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Mindspeed Reports Fiscal Third Quarter 2013 Results

NEWPORT BEACH, Calif., July 30, 2013 (GLOBE NEWSWIRE) -- Mindspeed Technologies, Inc. (Nasdaq:MSPD), a leading supplier of semiconductor solutions for communications infrastructure applications, today reported results for its fiscal third quarter of 2013. For the quarter ended June 28, 2013, Mindspeed recorded net revenue of $35.6 million, a loss per share of $0.01 on a non-GAAP basis, and earnings per share of $0.04 on a GAAP basis.

Revenue from high-performance analog (HPA) products was $15.3 million, or 43 percent of fiscal third quarter 2013 net revenue, and was down 3 percent versus the prior fiscal quarter. Revenue from communications processors was $17.7 million, or 50 percent of net revenue, and was up approximately 3 percent versus the prior fiscal quarter. Wireless infrastructure revenue contributed $2.6 million in the quarter, or approximately 7 percent of total revenue, and was up 3 percent versus the prior fiscal quarter. 

Non-GAAP operating profit for the fiscal third quarter of 2013 was approximately $644,000, compared to a non-GAAP operating loss of $541,000 in the prior fiscal quarter. GAAP operating loss for the fiscal third quarter of 2013 was $3.5 million, compared to a GAAP operating loss of $39.3 million in the prior fiscal quarter. Non-GAAP net loss for the fiscal third quarter of 2013 was $461,000, or $0.01 per share, compared to a non-GAAP net loss of $978,000, or $0.02 per share, in the prior fiscal quarter. GAAP net income in the fiscal third quarter of 2013 was $1.6 million, or $0.04 per share, compared to a GAAP net loss of $40.1 million, or $1.00 per share, in the prior fiscal quarter.

"We are pleased to report results that exceeded our expectations for the fiscal third quarter," commented Raouf Y. Halim, chief executive officer at Mindspeed. "We believe we have a strong set of product families, ranging from high-performance analog to communications processors and wireless infrastructure, that will continue to strengthen our market position."

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