Company holds back earnings report
MIPS Technologies is delaying the release of its MIPS third quarter fiscal 2007 earnings, pending a report on its treatment of option grants
MIPS Technologies has reported revenue results for its third quarter of fiscal 2007, ended March 31st, 2007, which are consistent with the preliminary revenue results announced on April 4th, 2007. Additionally, the company provided a update on the investigation of historical stock-based compensation practices by a special committee of independent directors.
Revenue in the third quarter was US $19.1 million, an increase of 9% from the US $17.5 million in revenue reported in the third fiscal quarter a year ago and a decrease of 8% from the US $20.8 million reported in the prior quarter.
Revenue from royalties was US $10.7 million, an increase of 15% from the US $9.3 million reported in the third fiscal quarter a year ago and a decrease of 4% from the US $11.2 million reported in the prior quarter.
Contract revenue was US $8.3 million, an increase of 2% from the US $8.2 million reported in the third fiscal quarter a year ago and a decrease of 13% from the US $9.6 million reported in the prior quarter.
As previously announced, MIPS Technologies formed a special committee of independent members of its Board of Directors to review the company's historical option grant practices and the company's accounting for its option grants.
Although the formal investigation concluded in January, the detailed accounting and related tax impact analysis has not been completed.
Therefore, MIPS is not releasing third quarter fiscal 2007 earnings at this time.
'MIPS experienced good licensing activity during the quarter, although, as we previously announced, our revenues were impacted by the movement of two licenses from the third quarter to the fourth quarter'.
'These licenses are now signed', said John Bourgoin, President and CEO.
'We made several significant announcements in the last 30 days, including MIPS 64 architecture licenses with STMicroelectronics and NEC Electronics'.
'The STMicroelectronics agreement is our first with them and should have positive implications for MIPS' business in China'.
'We were also very pleased to complete a licensing agreement with Trident Microsystems, ending the patent and trademark infringement lawsuit we filed last December and adding a significant provider of digital TV technology to our growing customer list', Bourgoin said.
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