MIPS Technologies Reports Second Quarter Fiscal 2013 Financial Results

MIPS and MIPS-Based are trademarks or registered trademark of MIPS Technologies, Inc. in the United States and other countries.

MIPS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
	December 31, 2012	June 30, 2012
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$131,299	$76,242
Short-term investments	--	34,642
Accounts receivable, net	1,068	27,044
Prepaid expenses and other current assets	2,985	1,793
Total current assets	135,352	139,721
Equipment, furniture and property, net	3,214	2,892
Goodwill	565	565
Other assets	10,591	11,962
Total assets	$149,722	$155,140
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$1,619	$2,578
Accrued liabilities	13,093	11,852
Deferred revenue	769	1,259
Total current liabilities	15,481	15,689
Long-term liabilities	8,874	9,815
Stockholders' equity	125,367	129,636
Total liabilities and stockholders' equity	$149,722	$155,140

MIPS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(unaudited)
	Three Months Ended December 31,		Six Months Ended December 31,
	2012	2011	2012	2011
Revenue:
Royalties	$10,751	$13,224	$21,224	$26,203
License and contract revenue	3,840	2,077	7,310	6,315
Total revenue	14,591	15,301	28,534	32,518
Costs and expenses:
Cost of sales	332	344	694	605
Research and development	9,031	8,278	17,329	16,184
Sales and marketing	4,141	3,892	8,566	8,723
General and administrative	5,478	3,339	11,044	6,603
Transaction related costs	1,918	--	1,918	--
Total costs and expenses	20,900	15,853	39,551	32,115
Operating income (loss)	(6,309)	(552)	(11,017)	403
Other income, net	52	14	60	67
Income (loss) before income taxes	(6,257)	(538)	(10,957)	470
Provision (benefit) for income taxes	130	434	(244)	919
Net loss	$(6,387)	$(972)	$(10,713)	$(449)
Net loss per share, basic	$(0.12)	$(0.02)	$(0.20)	$(0.01)
Net loss per share, diluted	$(0.12)	$(0.02)	$(0.20)	$(0.01)
Common shares outstanding, basic	54,109	52,886	53,904	52,773
Common shares outstanding, diluted	54,109	52,886	53,904	52,773

MIPS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)
	Six Months Ended December 31,
	2012	2011
Operating activities:
Net loss	$(10,713)	$(449)
Adjustments to reconcile net loss to cash provided by operations
Depreciation	724	471
Stock-based compensation	3,762	2,953
Excess tax benefits from stock-based compensation	(168)	--
Amortization of intangible assets	340	252
Amortization of investment premium, net	164	265
Other non-cash charges	124	139
Changes in operating assets and liabilities:
Accounts receivable	25,976	1,500
Prepaid expenses	(1,260)	(230)
Other assets	1,459	791
Accounts payable	(1,074)	(613)
Accrued liabilities	1,283	(3,620)
Deferred revenue	(572)	(488)
Long-term liabilities	(1,196)	53
Net cash provided by operating activities	18,849	1,024
Investing activities:
Purchases of marketable securities	(16,857)	(22,588)
Proceeds from sales of marketable securities	27,032	2,613
Proceeds from maturities of marketable securities	24,419	26,000
Capital expenditures	(966)	(659)
Net cash provided by investing activities	33,628	5,366
Financing activities:
Net proceeds from issuance of common stock	2,410	1,269
Excess tax benefits from stock-based compensation	168	--
Net cash provided by financing activities	2,578	1,269
Effect of exchange rates on cash	2	(32)
Net increase in cash and cash equivalents	55,057	7,627
Cash and cash equivalents, beginning of period	76,242	69,202
Cash and cash equivalents, end of period	$131,299	$76,829

MIPS TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME (LOSS) and
NET INCOME (LOSS) PER SHARE
(In thousands, except per share data)
(unaudited)
		Three Months Ended December 31, 2012	Three Months Ended September 30, 2012	Three Months Ended December 31, 2011
	GAAP net loss	$(6,387)	$(4,326)	$(972)
	Net loss per basic share	$(0.12)	$(0.08)	$(0.02)
	Net loss per diluted share	$(0.12)	$(0.08)	$(0.02)
(a)	Stock-based compensation expense	1,898	1,864	1,412
(b)	Severance adjustment	--	44	49
(c)	Expenses related to stockholder activities	--	--	158
(d)	Expenses related to strategic opportunities	2,046	1,934	--
(e)	Transaction related costs	1,918	--	--
	Non-GAAP net income  (loss)	$(525)	$(484)	$647
	Non-GAAP net income (loss) per basic share	$(0.01)	$(0.01)	$0.01
	Non-GAAP net income (loss) per diluted share	$(0.01)	$(0.01)	$0.01
	Common shares outstanding – basic	54,109	53,699	52,886
	Common shares outstanding – diluted	54,109	53,699	53,658

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 loss and net loss per share excluding stock-based compensation expense, severance adjustment, expenses related to stockholder activities, expenses related to strategic opportunities, and transaction related costs 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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