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MIPS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, June 30,
2007 2006
Assets
Current assets:
Cash and cash equivalents $119,039 $101,481
Marketable investments 25,845 19,725
Accounts receivable, net 5,212 4,631
Prepaid expenses and other current assets 2,472 3,157
Total current assets 152,568 128,994
Equipment and furniture, net 5,781 2,718
Other assets 16,513 16,227
$174,862 $147,939
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $503 $1,313
Accrued liabilities 16,118 8,287
Deferred revenue 2,633 2,143
Total current liabilities 19,254 11,743
Long-term liabilities 5,726 2,966
Stockholders' equity 149,882 133,230
$174,862 $147,939
MIPS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended Twelve Months Ended
June 30, June 30,
2007 2006 2007 2006
Revenue:
Royalties $11,294 $10,357 $44,422 $36,675
Contract Revenue 12,385 7,882 38,888 27,379
Total revenue 23,679 18,239 83,310 64,054
Costs and expenses:
Research and
development 9,231 7,503 34,513 28,168
Sales and marketing 6,994 4,868 22,473 18,637
General and
administrative 7,093 2,967 20,960 12,229
Acquired in-process
research and
development -- -- -- 570
Total costs
and expenses 23,318 15,338 77,946 59,604
Operating income 361 2,901 5,364 4,450
Other income, net 1,653 1,396 6,470 4,373
Income before income taxes 2,014 4,297 11,834 8,823
Provision (benefit) for
income taxes (321) (3,178) 3,351 (2,198)
Net income $2,335 $7,475 $8,483 $11,021
Net income per basic share $0.05 $0.17 $0.19 $0.26
Net income per diluted
share $0.05 $0.17 $0.18 $0.25
Common shares
outstanding-basic 43,535 43,379 43,516 42,894
Common shares
outstanding-diluted 46,374 44,987 45,891 44,611
MIPS TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME and NET INCOME PER SHARE
(In thousands, except per share data)
(unaudited)
Three Months Ended Three Months Ended Three Months Ended
June 30, 2007 March 31, 2007 June 30, 2006
GAAP net income $2,335 $1,237 $7,475
Net income per
basic share $0.05 $0.03 $0.17
Net income per
diluted share $0.05 $0.03 $0.17
(a) Equity-based
compensation
expense under
SFAS 123R
(see note below) $1,619 $2,251 $1,669
Non-GAAP net
income $3,954 $3,488 $9,144
Non-GAAP net
income per
basic share $0.09 $0.08 $0.21
Non-GAAP net
income per
diluted share $0.09 $0.08 $0.20
Common shares
outstanding -
basic 43,535 43,535 43,379
Common shares
outstanding -
diluted 46,374 46,384 44,987
