Disappointing showing for MIPS
MIPS Technologies has reported its financial results for its fourth quarter and fiscal year ended 30th June 2002
Revenue for the fourth quarter of fiscal 2002 was $10.5 million, a 40% decline compared with $17.6 million for the same quarter a year ago. Revenue excluding revenue from Nintendo 64 video game products declined by 25% compared with the same quarter a year ago. Contract revenue was $7.3 million, a decrease of 26% compared with $9.9 million in the comparable period in fiscal 2001.
Royalties were $3.2 million, a decrease of 58% compared with $7.7 million in the same quarter a year ago primarily due to lower royalties from Nintendo 64 video game products.
Royalties excluding royalties from Nintendo 64 were $2.9 million, a decrease of 24% compared with $3.8 million in the same quarter a year ago.
Net loss for the fourth quarter of fiscal 2002 was $3.3 million compared with a net income of $2.0 million for the same quarter a year ago.
The diluted net loss per share for the fourth quarter of fiscal 2002 was $0.08 compared with a diluted net income per share of $0.05 for the same quarter a year ago.
"Reflecting continued weakness within the semiconductor industry, our customers continued to opt for lower up-front per-use licensing fee deals rather than the higher up-front unlimited use fee licenses which were more frequently selected prior to the downturn", said Casey Eichler, chief financial officer.
"However, we were encouraged by the continued high level of deal activity as reflected by eight new license agreements completed during the fourth quarter, which matched last quarter's number.
We continue to manage our spending levels in light of the current conditions".
Total revenue for fiscal year 2002 was $47.8 million, a decrease of 44% compared with revenue of $84.9 million in fiscal 2001.
Total revenue for fiscal year 2002 excluding royalties from Nintendo was $43.5 million, a decline of 25% compared with $57.8 million in fiscal 2001.
Contract revenue was $31.0 million, a decline of 28% compared with contract revenue of $43.0 million in 2001 and accounted for 65% of total revenue for fiscal 2002 compared with 51% in fiscal 2002.
Net loss for fiscal 2002 was $9.4 million compared with net income of $19.1 million in fiscal 2001.
Fiscal 2002 diluted net loss per share was $0.24 compared with diluted net income of $0.47 in fiscal 2001.
"We are clearly disappointed at our financial results.
However, our company showed many strong signs of progress, including completing agreements with several of the world's leading OEM and semiconductor companies", said John Bourgoin, chairman and CEO.
"Furthermore, we continued to bolster our ability to enable customers to get to market quickly with existing and new MIPS-based products.
The acquisition of Algorithmics, a GNU tool chain vendor, complements our alliances with companies such as Green Hills Software, Microsoft, Wind River Systems and others".
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