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© solstudio dreamstime.com Business | August 05, 2013

Mindspeed recorded net revenue of $35.6 million

For the quarter ended June 28, 2013, Mindspeed recorded net revenue of $35.6 million, a loss per share of $0.01 on a non-GAAP basis, and earnings per share of $0.04 on a GAAP basis.
Revenue from high-performance analog (HPA) products was $15.3 million, or 43 percent of fiscal third quarter 2013 net revenue, and was down 3 percent versus the prior fiscal quarter. Revenue from communications processors was $17.7 million, or 50 percent of net revenue, and was up approximately 3 percent versus the prior fiscal quarter. Wireless infrastructure revenue contributed $2.6 million in the quarter, or approximately 7 percent of total revenue, and was up 3 percent versus the prior fiscal quarter.

Non-GAAP operating profit for the fiscal third quarter of 2013 was approximately $644,000, compared to a non-GAAP operating loss of $541,000 in the prior fiscal quarter. GAAP operating loss for the fiscal third quarter of 2013 was $3.5 million, compared to a GAAP operating loss of $39.3 million in the prior fiscal quarter. Non-GAAP net loss for the fiscal third quarter of 2013 was $461,000, or $0.01 per share, compared to a non-GAAP net loss of $978,000, or $0.02 per share, in the prior fiscal quarter. GAAP net income in the fiscal third quarter of 2013 was $1.6 million, or $0.04 per share, compared to a GAAP net loss of $40.1 million, or $1.00 per share, in the prior fiscal quarter.

"We are pleased to report results that exceeded our expectations for the fiscal third quarter," commented Raouf Y. Halim, chief executive officer at Mindspeed. "We believe we have a strong set of product families, ranging from high-performance analog to communications processors and wireless infrastructure, that will continue to strengthen our market position."

Non-GAAP results exclude goodwill and asset impairment charges, stock-based compensation and related payroll costs, restructuring charges, acquisition-related costs, amortization of intangible assets, other income from the picoChip settlement agreement and non-cash interest expense on convertible senior notes, among other items. Reconciliations of the non-GAAP measures to GAAP measures are included in the accompanying financial data.

Outlook

Mindspeed forecasts total net product revenue in the fiscal fourth quarter of 2013 to be between $35 to $37 million. The company expects fiscal fourth quarter of 2013 non-GAAP gross margin to be approximately 60 percent and anticipates non-GAAP operating expenses to be approximately $21.5 million in the fiscal fourth quarter of 2013.

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