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Mindspeed Technologies

(MSPD)

, a supplier of semiconductor solutions for network infrastructure applications, reported on Feb. 2, 2009, that its Q1 FY09 net loss widened. Net loss for the quarter was $3.55 million or $0.15 per share compared to a net loss of $829,000 or $0.04 per share in Q1 FY08. Excluding one-time items, net loss was $3.03 million or $0.13 per share, which is in line with the consensus estimate.

During Q1 FY09, revenue dropped 12.9% to $30.73 million from $35.30 million a year ago. Geographically, revenue from Europe edged up 2.8% to $4.12 million. On the other hand, revenue from Asia-Pacific and Americas, comprising of 46.5% and 40.1% of the total sales, plunged 19.1% and 9.6% to $14.29 million and $12.32 million, respectively. Product-wise, revenue from multiservice access DSP products, accounting for 40.0% of the total revenue, spiked 23.6% to $12.29 million. However, sales from high-performance analog products, which are 34.2% of the total sales, inched down marginally to $10.52 million. Also, WAN communication product revenue slumped 46.4% to $7.92 million as a result of deterioration in demand from the company's telecom OEM customers.

During the latest first quarter, MSPD announced addition of eight low-power cable and backplane equalizers. Additionally, it completed the sale of certain noncore patents for $2.00 million, which is expected to fetch revenues from licensing royalties. Meanwhile, MSPD has also implemented cost reduction measures, with focused reductions in the areas of WAN communication spending, including the closure of its Dubai facility.

Looking forward to Q2 FY09, Mindspeed estimates its revenue to be in the range of $24.00 million to $27.00 million, in addition to a non-GAAP gross margin of 65.00%.

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