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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