"But, the postponement of investment decisions by many of our potential customers resulted in a disappointing number of new license agreements being concluded during the quarter.
Customer interest was strong, and we believe we will have the opportunity to win those agreements in the next few quarters.
However, as with nearly every company in our industry, we have limited business visibility of the next few months.
Our already strong balance sheet increased in strength during the June quarter, and we further strengthened our technical team.
Notwithstanding the revenue challenges ahead, we will be well positioned to benefit when the market recovers".
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