UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
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ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE |
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FOR THE QUARTERLY PERIOD ENDED September 30, 2003 |
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OR |
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o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE |
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For the transition period from to . |
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MIPS Technologies, Inc. |
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(Exact name of registrant as specified in its charter) |
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DELAWARE |
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77-0322161 |
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(State or other
jurisdiction of |
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(I.R.S. Employer |
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1225 CHARLESTON ROAD, MOUNTAIN VIEW, CA 94043-1353 |
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(Address of principal executive offices) |
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Registrant’s telephone number, including area code: (650) 567-5000 |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes o No ý
As of October 31, 2003, the number of outstanding shares of the Registrant’s Class A common stock, $.001 par value, was 15,777,130. As of October 31, 2003, the number of outstanding shares of the Registrant’s Class B common stock, $.001 par value, was 25,057,715.
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Management’s Discussion and Analysis of Results of Operations and Financial Condition |
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PART II - OTHER INFORMATION |
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2
PART I - FINANCIAL INFORMATION
MIPS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
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September 30, |
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June 30, |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
73,692 |
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$ |
83,839 |
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Short-term investments |
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4,975 |
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— |
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Accounts receivable, net |
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4,010 |
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4,762 |
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Prepaid expenses and other current assets |
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2,603 |
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3,648 |
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Total current assets |
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85,280 |
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92,249 |
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Equipment and furniture, net |
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5,607 |
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4,202 |
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Intangible assets, net |
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3,621 |
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3,769 |
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Other assets |
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3,590 |
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5,129 |
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$ |
98,098 |
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$ |
105,349 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
523 |
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$ |
504 |
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Accrued liabilities |
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9,034 |
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10,977 |
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Deferred revenue |
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2,248 |
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2,592 |
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Total current liabilities |
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11,805 |
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14,073 |
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Long-term liabilities |
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2,496 |
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1,900 |
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14,301 |
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15,973 |
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Stockholders’ equity: |
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Common stock |
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40 |
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40 |
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Additional paid-in capital |
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180,518 |
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180,504 |
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Accumulated other comprehensive income |
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711 |
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702 |
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Deferred compensation |
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(1,176 |
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(1,337 |
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Accumulated deficit |
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(96,296 |
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(90,533 |
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Total stockholders’ equity |
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83,797 |
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89,376 |
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$ |
98,098 |
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$ |
105,349 |
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See accompanying notes.
3
MIPS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(In thousands, except per share data)
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Three Months Ended
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2003 |
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2002 |
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Revenue: |
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Royalties |
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$ |
5,088 |
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$ |
3,533 |
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Contract revenue |
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5,325 |
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5,909 |
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Total revenue |
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10,413 |
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9,442 |
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Costs and expenses: |
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Research and development |
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8,144 |
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8,507 |
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Sales and marketing |
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2,796 |
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3,243 |
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General and administrative |
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1,644 |
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1,831 |
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Acquired in-process research and development |
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— |
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394 |
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Restructuring |
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3,233 |
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— |
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Total costs and expenses |
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15,817 |
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13,975 |
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Operating loss |
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(5,404 |
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(4,533 |
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Other income, net |
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208 |
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655 |
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Loss before income taxes |
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(5,196 |
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(3,878 |
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Provision for income taxes |
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567 |
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— |
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Net loss |
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$ |
(5,763 |
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(3,878 |
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Net loss per basic and diluted share |
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$ |
(0.14 |
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(0.10 |
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Shares used in computing net loss per basic and diluted share |
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40,172 |
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39,619 |
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See accompanying notes.
4
MIPS TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(In thousands)
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Three
Months Ended |
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2003 |
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2002 |
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Operating activities: |
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Net loss |
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$ |
(5,763 |
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(3,878 |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation |
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1,002 |
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1,182 |
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Acquired in-process research and development |
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— |
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394 |
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Amortization of intangibles |
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308 |
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651 |
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Other non-cash charges |
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(3 |
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(23 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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