Revenue for the fourth quarter of fiscal 2001 was $17.6 million, a 21 percent decline compared to $22.4 million for the same quarter a year ago. Revenue excluding revenue from Nintendo 64 video game products declined by 4 percent compared to the same quarter a year ago. Contract revenue was $9.9 million including $3.0 million due to the adoption of Securities Exchange Commission Staff Accounting Bulletin 101 (SAB 101), a decrease of 3 percent compared to $10.2 million in the comparable period in fiscal 2000. Royalties were $7.7 million, a decrease of 37 percent compared to $12.2 million in the same quarter a year ago primarily due to lower royalties from Nintendo 64 video game products. Royalties excluding royalties from Nintendo 64 were $3.8 million, a decrease of 7 percent compared to $4.1 million in the same quarter a year ago.
Net income for the fourth quarter of fiscal 2001 was $2.0 million compared to $5.0 million for the same quarter a year ago. The diluted net income per share for the fourth quarter of fiscal 2001 was $0.05 including $0.04 due to the adoption of SAB 101 compared to $0.13 for the same quarter a year ago.
The fourth fiscal quarter results were disappointing as we were only slightly above breakeven on a proforma basis without the benefit of the adoption of SAB 101, said Casey Eichler, chief financial officer. Our expenses were slightly lower than the prior quarter as we managed near term costs given the current business climate. The company will provide guidance for fiscal 2002 in it quarterly earnings call today at 1:45 pm Pacific DST.
MIPS Technologies is today reporting its transition from the company’s historical accounting method to the method required by SAB 101. MIPS Technologies was required to adopt SAB 101 in the fourth fiscal quarter, but effective to the beginning of the fiscal year as reflected in the year to date information below.
Total revenue for fiscal year 2001 declined 5 percent to $84.9 million, when compared to revenue of $89.8 million in fiscal 2000. Total revenue for fiscal year 2001 excluding royalties from Nintendo was $57.9 million, an increase of 23 percent compared to $47.2 million in fiscal 2000. Contract revenue increased by $9.0 million or 26 percent to $43.0 million and accounted for 51 percent of total revenue for fiscal 2001 compared to 38 percent in fiscal 2000. Net income for fiscal 2001 was $19.8 million before the cumulative effect of the accounting change and was $19.1 million including the effect of the accounting change compared to $27.1 million for fiscal 2000. Fiscal 2001 diluted net income per share before cumulative effect of the accounting change was $0.49 and was $0.47 after taking into effect the accounting change for fiscal 2001 compared to $0.68 for fiscal 2000.
SOURCE: COMPANY PRESS RELEASE
