Mindspeed Reports Fiscal First Quarter 2012 Results

Company Expects to Close Picochip Acquisition in February 2012

Company Anticipates Revenue Growth for Fiscal Second Quarter 2012

NEWPORT BEACH, Calif. — (BUSINESS WIRE) — January 30, 2012 — Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today reported results for its fiscal first quarter of 2012, which ended on December 30, 2011.

Fiscal First Quarter 2012 Financial Highlights:

  • Total Net Revenues: $33.9 million, including patent sales of $0.09 million; Product Revenue: $33.8 million, down 17 percent from the fiscal fourth quarter of 2011.
  • Non-GAAP Gross Margin: 58.0 percent, compared to 61.5 percent in the prior fiscal quarter; GAAP Gross Margin: 58.1 percent, compared to 61.3 percent in the prior fiscal quarter.
  • Non-GAAP Operating Margin: (7) percent, compared to 1 percent in the prior fiscal quarter; GAAP Operating Margin: (16) percent, compared to (6) percent in the prior fiscal quarter.
  • Non-GAAP Net Loss per Share: $(0.07), compared to non-GAAP diluted earnings per share of $0.03 in the prior fiscal quarter; GAAP Net Loss per Share: $(0.17), compared to $(0.07) in the prior fiscal quarter.

Total net revenues for the fiscal first quarter of 2012 were $33.9 million. Excluding patent sales of $0.09 million, product revenue was $33.8 million, a sequential decline of 17 percent from product revenue of $40.8 million in the prior fiscal quarter and a decrease of 11 percent from product revenue of $38.0 million in the fiscal first quarter of 2011.

Product revenue from communications convergence processing solutions contributed 44 percent of fiscal first quarter of 2012 product revenues and decreased 27 percent sequentially from the prior fiscal quarter. Product revenue from high-performance analog products represented 43 percent of fiscal first quarter of 2012 product revenue and decreased 2 percent sequentially from the prior fiscal quarter. Wide area networking communications product revenue contributed the remaining 13 percent of fiscal first quarter of 2012 product revenue and decreased 19 percent sequentially from the prior fiscal quarter.

Non-GAAP gross margin for the fiscal first quarter of 2012 was $19.7 million, or 58.0 percent, compared to non-GAAP gross margin of $25.1 million, or 61.5 percent, in the prior fiscal quarter. Presented on a GAAP basis, gross margin for the fiscal first quarter of 2012 was $19.7 million, or 58.1 percent, compared to $25.0 million, or 61.3 percent, in the prior fiscal quarter.

Non-GAAP operating expenses for the fiscal first quarter of 2012 were $22.0 million, a sequential decrease of 10 percent, or $2.5 million, compared to non-GAAP operating expenses of $24.5 million in the prior fiscal quarter. GAAP operating expenses for the fiscal first quarter of 2012 were $25.1 million, a sequential decrease of 9 percent, or $2.4 million, compared to $27.5 million in the prior fiscal quarter.

Non-GAAP operating loss for the fiscal first quarter of 2012 was $2.3 million, compared to non-GAAP operating income of $0.6 million in the prior fiscal quarter. On a GAAP basis, operating loss for the fiscal first quarter of 2012 was $5.4 million, compared to operating loss of $2.5 million in the prior fiscal quarter.

Non-GAAP net loss for the fiscal first quarter of 2012 was $2.4 million, or $(0.07) per share, compared to non-GAAP net income of $1.0 million, or $0.03 per share, in the prior fiscal quarter. Presented on a GAAP basis, net loss was $5.6 million, or $(0.17) per share, compared to net loss of $2.2 million, or $(0.07) per share, in the prior fiscal quarter.

Non-GAAP results exclude stock-based compensation and related payroll costs, acquisition related costs, employee separation costs and special 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 $42.8 million at the end of the fiscal first quarter of 2012, a decrease of approximately $2.4 million, compared to $45.2 million at the end of the prior fiscal quarter.

Commentary

“Based on continued positive trends in channel inventory and distributor point of sales data, as well as current backlog, our perspective is that the demand environment is troughing and that we will see a stabilization in our core business in the fiscal second quarter as well as improving gross margins,” said Raouf Y. Halim, Mindspeed’s chief executive officer. “We also expect to close the Picochip acquisition in February 2012, a pivotal transaction that firmly positions us as the leader for semiconductor and software solutions in the high-growth small cell base station market.”

Outlook


1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9  Next Page »



Review Article Be the first to review this article
Featured Video
Jobs
Currently No Featured Jobs
Upcoming Events
RISC-V Workshop Chennai at IIT Madras Chinnai India - Jul 18 - 19, 2018
CDNLive Japan 2018 at The Yokohama Bay Hotel Tokyu Yokohama Japan - Jul 20, 2018
International Test Conference India 2018 at Bangalore India - Jul 22 - 24, 2018
MAPPS 2018 Summer Conference at The Belmond Charleston Place Charleston SC - Jul 22 - 25, 2018
TrueCircuits: IoTPLL



Internet Business Systems © 2018 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise