MIPS Technologies Reports Third Quarter Fiscal 2012 Financial Results

SUNNYVALE, Calif. - April 26, 2012 - MIPS Technologies, Inc. (NASDAQ: MIPS), a leading provider of industry-standard processor architectures and cores for home entertainment, networking, mobile and embedded applications, today reported consolidated financial results for its third fiscal quarter of 2012 ended March 31, 2012. All financial results are reported in U.S. GAAP unless otherwise noted.

Summary Third Quarter Fiscal 2012 Financial Metrics: 

• Revenue was $15.3 million in both Q3'12 and Q2'12
• Licensee royalty units were 172 million units compared to 186 million units in Q2'12
• Non-GAAP net loss was $0.8 million or $0.01 per share compared to net income of $0.01 per share in Q2'12
• Cash and investment balances ended the quarter at $109.5 million, representing a decrease of $1.3 million from December 31, 2011

Revenue from royalties was $11.0 million, while license revenue was $4.3 million. The Company's fiscal Q3'12 GAAP net loss was $2.5 million or $0.05 per share compared to net loss of $1.0 million and $0.02 per share in the second quarter of fiscal 2012.

Non-GAAP net loss in the third quarter of fiscal 2012, which excludes certain stock and non-recurring charges, was $0.8 million or $0.01 per share, compared with income of $0.6 million or $0.01 per share in the second quarter of fiscal 2012. The tables below provide a reconciliation of non-GAAP measures used in this press release to the corresponding GAAP results.

"Results this quarter came in at the high end of our guidance," said Sandeep Vij, chief executive officer, MIPS Technologies. "We are encouraged by our advancements in the mobile segment, with momentum this quarter both in new MIPS-Based devices coming to market, and reaching key ecosystem milestones. This continued progress together with the imminent launch of a new generation of MIPS products, are laying the foundation for our customers' future MIPS-Based product development." 

MIPS Technologies invites you to listen to management's discussion of Q3 2012 results, as well as guidance for the fourth quarter of fiscal 2012, in a live conference call beginning today at 1:45 p.m. Pacific:

• Live webcast: visit www.mips.com/company/investor-relations/ for a link to the listen-only webcast
• Live conference call: dial 312-470-0125; password: MIPS
• Replay call (available for 30 days shortly following the end of the conference call): dial 402-998-0664; password: MIPS

An audio replay of the conference call will also be posted on the company's website at www.mips.com/company/investor-relations/. 

Financial Tables

To read financial tables, click here

About MIPS Technologies, Inc.

MIPS Technologies, Inc. (NASDAQ: MIPS) is a leading provider of industry-standard processor architectures and cores for home entertainment, networking, mobile and embedded applications. The MIPS architecture powers some of the world's most popular products, including broadband devices from Linksys, DTVs and digital consumer devices from Sony, DVD recordable devices from Pioneer, digital set-top boxes from Motorola, network routers from Cisco, 32-bit microcontrollers from Microchip Technology and laser printers from Hewlett-Packard. Founded in 1998, MIPS Technologies is headquartered in Sunnyvale, California, with offices worldwide. For more information, contact (408) 530-5000 or visit www.mips.com.