Electronics IP Industry – A February 2010 Update


CEVA Full Year 2009 Review

Total revenue for 2009 was $38.5 million, a decrease of 5% compared to $40.4 million reported for 2008. The $38.5 million in 2009 revenue was near the high end of the range given as guidance three months ago. Royalty revenue for 2009 was a record high of $16.2 million, representing an increase of 13% compared to $14.3 million reported for 2008. Licensing revenue for 2009 was $18.8 million, a decrease of 14% compared to $21.7 million reported a year ago. A total of 34 new licensing agreements were signed in 2009, compared to 30 agreements in 2008. Shipped units by licensees increased 9% to a record 334 million in 2009, compared to 307 million units in 2008.

GAAP net income and diluted earnings per share for 2009 was $8.3 million and $0.41, a slight decrease of 3% and 2%, respectively, compared to $8.6 million and $0.42 reported in 2008.

Yaniv Arieli, Chief Financial Officer of CEVA, stated, "During the fourth quarter of 2009, CEVA was able to generate record high royalty revenue. This continued royalty revenue progress is clearly reflected in the Company's record full year 2009 financials with total royalty revenue up 13% year-over-year, combined with significant profitability and net income per share improvements. We also managed to generate positive cash flow of $16 million during 2009, thereby strengthening our balance sheet considerably. As of December 31, 2009, CEVA's cash balances and marketable securities were $100.6 million."



On January 28, 2010 MIPS Technologies, Inc. (Nasdaq: MIPS) reported consolidated financial results for its second fiscal quarter of 2010 ended December 31, 2009.

Revenue for MIPS' second fiscal quarter (fourth calendar quarter) was $15.190 million, a slight increase of 1.4% over the prior sequential quarter revenue of $14.980 million and a decrease of 25.3% from the $20.335 million reported in the second fiscal quarter a year ago. MIPS revenue of $15.190 million in calendar Q4 2009 came in below the bottom of the revenue range given as guidance three months earlier.

Revenue from royalties was $11.4 million, an increase of $1.6 million or 17% from the prior quarter and a decrease of $1.2 million from the $12.6 million reported in the second quarter a year ago. License revenue was $3.8 million, a decrease of 27% from the $5.2 million reported in the prior quarter and a decrease of 51% from the $7.8 million reported in the second quarter a year ago.

The Company's fiscal Q2 GAAP net income from continuing operations was $3.277 million or $0.07 per share. This compares with a net income of $0.595 million or $0.01 per share from continuing operations in the just prior quarter, and a net income of $0.051 million continuing operations in the second quarter a year ago.

"Royalty revenues and earnings per share improved as expected in the second quarter despite a challenging European and North American licensing environment," said Maury Austin, MIPS Technologies chief financial officer. "With the CEO search now behind us, we are focused on growing our license revenue. We are well-positioned for growth as we look ahead, with an accomplished new CEO, innovative technology, and a management team that is very focused on winning."

MIPS Technologies announced on January 25, 2010 that Sandeep Vij had joined the Company as president and CEO. See News Highlights at the beginning of this February 2010 Electronics IP Industry Commentary.



On February 4, 2010 MoSys, Inc. (NASDAQ: MOSY) reported financial results for the calendar fourth quarter and the year ended December 31, 2009. Total net revenue for the fourth quarter of 2009 was $3.543 million, up 5.20% compared with $3.368 million for the third quarter of 2009 and down -10.53% compared to the $3.960 million for the fourth quarter of 2008.

Fourth quarter total revenue included licensing revenue of $1.3 million, compared with $1.3 million in the previous quarter and $0.9 million for the fourth quarter of 2008. Fourth quarter 2009 license revenue primarily consisted of new and ongoing interface IP projects as well as a new 1T-SRAM project with ROHM, a major Japanese IDM. Royalty revenue for the fourth quarter was $2.2 million, compared with $2.0 million for the previous quarter and $3.1 million for the fourth quarter of 2008.

GAAP net loss for the fourth quarter of 2009 was $4.892 million, or ($0.16) per share, compared with a net loss of $5.048 million, or ($0.16) per share, in the previous quarter and a net loss of $6.412 million or ($0.20) per share for the fourth quarter of 2008.

Full Year 2009 Results

Total revenue for 2009 was $11.5 million, compared with $14.0 million for fiscal 2008. Net loss for the year was $19.1 million, or ($0.61) per share, compared with a net loss of $18.6 million, or ($0.59) per share, in 2008. Earnings per share for 2009 were computed using approximately 31.2 million shares.

“During 2009, we implemented several strategic initiatives that have strengthened our organization and positioned MoSys for future growth,” commented Len Perham, MoSys' president and CEO. “In particular, we reorganized our corporate structure to increase efficiencies, reduced operating costs on a year-over-year basis, focused resources on our core product lines and furthered the development of our long-term product road map. Through our acquisition of Prism Circuits, we expanded our product offerings to include silicon-proven high-speed interface IP, which has broadened our customer base and engineering capabilities and significantly increased our total addressable market. As a result of these efforts, we grew licensing revenue over the prior year and signed eight new customers for our IP in 2009. We have established the foundation for expanding our business to become a fabless semiconductor company, as well as a differentiated IP provider.

“We recently announced plans for the Bandwidth Engine family of integrated circuits. As the industry's first serial chip-to-chip communications solution for advanced networking devices, this innovative product offering will provide unparalleled bandwidth performance, while addressing the performance challenges of next generation networking systems. Bandwidth Engine combines the fast random access and low latency of our 1T-SRAM with a serial I/O that operates at a data rate of 10 Gigabits per second. We expect sampling to begin in late 2010 with production quantities available in the first half of 2011. We are currently working with multiple potential partners to support the Bandwidth Engine as we bring this revolutionary new solution to market.”

Mr. Perham concluded, “We enter 2010 with a more efficient organization to meet current and future customer needs with expanded technology offerings and engineering capabilities enabling us to capitalize on a wider range of targeted growth opportunities in the networking, communications and consumer markets. Looking forward, we believe our new strategic direction will expand our addressable markets, broaden our product offerings and position the Company for future growth.”



On January 28, 2010 Rambus Inc. (NASDAQ: RMBS) reported financial results for the fourth quarter and the fiscal year ended December 31, 2009.

Revenue for the fourth quarter of 2009 was $30.816 million, up 10.6% sequentially from the $27.874 million in the third quarter of 2009, but down 18.1% compared to the revenue of $37.613 million in fourth quarter of 2008. The $30.816 million in Q4 2009 revenue was just above the top of the range given as guidance last quarter.

Net loss for the fourth quarter of 2009 was $23.293 million, a slight improvement compared to the net loss of $27.496 million in the third quarter of 2009, but far worse that the net loss of $15.495 million in the fourth quarter of 2008.

Net loss per share for the fourth quarter of 2009 was $0.22 as compared to a net loss per share of $0.26 in the third quarter of 2009 and a net loss per share of $0.15 for the fourth quarter of 2008.

Revenue for fiscal year 2009 was $113.0 million, down 20.7% over the last fiscal year. Net loss for fiscal year 2009 was $92.2 million as compared to a net loss of $199.1 million for fiscal year 2008. General litigation expenses for fiscal year 2009 were $55.5 million, a decrease of $0.2 million from fiscal year 2008.

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    Extremely well written article. Full of useful information and advanced insight.

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