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MIPS Technologies Reports Fourth Quarter And Fiscal 2012 Financial Results

Stocks in this article: MIPS

(a) This adjustment reflects the stock-based compensation expense. For the fourth quarter of fiscal 2012 ending June 30, 2012, $1.8 million stock-based compensation expense was allocated as follows: $650,000 to research and development, $468,000 to sales and marketing and $672,000 to general and administrative. For the third quarter of fiscal 2012 ending March 31, 2012, $1.7 million stock-based compensation expense was allocated as follows: $541,000 to research and development, $466,000 to sales and marketing and $713,000 to general and administrative. For the fourth quarter of fiscal 2011 ending June 30, 2011, $1.4 million stock-based compensation expense was allocated as follows: $416,000 to research and development, $475,000 to sales and marketing and $554,000 to general and administrative.

(b) This adjustment reflects the severance to the Company's former executives and employees. For the fourth quarter of fiscal 2012 ending June 30, 2012, $85,000 was allocated to general and administrative and $112,000 was allocated to sales and marketing. For the third quarter of fiscal 2012 ending March 31, 2012, $86,000 was allocated to general and administrative.

(c) This adjustment reflects the withholding tax in connection with the change in legal structure of foreign operations.

(d) The adjustment reflects a gain on an investment in a privately held company that was acquired. This gain was recorded in other income (expense).

  MIPS TECHNOLOGIES, INC.
  RECONCILIATION OF GAAP TO NON-GAAP NET INCOME and NET INCOME PER SHARE
  (In thousands, except per share data)
  (unaudited)
       
    Twelve Months Ended June 30, 2012 Twelve Months Ended June 30, 2011
  GAAP net income $14,266 $17,757
  Net income per basic share $0.27 $0.35
  Net income per diluted share $0.26 $0.33
(e) Stock-based compensation expense 6,463 5,062
(f) Severance adjustment 643 36
(g) Expenses related to stockholder activities 423 --
(h) Tax on change in legal structure -- 909
(i) Gain from discontinued operations, net of tax -- (212)
(j) Gain on investment (29) (611)
  Non-GAAP net income $21,766  $22,941
  Non-GAAP net income per basic share $0.41 $0.45
  Non-GAAP net income per diluted share $0.40 $0.43
  Common shares outstanding – basic 52,992 50,489
  Common shares outstanding – diluted 54,086 53,328

These adjustments reconcile the Company's GAAP results of operations to the reported non-GAAP results of operations. The Company believes that presentation of net income and net income per share excluding stock-based compensation expense, severance adjustment, expenses related to stockholder activities, tax on change in legal structure, gain from discontinued operations, net of tax, and gain on investment provides meaningful supplemental information to investors, as well as management, that is indicative of the Company's ongoing operating results and facilitates comparison of operating results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results as well as for internal planning and budgeting purposes. These non-GAAP measures should not be viewed as a substitute for the Company's GAAP results, and may be different than non-GAAP measures used by other companies.

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