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Mindspeed Reports Fiscal First Quarter 2013 Results

Stocks in this article: MSPD

Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for communications infrastructure applications, today reported results for its fiscal first quarter of 2013. For the quarter ended December 28, 2012, Mindspeed recorded net revenues of $44.4 million and earnings per share of $0.14 on a non-GAAP basis, or $0.03 on a GAAP basis. The non-GAAP results include the benefit of the $6.0 million sale of non-core intellectual property. Net product revenue for the quarter was $38.4 million.

Product revenue from high-performance analog (HPA) products was $19.2 million, or 50 percent of fiscal first quarter 2013 product revenue, and increased eight percent sequentially from the prior quarter, marking another quarter of record revenue from this product line. Product revenue from communications processors was $14.6 million, or 38 percent of total product revenue, and was up four percent sequentially. This included $9.5 million of the former communications convergence processing (CCP) product revenue, excluding wireless, and $5.1 million of wide area networking (WAN) product revenue. Wireless infrastructure revenue contributed $4.6 million in the quarter, or 12 percent of total product revenue, and was up four percent sequentially from the prior quarter. A comparison to past reporting practices is available in the accompanying financial data.

Non-GAAP operating income for the fiscal first quarter of 2013 was $7.4 million, compared to a non-GAAP operating loss of $2.0 million in the prior fiscal quarter. This included the benefit of the $6 million non-core intellectual property sale. GAAP operating income for the fiscal first quarter of 2013 was $2.5 million, compared to a GAAP operating loss of $6.1 million in the prior fiscal quarter. Non-GAAP net income for the fiscal first quarter of 2013 was $6.2 million, or $0.14 per share, compared to a non-GAAP net loss of $2.6 million, or $0.07 per share, in the prior quarter. GAAP net income in the fiscal first quarter of 2013 was $1.1 million, or $0.03 per share, compared to a GAAP net loss of $6.1 million, or $0.15 per share, in the prior quarter. Excluding the $6.0 million non-core intellectual property sale, non-GAAP operating income was $1.4 million and non-GAAP net income was $180,000.

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