Revenue for the third quarter of fiscal 2001 was a record $27.8 million compared to $27.0 million for the same quarter a year ago and represents a 40 percent growth in total revenue when royalties from Nintendo 64 products are excluded. Contract revenue was $11.7 million, an increase of 33 percent compared to $8.8 million in the comparable period in fiscal 2000. Royalties were $16.1 million, a decrease of 11 percent compared to $18.1 million in the same quarter a year ago due to lower royalties from Nintendo 64 video game products. Royalties excluding royalties from Nintendo 64 were $4.1 million, an increase of 65 percent compared to $2.5 million in the same quarter a year ago.
Net income for the third quarter of fiscal 2001 was $8.4 million compared to $10.3 million for the same quarter a year ago. The income tax rate provision for the first nine months of fiscal 2001 was reduced from 40 percent to a 38.5 percent effective annual rate. The diluted net income per share for the third quarter of fiscal 2001 was $0.21 compared to $0.26 for the same quarter a year ago. Pro-forma diluted EPS excluding Nintendo 64 revenue for the third quarter of fiscal 2001 was $0.02 compared to $0.02 for the same quarter a year ago.
We are pleased with our third quarter results in what continues to be a difficult technology environment. said Casey Eichler, Chief Financial Officer. Although we are cautious when looking at the short term environment we continue to be optimistic about our long term business model and the markets we are focused on with our product strategy. Consequently, MIPS continues to invest in its product roadmap and the supporting infrastructure to capitalize on what we believe is an exciting high growth market opportunity as one of the leading providers of licensable intellectual property to the embedded markets.
SOURCE: COMPANY PRESS RELEASE
