Mindspeed Reports Fiscal Second Quarter 2012 Results

Second Quarter Net Revenue Up 4.2% Sequentially

Continued Success in Wireless Initiative; Mindspeed Now Supporting 25 4G/LTE Engagements for Transcede®, 6 TD-SCDMA Engagements and over 60 3G/HSPA Engagements Worldwide

NEWPORT BEACH, Calif. — (BUSINESS WIRE) — May 7, 2012Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today reported results for its fiscal second quarter of 2012, which ended on March 30, 2012.

Fiscal Second Quarter 2012 Financial Highlights

  • Total Net Revenues: $35.4 million, including intellectual property revenue of $0.5 million; Product Revenue: $34.9 million, up 3.0 percent from the fiscal first quarter of 2012.
  • Non-GAAP Gross Margin: 59.8 percent, compared to 58.0 percent in the prior fiscal quarter; GAAP Gross Margin: 58.0 percent, compared to 58.1 percent in the prior fiscal quarter.
  • Non-GAAP Operating Margin: (13.9) percent, compared to (6.8) percent in the prior fiscal quarter; GAAP Operating Margin: (39.1) percent, compared to (16.0) percent in the prior fiscal quarter.
  • Non-GAAP Net Loss per Share: $(0.14), compared to $(0.07) in the prior fiscal quarter; GAAP Net Loss per Share: $(0.39), compared to $(0.17) in the prior fiscal quarter.

Total net revenues for the fiscal second quarter of 2012 were $35.4 million. Excluding intellectual property revenue of $0.5 million, product revenue was $34.9 million, a sequential increase of 3.0 percent from product revenue of $33.8 million in the prior fiscal quarter and a decrease of 9.6 percent from product revenue of $38.6 million in the fiscal second quarter of 2011.

Product revenue from communications convergence processing (CCP) solutions contributed 43.5 percent of fiscal second quarter 2012 product revenues and increased 1.0 percent sequentially from the prior fiscal quarter. Product revenue from high-performance analog (HPA) products represented 44.9 percent of fiscal second quarter 2012 product revenue and increased 9.2 percent sequentially from the prior fiscal quarter. Wide area networking (WAN) communications product revenue contributed the remaining 11.6 percent of fiscal second quarter 2012 product revenue and decreased 10.1 percent sequentially from the prior fiscal quarter.

Non-GAAP gross margin for the fiscal second quarter of 2012 was $21.2 million, or 59.8 percent, compared to non-GAAP gross margin of $19.7 million, or 58.0 percent, in the prior fiscal quarter. Presented on a GAAP basis, gross margin for the fiscal second quarter of 2012 was $20.5 million, or 58.0 percent, compared to $19.7 million, or 58.1 percent, in the prior fiscal quarter.

Non-GAAP operating expenses for the fiscal second quarter of 2012 were $26.1 million, a sequential increase of 18.7 percent, or $4.1 million, compared to non-GAAP operating expenses of $22.0 million in the prior fiscal quarter. GAAP operating expenses for the fiscal second quarter of 2012 were $34.4 million, a sequential increase of 36.7 percent, or $9.2 million, compared to $25.1 million in the prior fiscal quarter.

Non-GAAP operating loss for the fiscal second quarter of 2012 was $4.9 million, compared to non-GAAP operating loss of $2.3 million in the prior fiscal quarter. On a GAAP basis, operating loss for the fiscal second quarter of 2012 was $13.8 million, compared to $5.4 million in the prior fiscal quarter.

Non-GAAP net loss for the fiscal second quarter of 2012 was $5.2 million, or $0.14 per share, compared to non-GAAP net loss of $2.4 million, or $0.07 per share, in the prior fiscal quarter. On a GAAP basis, net loss was $14.2 million, or $0.39 per share, compared to $5.6 million, or $0.17 per share, in the prior fiscal quarter.

Non-GAAP results exclude stock-based compensation and related payroll costs, acquisition-related costs, integration costs and restructuring charges, among other items. Reconciliations of the non-GAAP measures to GAAP measures are included in the accompanying financial data.

Cash and cash equivalents were $32.4 million at the end of the fiscal second quarter of 2012, a decrease of approximately $10.4 million, compared to $42.8 million at the end of the prior fiscal quarter, primarily due to payments toward licensed intangible assets and the net loss from operations. Net loss from operations included transaction fees, restructuring charges and integration costs related to the Picochip acquisition.

Commentary

“Our strong second quarter revenue results reflect a larger than expected contribution from our wireless business driven by our acquisition of Picochip,” said Raouf Y. Halim, Mindspeed’s chief executive officer. “While we did see some softening in our core wireline business during the second quarter resulting from a weakening in global wireline carrier capital expenditures, this was almost completely offset by the product cycles within our wireline businesses, such as optical access infrastructure and high-performance analog products for the enterprise.

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