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MIPS Technologies Reports Second Quarter Fiscal 2013 Financial Results

(a) This adjustment reflects the stock-based compensation expense. For the second quarter of fiscal 2013 ending December 31, 2012, $1.9 million stock-based compensation expense was allocated as follows: $710,000 to research and development, $434,000 to sales and marketing and $754,000 to general and administrative. For the first quarter of fiscal 2013 ending September 30, 2012, $1.9 million stock-based compensation expense was allocated as follows: $683,000 to research and development, $499,000 to sales and marketing and $682,000 to general and administrative. For the second quarter of fiscal 2012 ending December 31, 2011, $1.4 million stock-based compensation expense was allocated as follows: $532,000 to research and development, $239,000 to sales and marketing and $641,000 to general and administrative. 

(b) This adjustment reflects the severance to the Company's former executives.  For the first quarter of fiscal 2013 ending September 30, 2012, $44,000 was allocated to general and administrative. For the second quarter of fiscal 2012 ending December 31, 2011, $49,000 was allocated to general and administrative.

(c) This adjustment reflects the expenses in response to our activities and inquiries of Starboard Value LP allocated to general and administrative.

(d) This adjustment reflects the expenses incurred in connection with the Company's exploration of options related to patent monetization and other opportunities for increasing shareholder value prior to the announcement of the transaction on November 5, 2012, allocated to general and administrative.

(e) This adjustment reflects the transaction related costs primarily consisting of legal, banking fees and other professional charges subsequent to the announcement of the transaction on November 5, 2012.

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)
 
    Six Months Ended December 31, 2012 Six Months Ended December 31, 2011
  GAAP net loss $(10,713) $(449)
  Net loss per basic share $(0.20) $(0.01)
  Net loss per diluted share $(0.20) $(0.01)
(f) Stock-based compensation expense 3,762 2,953
(g) Severance adjustment 44 361
(h) Expenses related to stockholder activities -- 423
(i) Expenses related to strategic opportunities 3,980 --
(j) Transaction related costs 1,918 --
  Non-GAAP net income  (loss) $(1,009) $3,288
  Non-GAAP net income (loss) per basic share $(0.02) $0.06
  Non-GAAP net income (loss) per diluted share $(0.02) $0.06
  Common shares outstanding – basic 53,904 52,773
  Common shares outstanding – diluted 53,904 53,702

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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