Disappointing Q1 results for MIPS
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".
? MIPS Technologies: contact details and other news
? Email this article to a colleague
? Register for the free Electronicstalk email newsletter
? Electronicstalk Home Page
Related Business News
Cast Selects Avery Design Systems For...
...Pci Express Verification Ip. Semiconductor intellectual property provider CAST, Inc. today announced that it has begun using the PCI-Xactor test environment from Avery Design Systems to verify its current and future PCI Express IP cores.
Vsia Announces Release Of Qip Metric...
...Now Publicly Available With Hard Ip Extension. The VSI Alliance , the leading IP standards body for the electronics industry, today announced the Quality IP Metric version 3.0, which includes the hard IP extension, is now publicly available.
Gda Technologies Selected By Renesas Technology...
...For Pci Express To Amba Axi Bridge. Gda Technologies, Inc., a fast growing supplier of Intellectual Property and Electronic Design Services , today announced that Renesas Technology Corp., a leading semiconductor company, has selected GDA for development of a PCIE 2 AMBA AXI Bridge to be
Altera delivers first FPGA-Based IP support for Ethernet protocols
Bangalore, India: Altera Corp. has announced FPGA-based support for Ethernet communications protocols used in industrial automation applications, including ProfiNet, Ethernet/IP, Modbus-IDA, EtherCAT, SERCOS III Interface, and Ethernet Powerlink.
Ieee Picks Up Vsia's Standards Work
The IEEE has formed two study groups to explore the creation of IEEE standards based on work done at the VSI Alliance.