LONDON – Processor intellectual property licensor MIPS Technologies Inc. turned in a disappointing set of financial results for the second quarter of 2011 which was its own fourth fiscal quarter. Both revenue and net income were down from the same quarter a year before.
MIPS (Sunnyvale, Calif.) made a net income of $728,000 in its fourth fiscal quarter compared with net incomes of $3.4 million in the prior quarter and a net income of $5.9 million in the same quarter a year before. Fiscal fourth quarter revenue was $17.6 million, compared with $23.3 million in the year ago period. Revenue from royalties was $11.8 million, a decrease of 5 percent from the fourth quarter of FY10. License revenue was $5.8 million, a decrease of 47 percent from the $10.9 million reported in the fourth quarter a year ago.
"We had strong results for our fiscal year, but our fourth quarter proved to be more challenging than we expected. Despite macroeconomic uncertainty, we remain confident in the market opportunity, and we are taking the steps necessary to achieve long-term success," said Sandeep Vij, chief executive officer, MIPS Technologies, in a statement.
For the full fiscal year revenue was $82.0 million, a year-to-year increase of 16 percent. Licensee royalty units grew to 656 million units from 510 million units in the previous financial year. The non-GAAP net income was $22.9 million, up 30 percent year-to-year and cash and investment balances ended the fiscal year at $109.4 million, a year-to-year increase of $57.0 million.
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MIPS, IP, processor, semiconductor, financial, results MIPS' fourth quarter disappoints
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