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Mindspeed Technologies

Mindspeed Delivers 15% Sequential Revenue Growth in Fiscal 2004 1st Quarter

01/28/2004 How Mindspeed has done for us: +80% in 3.9 months (494% annualized) today released their latest earnings report. The company's press release follows:

Company Significantly Exceeds Its Expectations, Improving Pro Forma Operating Performance by 24 Percent and Further Reducing Cash Consumption by 37 Percent Sequentially

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Jan. 28, 2004-- Mindspeed Technologies, Inc. (NASDAQ:MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today announced revenues of $26.7 million for the first quarter of fiscal 2004, which ended December 31, 2003. Revenues increased 15 percent from fourth quarter fiscal 2003 revenues of $23.2 million, at the high end of the company's expectations set at the beginning of the quarter.

"I am very proud of our performance in the first quarter of fiscal 2004. We met or exceeded our expectations in every key financial measure, and continued to execute on our roadmap to profitability," said Raouf Halim, Mindspeed's chief executive officer. "Our T/E carrier and multiservice access voice-over-IP product lines delivered excellent performance, a direct result of our focus over the past two years on developing leadership products and capturing share within the metro/access market."

Revenue growth from T/E carrier transmission products, particularly DS3/E3, was primarily driven by increasing deployment of next-generation metro optical platforms designed to increase the capacity, flexibility, and speed of metropolitan networks.

Revenue growth from multiservice access products was driven by increasing demand for voice-over-IP, particularly from customers in the Asia-Pacific region, for use in telecommunications carrier equipment as well as for converged voice/data enterprise networks.

Mindspeed's pro forma operating loss for the first quarter of fiscal 2004 was $13.8 million, an improvement of 24 percent over the pro forma operating loss of $18.2 million in the prior quarter. Presented on a GAAP basis, Mindspeed's operating loss for the first quarter was $26.2 million, as compared to $32.4 million last quarter, an improvement of 19 percent.

Mindspeed's pro forma net loss for the first quarter was $13.7 million, or $0.15 per share, based on approximately 94.6 million shares outstanding, compared to the pro forma net loss of $17.9 million, or $0.20 per share, in the prior quarter. Presented on a GAAP basis, the net loss for the first quarter was $26.2 million, or $0.28 per share, compared to $32.2 million, or $0.35 per share last quarter.

Mindspeed's total cash consumption (the net decrease in cash and cash equivalents) for the first quarter was $13.4 million, a 37 percent reduction from the $21.3 million in cash consumption in the fourth quarter of fiscal 2003. Cash consumption for the first quarter includes the benefit of net cash provided by financing activities of $4.2 million, consisting principally of proceeds from the exercise of employee stock options. Cash and cash equivalents at the end of the quarter totaled $66.7 million.

The pro forma results, which are a supplement to financials based on generally accepted accounting principles (GAAP), exclude largely non-cash items such as amortization of intangible assets and special items. Mindspeed uses pro forma information to evaluate its operating performance and believes this presentation provides investors with additional insight into underlying operating results. A reconciliation between the pro forma and GAAP results is included in the accompanying financial data.

Safe Harbor Statement

This press release contains statements relating to Mindspeed, including with respect to our future results, which include certain projections and business trends and are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results, and actual events that occur, may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: market demand for the company's new and existing products; availability of capital needed for the company's business; the company's ability to reduce its cash consumption; successful development and introduction of new products; design wins; pricing pressures and other competitive factors; order and shipment uncertainty; fluctuations in manufacturing yields; product defects; intellectual property infringement claims by others and the ability to protect the company's intellectual property; the successful implementation of the company's expense reduction initiatives; and the ability to attract and retain qualified personnel, as well as other risks and uncertainties, including those detailed from time to time in the company's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

The full press release can be found at www.mindspeed.com.

SOURDCE: Mindspeed Technologies

 




 

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