MIPS Technologies Reports First Quarter Fiscal 2013 Financial Results

SUNNYVALE, Calif. - October 30, 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 first fiscal quarter of 2013 ended September 30, 2012. All financial results are reported in U.S. GAAP unless otherwise noted. 

Summary First Quarter Fiscal 2013 Financial Metrics: 

• Revenue was $13.9 million
• Licensee royalty units grew to 182 million units from 177 million units in Q4 '12
• Non-GAAP net loss was $0.5 million or $0.01 per share
• Cash and investment balances ended the quarter at $130.3 million 

Fiscal first quarter revenue from royalties was $10.5 million compared to $10.6 million in the prior quarter.  License revenue was $3.4 million in the first fiscal quarter compared to $27.8 million, which included a license agreement for the rights to use MIPS' patent license portfolio for $26.3 million in the prior quarter. The Company's fiscal Q1'13 GAAP net loss was $4.3 million or $0.08 per share compared to fourth quarter of fiscal 2012 net income of $17.3 million and $0.31 per share, which included the patent license deal. 

Non-GAAP net loss in the first quarter of fiscal 2013, which excludes certain stock and non-recurring charges, was $0.5 million or $0.01 per share, compared with fourth quarter of fiscal 2012 net income of $19.2 million or $0.35 per share, which included the patent license deal. The tables below provide a reconciliation of non-GAAP measures used in this press release to the corresponding GAAP results. 

"In the quarter, we released our new interAptiv core to general availability, which contributed to our license and contract revenue. Going forward, we are continuing to explore our options around patent monetization and other opportunities for increasing shareholder value," said Sandeep Vij, chief executive officer, MIPS Technologies. 

MIPS Technologies invites you to listen to management's discussion of Q1 2013 results 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 402-220-5361; 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. Our technology is broadly used in products such as digital televisions, set-top boxes, Blu-ray players, broadband customer premises equipment (CPE), WiFi access points and routers, networking infrastructure and portable/mobile communications and entertainment products. 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.