Q4 2010 revenue from royalties was $14.8 million, an increase of 30% from Q4 2009 driven by a 37% increase in units. License revenue was $7.0 million, an increase of 85% from the $3.8 million reported in the corresponding quarter a year ago.
Q4 2010 GAAP costs and operating expenses were $16.1 million; an increase of $3.0 million over Q4 2009. The increase was due mainly to higher R&D and Marketing investments.
Q4 2010 earnings were $6.048 million, up 84.55% over Q4 2009’s $3.277 million, but down 20.59% compared to sequential Q3 2010 earnings of $7.616 million.
"Both our royalty revenue and earnings exceeded our expectations during the quarter. Our financial performance in Q4 2010 demonstrates our continued momentum across the digital home, networking and mobile markets. This momentum includes the addition of three new licenses with companies that are developing chips for mobile solutions,” said
Sandeep Vij, MIPS Technologies chief executive officer.
“Now that we have publicly shown the first MIPS-Based smart-phones and tablets, we look forward to continued traction in this area," Vij concluded.
MIPS Technologies, Inc. self description
MIPS Technologies, Inc. (NASDAQ: MIPS) is a leading provider of industry-standard processor architectures and cores that power some of the world's most popular products for the home entertainment, communications, networking and portable multimedia markets. These include broadband devices from Linksys, DTVs and digital consumer devices from Sony, DVD recordable devices from Pioneer, digital set-top boxes from Motorola, network routers from Cisco, 32-bit microcontrollers from Microchip Technology and laser printers from Hewlett-Packard. Founded in 1998, MIPS Technologies is headquartered in Sunnyvale, California, with offices worldwide. For more information, contact (408) 530-5000 or visit www.mips.com.
On February 03, 2011 MoSys, Inc. (NASDAQ: MOSY) reported financial results for the Q4 2010 and for its fiscal year ended December 31, 2010.
Q4 and Year 2010 Highlights
- Full year 2010 revenue increased 36% to $15.6 million from $11.5 million in 2009;
- Fourth quarter 2010 revenue increased 12% over the prior year period to $4.0 million;
- Raised $20.0 million in equity capital, ending the year with total cash and investments of $37.5 million;
- Launched Bandwidth Engine ® family of integrated circuits (ICs) in February 2010 and shipped first samples in December 2010;
- Introduced the GigaChip(TM) Interface, an open, CEI-11 compatible interface that enables highly efficient serial chip-to-chip communications in high-speed networking systems; and
- Established the GigaChip Alliance, an ecosystem of companies supporting the GigaChip Interface, with initial members including Altera, NetLogic Microsystems and Xilinx.
"MoSys made significant progress towards expanding our business and future growth opportunities in 2010. Further, total revenues increased 36 percent, driven by growth in both license and royalty. These increased revenues were more than offset as we invested heavily in the development of our new Bandwidth Engine family of ICs," commented
Len Perham, President and CEO of MoSys.
"At the end of the year we strengthened our balance sheet by completing a direct equity financing of approximately $20 million, which will be used for general corporate purposes, including working capital and the further development of our Bandwidth Engine family of ICs. We announced our Bandwidth Engine family of ICs in February and shipped the first samples in December. This remarkable accomplishment was made possible by the extreme dedication and extraordinary efforts of our excellent team coupled with great support from our partners. The high level of interest being generated by potential customers is particularly gratifying."
Mr. Perham concluded, "Looking out over 2011, we anticipate increasing demand for Bandwidth Engine IC samples, both in the form of reference board pairs and stand alone components as we compete to win design-in runoffs at several potential customers. We also anticipate completing the definition and initiating the design of our second generation IC family aimed squarely at the bandwidth and access requirements of next generation networking equipment. Additionally, there will be an intensified level of activity around our IP business. In 2011, IP will be our primary source of sales, and we intend to support that business with the resources required to achieve maximum revenue contribution. Overall, our efforts will be focused on driving MoSys to become an IP-rich, fabless semiconductor company."
Fourth Quarter Results
Total net revenue for the fourth quarter of 2010 was $3.97 million, up 5.03% compared with $3.78 million reported in the third quarter of 2010 and up 12.15% compared to $3.54 million in the fourth quarter of 2009. Fourth quarter revenue was driven by increased royalties from licensees in the gaming and networking markets.
Fourth quarter 2010 total revenue included licensing revenue of $1.4 million, compared with $1.5 million for the previous quarter and $1.3 million for the fourth quarter of 2009. Fourth quarter royalty revenue was $2.6 million, compared with $2.3 million in the previous quarter and $2.2 million for the fourth quarter of 2009.
Gross margin for the fourth quarter of 2010 was 81%, compared with 81% for the third quarter of 2010 and 80% for the fourth quarter of 2009.
Total operating expenses on a GAAP basis for the fourth quarter of 2010 were $8.9 million, compared with $9.2 million in the previous quarter and $8.2 million for the fourth quarter of 2009. Fourth quarter 2010 operating expenses included $0.7 million of amortization of intangible assets and $1.0 million of stock-based compensation expense.
GAAP net loss for the fourth quarter of 2010 was $5.7 million, or ($0.17) per share, compared with a net loss of $6.2 million, or ($0.19) per share, for the previous quarter and a net loss of $4.9 million, or ($0.16) per share, for the fourth quarter of 2009. Earnings per share for the fourth quarter 2010 were computed using approximately 33.1 million shares basis.
Cash and investments totaled $37.5 million as of December 31, 2010, which included approximately $20 million in proceeds from the Company's December 2010 registered direct equity financing. The Company conducted the financing without the services of a placement agent or underwriter and issued approximately 5.0 million shares of common stock from its existing shelf registration statement.
Full Year 2010 Results