Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today announced that it has raised its fiscal first quarter 2013 guidance previously provided on November 5, 2012.
Mindspeed now forecasts product revenue in the range of $37.5 to $38.5 million, versus a prior range of $36.5 to $37.5 million. Mindspeed also projects non-GAAP product gross margins toward the higher end of its previous guidance range of 58-59%. Further, Mindspeed forecasts reaching non-GAAP operating profitability in the fiscal first quarter of 2013, one quarter ahead of the plan it laid out in the fiscal third quarter of 2012. These forecasts exclude the benefit of the $6.0 million sale of non-core intellectual property completed in the fiscal first quarter of 2013.
“We are seeing better than forecast demand across our product lines, leading to the upside versus our prior guidance. The rollout of our Transcede® SoC in the 4G/LTE small cell deployments in Korea is on target, while our wireline businesses are continuing their upward order trend,” commented Raouf Y. Halim, Mindspeed's chief executive officer. “Importantly, we are also putting these gains to the bottom line and executing to the restructuring plan we laid out two quarters ago. Having completed a year of meaningful investment in our wireless growth initiative, we now anticipate significant earnings leverage and improved cash flow going forward in fiscal 2013.”
About Mindspeed TechnologiesMindspeed Technologies (NASDAQ: MSPD) is a leading provider of network infrastructure semiconductor solutions to the communications industry. The company's low-power system-on-chip (SoC) products are helping to drive video, voice and data applications in worldwide fiber-optic networks and enable advanced processing for 3G and long-term evolution (LTE) mobile networks. The company's high-performance analog products are used in a variety of optical, enterprise, industrial and video transport systems. Mindspeed's products are sold to original equipment manufacturers (OEMs) around the globe.