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Product category: Intellectual Property Cores
News Release from: MIPS Technologies
Edited by the Electronicstalk Editorial Team on 16 October 2001

Disappointing Q1 results for MIPS

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MIPS Technologies has reported financial results for its first fiscal quarter ended 30th September 2001

Revenue for the first quarter of fiscal 2002 was $12.5 million, a 38% decline compared with $20.2 million for the same quarter a year ago. Revenue excluding revenue from Nintendo 64 video game products declined by 24% compared with the same quarter a year ago. Contract revenue was $7.8 million, a decrease of 31% compared with $11.3 million in the comparable period in fiscal 2001.

Royalties were $4.7 million, a decrease of 47% compared to $8.9 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 $3.4 million and remained flat compared with the same quarter a year ago.

Net loss for the first quarter of fiscal 2002 was $930,000 compared with a net income of $4.3 million for the same quarter a year ago.

The diluted net loss per share for the first quarter of fiscal 2002 was $0.02 compared with a net income of $0.10 for the same quarter a year ago.

"Although we met analysts earnings expectations in this challenging business environment, first quarter revenue did not meet our goals", said Casey Eichler, chief financial officer.

"On top of recent cost savings measures, we are taking additional steps to manage our spending in what continues to be an uncertain global economy".

"Despite the continuing unprecedented declines in the semiconductor industry, further exacerbated by the events of 11th September, we grew the number of new processor core license agreements significantly quarter over quarter", said John Bourgoin, chairman and CEO.

"While I am disappointed with the revenue results, MIPS Technologies is strong financially, and I am confident that our investment in intellectual property combined with cost reductions will result in us being strongly positioned for an industry turnaround".

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