![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mips Technologies, Inc. (MM) | NASDAQ:MIPS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.98 | 0 | 01:00:00 |
DELAWARE
|
77-0322161
|
(State
or other jurisdiction of
Incorporation
or organization)
|
(I.R.S.
Employer
Identification
Number)
|
Large accelerated filer ¨ | Accelerated filer x | Non-accelerated filer ¨ | Smaller reporting company ¨ |
Item 1.
|
|
Item 2.
|
|
Item 3.
|
|
Item 4.
|
|
Item 1.
|
|
Item 1A
|
|
Item
4.
|
|
Item 6.
|
|
December 31,
2007
|
June 30,
2007
|
|||||||
(unaudited)
|
||||||||
ASSETS
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$
|
15,188
|
$
|
119,039
|
||||
Marketable
investments
|
-
|
25,845
|
||||||
Accounts
receivable, net
|
15,441
|
5,212
|
||||||
Unbilled
receivables
|
5,079
|
-
|
||||||
Prepaid
expenses and other current assets
|
18,882
|
2,472
|
||||||
Total
current assets
|
54,590
|
152,568
|
||||||
Equipment,
furniture and property, net
|
15,715
|
5,781
|
||||||
Goodwill
|
114,971
|
565
|
||||||
Intangible
assets, net
|
35,638
|
3,369
|
||||||
Other
assets
|
34,251
|
12,579
|
||||||
$
|
255,165
|
$
|
174,862
|
|||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable
|
$
|
5,159
|
$
|
503
|
||||
Accrued
liabilities
|
51,423
|
16,118
|
||||||
Short-term
debt
|
22,053
|
—
|
||||||
Deferred
revenue
|
4,542
|
2,633
|
||||||
Total
current liabilities
|
83,177
|
19,254
|
||||||
Long-term
liabilities
|
27,440
|
5,726
|
||||||
110,617
|
24,980
|
|||||||
Stockholders’
equity:
|
||||||||
Common
stock
|
43
|
43
|
||||||
Preferred
stock
|
-
|
—
|
||||||
Additional
paid-in capital
|
247,400
|
240,444
|
||||||
Accumulated
other comprehensive income
|
6,998
|
435
|
||||||
Accumulated
deficit
|
(109,893)
|
(91,040
|
)
|
|||||
Total
stockholders’ equity
|
144,548
|
149,882
|
||||||
$
|
255,165
|
$
|
174,862
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Revenue:
|
||||||||||||||||
Royalties
|
$ | 12,515 | $ | 11,188 | $ | 23,035 | $ | 22,394 | ||||||||
Contract
revenue
|
13,935 | 9,817 | 25,568 | 18,161 | ||||||||||||
Total
revenue
|
26,450 | 21,005 | 48,603 | 40,555 | ||||||||||||
Costs
and expenses:
|
||||||||||||||||
Costs
of contract revenue
|
9,379 | 378 | 12,703 | 770 | ||||||||||||
Research
and development
|
9,493 | 8,251 | 18,506 | 16,024 | ||||||||||||
Sales
and marketing
|
6,153 | 5,154 | 11,739 | 9,971 | ||||||||||||
General
and administrative
|
7,869 | 4,577 | 14,878 | 8,888 | ||||||||||||
Acquired
in-process research and development
|
910 | — | 6,350 | — | ||||||||||||
Total
costs and expenses
|
33,804 | 18,360 | 64,176 | 35,653 | ||||||||||||
Operating
income (loss)
|
(7,354 | ) | 2,645 | (15,573 | ) | 4,902 | ||||||||||
Other
income (expense), net
|
(1,220 | ) | 1,544 | (727 | ) | 2,974 | ||||||||||
Income
(loss) before income taxes
|
(8,574 | ) | 4,189 | (16,300 | ) | 7,876 | ||||||||||
Provision
for income taxes
|
3,511 | 1,601 | 2,816 | 2,965 | ||||||||||||
Net
income (loss)
|
$ | (12,085 | ) | $ | 2,588 | $ | (19,116 | ) | $ | 4,911 | ||||||
Net
income (loss) per basic share
|
$ | (0.28 | ) | $ | 0.06 | $ | (0.44 | ) | $ | 0.11 | ||||||
Net
income (loss) per diluted share
|
$ | (0.28 | ) | $ | 0.06 | $ | (0.44 | ) | $ | 0.11 | ||||||
Shares
used in computing net income (loss) per basic share
|
43,902 | 43,533 | 43,834 | 43,497 | ||||||||||||
Shares
used in computing net income (loss) per diluted share
|
43,902 | 45,703 | 43,834 | 45,402 |
Six
Months Ended
December 31,
|
||||||||
2007
|
2006
|
|||||||
Operating
activities:
|
||||||||
Net
income (loss)
|
$ | (19,116 | ) | $ | 4,911 | |||
Adjustments
to reconcile net income (loss) to net cash provided by (used in)
operating
activities:
|
||||||||
Depreciation
|
1,603 | 1,006 | ||||||
Stock-based
compensation
|
4,343 | 3,830 | ||||||
Acquired
in-process research and development
|
6,350 | — | ||||||
Amortization
of intangibles
|
3,794 | 680 | ||||||
Other
non-cash charges
|
396 | (484 | ) | |||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
296 | (1,225 | ) | |||||
Prepaid
expenses and other current assets
|
742 | 746 | ||||||
Other
assets
|
550 | (2,848 | ) | |||||
Accounts
payable
|
1,577 | (1,163 | ) | |||||
Accrued
compensation
|
(2,446 | ) | 1,276 | |||||
Other
current accrued liabilities
|
(2,322 | ) | 1,987 | |||||
Income
tax payable
|
(2,706 | ) | 1,614 | |||||
Deferred
revenue
|
(168 | ) | 444 | |||||
Long-term
liabilities
|
4,205 | 2,093 | ||||||
Net
cash provided by (used in) operating activities
|
(2,902 | ) | 12,867 | |||||
Investing
activities:
|
||||||||
Purchases
of marketable investments
|
— | (24,507 | ) | |||||
Proceeds
from sales of marketable investments
|
25,940 | 25,000 | ||||||
Capital
expenditures
|
(1,012 | ) | (3,524 | ) | ||||
Acquisition
of Chipidea Microelectronica, S.A., net of cash acquired
|
(120,601 | ) | — | |||||
Restricted
cash
|
(27,163 | ) | — | |||||
Net
cash used in investing activities
|
(122,836 | ) | (3,031 | ) | ||||
Financing
activities:
|
||||||||
Net
proceeds from issuance of common stock
|
2,273 | 386 | ||||||
Proceeds
from short-term debt, net
|
19,423 | — | ||||||
Repayments
of capital lease obligations
|
27 | — | ||||||
Net
cash provided by financing activities
|
21,723 | 386 | ||||||
Effect
of exchange rate on cash
|
164 | 42 | ||||||
Net
increase (decrease) in cash and cash equivalents
|
(103,851 | ) | 10,264 | |||||
Cash
and cash equivalents, beginning of period
|
119,039 | 101,481 | ||||||
Cash
and cash equivalents, end of period
|
$ | 15,188 | $ | 111,745 | ||||
Supplemental
disclosures of cash transaction:
|
||||||||
Income
taxes paid
|
1,505 | 1,374 | ||||||
Interest
paid
|
788 | — |
Three Months
Ended
December 31,
2007
|
Three Months
Ended
December 31,
2006
|
Six
Months
Ended
December 31,
2007
|
Six
Months
Ended
December 31,
2006
|
|||||||||||||
Costs
and expenses:
|
||||||||||||||||
Research
and development
|
$ | 825 | $ | 714 | $ | 1,658 | $ | 1,503 | ||||||||
Sales
and marketing
|
636 | 534 | 1,298 | 1,100 | ||||||||||||
General
and administrative
|
621 | 520 | 1,517 | 1,228 | ||||||||||||
Total
stock-based compensation expense
|
$ | 2,082 | $ | 1,768 | $ | 4,473 | $ | 3,831 |
Three
Months Ended
December 31,
|
Six
Months Ended
December 31,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Numerator:
|
||||||||||||||||
Net
income (loss)
|
$ | (12,085 | ) | $ | 2,588 | $ | (19,116 | ) | $ | 4,911 | ||||||
Denominator:
|
||||||||||||||||
Weighted-average
shares of common stock outstanding
|
43,927 | 43,593 | 43,862 | 43,557 | ||||||||||||
Less:
Weighted-average shares subject to repurchase
|
(25 | ) | (60 | ) | (28 | ) | (60 | ) | ||||||||
Shares
used in computing net income (loss) per basic share
|
43,902 | 43,533 | 43,834 | 43,497 | ||||||||||||
Net
income (loss) per basic share
|
$ | (0.28 | ) | $ | 0.06 | $ | (0.44 | ) | $ | 0.11 | ||||||
Shares
used in computing net income (loss) per diluted share
|
43,902 | 45,703 | 43,834 | 45,402 | ||||||||||||
Net
income (loss) per diluted share
|
$ | (0.28 | ) | $ | 0.06 | $ | (0.44 | ) | $ | 0.11 | ||||||
Potentially
dilutive securities excluded from net income (loss) per diluted
share
because they are anti-dilutive
|
11,523 | 9,358 | 9,335 | 9,275 |
Cash
and Investments
|
$
|
1,566
|
||
Accounts
receivable
|
14,689
|
|||
Fixed
Assets
|
9,841
|
|||
Other
current assets
|
1,401
|
|||
Intangible
assets
|
33,760
|
|||
In-process
research and development
|
6,350
|
|||
Goodwill
|
106,634
|
|||
Other
long term assets
|
8,303
|
|||
Short
term debt
|
(968
|
)
|
||
Accounts
payable and other current liabilities
|
(28,764
|
)
|
||
Deferred
revenue
|
(2,240
|
)
|
||
Deferred
taxes
|
(12,033
|
)
|
||
Long
term liabilities
|
(1,674
|
)
|
||
Total
purchase price
|
$
|
136,865
|
Fair
Value
|
Useful
life
|
||||
Developed
and core technology
|
$
|
19,110
|
5
to 15 years
|
||
Customer
relationships and backlog
|
12,110
|
1
to 7 years
|
|||
Other
|
2,540
|
3
to 5 years
|
|||
Total
intangible assets
|
$
|
33,760
|
Three
months ended
December
31,
|
Six
months ended
December
31
,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Total
pro forma revenues
|
$ | 26,450 | $ | 28,792 | $ | 55,485 | $ | 53,861 | ||||||||
Pro
forma net income (loss)
|
$ | (12,085 | ) | $ | 368 | $ | (19,984 | ) | $ | (1,912 | ) | |||||
Pro
forma net income (loss) per share - basic and diluted
|
$ | (0.28 | ) | $ | 0.01 | $ | (0.46 | ) | $ | (0.04 | ) | |||||
Reported
net income (loss)
|
$ | (12,085 | ) | $ | 2,588 | $ | (19,116 | ) | $ | 4,911 | ||||||
Reported
net income (loss) per share - basic and diluted
|
$ | (0.28 | ) | $ | 0.06 | $ | (0.44 | ) | $ | 0.11 |
December 31,
2007
|
June 30,
2007
|
|||||||||||||||||||||||
Gross
Carrying
Value
|
Accumulated
Amortization
|
Net
Carrying
Value
|
Gross
Carrying
Value
|
Accumulated
Amortization
|
Net
Carrying
Value
|
|||||||||||||||||||
Developed
and core technology
|
$
|
26,509
|
$
|
(5,402
|
) |
$
|
21,107
|
$
|
6,062
|
$
|
(3,645
|
)
|
$
|
2,417
|
||||||||||
Customer
relationships and backlog
|
14,267
|
(2,299
|
) |
11,968
|
1,310
|
(400
|
)
|
910
|
||||||||||||||||
Other
|
2,828
|
(265
|
) |
2,563
|
110
|
(68
|
)
|
42
|
||||||||||||||||
Purchased
intangible assets
|
$
|
43,604
|
$
|
(7,966)
|
$
|
35,638
|
$
|
7,482
|
$
|
(4,113
|
)
|
$
|
3,369
|
Processor
Business Group
|
Analog
Business Group
|
Total
|
||||||||||
Balance
at June 30, 2007
|
$
|
565
|
—
|
$
|
565
|
|||||||
Additions
(Chipidea)
|
—
|
106,634
|
106,634
|
|||||||||
Currency
translation adjustment
|
—
|
7,772
|
7,772
|
|||||||||
Balance
at December 31, 2007
|
$
|
565
|
$
|
114,406
|
$
|
114,971
|
December
31,
2007
|
||||
Credit
agreement
|
20,000 | |||
Bank
lines of credit
|
1,971 | |||
Other
|
82 | |||
$ | 22,053 |
Three
months ended
December
31,
|
Six
months ended
December
31,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Interest
income
|
$ | 128 | $ | 1,629 | $ | 1,177 | $ | 3,128 | ||||||||
Interest
expense
|
(646 | ) |
—
|
(833 | ) |
—
|
||||||||||
Other
|
(702 | ) | (85 | ) | (1,071 | ) | (154 | ) | ||||||||
Total
other income (expense), net
|
$ | (1,220 | ) | $ | 1,544 | $ | (72 7 | ) | $ | 2,9 74 |
December
31, 2007
|
June
30, 2007
|
|||||||
Equipment
|
$
|
16,614
|
$
|
15,473
|
||||
Land
and buildings
|
8,030
|
—
|
||||||
Furniture
and fixtures
|
4,377
|
2,678
|
||||||
29,021
|
18,151
|
|||||||
Accumulated
depreciation and amortization
|
(13,306
|
)
|
(12,370
|
)
|
||||
Equipment,
furniture and property, net
|
$
|
15,715
|
$
|
5,781
|
December
31, 2007
|
June
30, 2007
|
|||||||
Short-term
restricted cash
|
$
|
14,876
|
$
|
—
|
||||
Other
prepaid expenses and other assets
|
4,006
|
2,472
|
||||||
$
|
18,882
|
$
|
2,472
|
December
31, 2007
|
June
30, 2007
|
|||||||
Long-term
restricted cash
|
$
|
14,552
|
$
|
264
|
||||
Investments
in other companies
|
4,446
|
4,463
|
||||||
Long-term
computer aided design licenses
|
12,374
|
4,474
|
||||||
Cash
surrender value of insurance contracts tied to our deferred compensation
plan
|
2,330
|
2,310
|
||||||
Other
long-term assets
|
549
|
1,068
|
||||||
$
|
34,251
|
$
|
12,579
|
December
31, 2007
|
June
30, 2007
|
|||||||
Accrued
compensation and employee-related expenses
|
$
|
10,198
|
$
|
6,848
|
||||
Income
taxes payable
|
2,206
|
2,195
|
||||||
Payable
to Chipidea shareholders
|
14,876
|
—
|
||||||
Capital
lease obligations
|
7,370
|
—
|
||||||
Other
accrued liabilities
|
16,773
|
7,075
|
||||||
$
|
51,423
|
$
|
16,118
|
December
31, 2007
|
June
30, 2007
|
|||||||
Deferred
compensation
|
$
|
2,972
|
$
|
2,298
|
||||
Long-term
deferred tax liability
|
12,524
|
—
|
||||||
Long-term
income tax liability
|
3,649
|
—
|
||||||
Long-term
accounts payable
|
6,919
|
2,363
|
||||||
Other
long-term liabilities
|
1,376
|
1,065
|
||||||
$
|
27,440
|
$
|
5,726
|
Number
of
Shares
|
Weighted
Average
Exercise Price
|
Weighted
Average
Remaining
Contractual
Life
|
Aggregate
Intrinsic Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Outstanding
at July 1, 2007
|
13,830,478
|
$
|
7.39
|
|||||||||||||
Options
granted
|
2,028,463
|
$
|
7.42
|
|||||||||||||
Options
exercised
|
(401,594
|
)
|
$
|
5.78
|
||||||||||||
Options
cancelled
|
(339,088
|
)
|
$
|
8.69
|
||||||||||||
Outstanding
at December 31, 2007
|
15,118,259
|
$
|
7.42
|
4.75
|
$
|
4,472
|
||||||||||
Exercisable
at December 31, 2007
|
11,355,691
|
$
|
7.51
|
4.34
|
$
|
4,414
|
Non-vested
Number of
Shares
|
Weighted Average
Grant-Date
Fair
Value
|
|||||||
Nonvested
balance at July 1, 2007
|
60,000
|
$
|
4.72
|
|||||
Vested
|
(30,000
|
)
|
$
|
4.72
|
||||
Cancelled
|
(5,000
|
) |
$
|
4.52
|
||||
Nonvested
balance at December 31, 2007
|
25,000
|
$
|
4.76
|
Employee Stock Options
|
Employee Stock Purchase Plan
|
|||||||||||||||
Six Months Ended December 31,
|
Six Months Ended December 31,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Expected
life (in years)
|
4.20 | 4.20 | 0.73 |
—
|
||||||||||||
Risk-free
interest rate
|
4.12 | % | 4.83 | % | 4.07 | % |
—
|
|||||||||
Expected
volatility
|
.51 | .64 | .36 |
—
|
||||||||||||
Dividend
yield
|
0.00 | % | 0.00 | % | 0.00 | % |
—
|
|||||||||
Grant
date fair value
|
$ | 3.33 | $ | 3.64 | $ | 2.26 |
—
|
Processor
Business Group
|
Analog
Business Group
|
Unallocated
Amounts
|
Total
|
|||||||||||||
Revenue
|
$
|
16,624
|
$
|
9,826
|
$ |
—
|
$
|
26,450
|
||||||||
Depreciation
expense
|
708
|
115
|
—
|
823
|
||||||||||||
Amortization
expense
|
1,242
|
2,232
|
—
|
3,474
|
||||||||||||
Segment
operating profit (loss)
|
(2,099)
|
(2,263
|
)
|
—
|
(4,362
|
)
|
||||||||||
Less: Stock-based
compensation
|
—
|
—
|
(2,082
|
)
|
(2,082
|
)
|
||||||||||
Less: Acquired
in-process research and development
|
—
|
—
|
(910
|
)
|
(910
|
)
|
||||||||||
Add: Other
income (expense), net
|
—
|
—
|
(1,220
|
)
|
(1,220
|
)
|
||||||||||
Loss
before taxes
|
—
|
—
|
—
|
(8,574
|
)
|
|||||||||||
Total
assets
|
90,889
|
164,276
|
—
|
255,165
|
||||||||||||
Total
expenditures for additions to long-lived assets
|
5,481
|
—
|
—
|
5,481
|
Processor
Business Group
|
Analog
Business Group
|
Unallocated
Amounts
|
Total
|
||||||||||||
Revenue
|
$
|
36,555
|
$
|
12,048
|
—
|
$
|
48,603
|
||||||||
Depreciation
expense
|
1,426
|
177
|
—
|
1,603
|
|||||||||||
Amortization
expense
|
2,508
|
3,205
|
—
|
5,713
|
|||||||||||
Segment
operating profit (loss)
|
(388
|
)
|
(4,362
|
)
|
—
|
(4,750)
|
|||||||||
Less: Stock-based
compensation
|
—
|
—
|
(4,473
|
)
|
(4,473)
|
||||||||||
Less: Acquired
in-process research and development
|
—
|
—
|
(6,350
|
)
|
(6,350)
|
||||||||||
Add: Other
income (expense), net
|
—
|
—
|
(727
|
)
|
(727)
|
||||||||||
Loss
before taxes
|
—
|
—
|
—
|
(16,300)
|
|||||||||||
Total
assets
|
90,889
|
164,276
|
—
|
255,165
|
|||||||||||
Total
expenditures for additions to long-lived assets
|
6,241
|
—
|
—
|
6,241
|
Three Months Ended December 31,
|
Six
Months
Ended December 31,
|
|||||||||||||||||||||||
2007
|
2006
|
Change in
Percent
|
2007
|
2006
|
Change in
Percent
|
|||||||||||||||||||
Revenue
|
||||||||||||||||||||||||
Royalties
|
$ | 12,515 | $ | 11,188 | 12 | % | $ | 23,035 | $ | 22,394 | 3 | % | ||||||||||||
Percentage
of Total Revenue
|
47 | % | 53 | % | 47 | % | 55 | % | ||||||||||||||||
Contract
Revenue
|
$ | 13,935 | $ | 9,817 | 42 | % | $ | 25,568 | $ | 18,161 | 41 | % | ||||||||||||
Percentage
of Total Revenue
|
53 | % | 47 | % | 53 | % | 45 | % | ||||||||||||||||
Total
Revenue
|
$ | 26,450 | $ | 21,005 | 26 | % | $ | 48,603 | $ | 40,555 | 20 | % |
Three
Months
Ended December 31,
|
Six
Months
Ended December 31,
|
|||||||||||||||||||||||
2007
|
2006
|
Change in
Percent
|
2007
|
2006
|
Change in
Percent
|
|||||||||||||||||||
Cost
and Expenses
|
||||||||||||||||||||||||
Cost
of Contract Revenue
|
$ | 9,379 | $ | 378 | 2,381 | % | $ | 12,703 | $ | 770 | 1,550 | % | ||||||||||||
Research
and Development
|
$ | 9,493 | $ | 8,251 | 15 | % | $ | 18,506 | $ | 16,024 | 15 | % | ||||||||||||
Sales
and Marketing
|
$ | 6,153 | $ | 5,154 | 19 | % | $ | 11,739 | $ | 9971 | 18 | % | ||||||||||||
General
and Administrative
|
$ | 7,869 | $ | 4,577 | 72 | % | $ | 14,878 | $ | 8,888 | 67 | % |
Six Months Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
Net
cash provided by (used in) operating activities
|
$ | (2,902 | ) | $ | 12,867 | |||
Net
income
|
(19,116 | ) | 4,911 | |||||
Depreciation
|
1,603 | 1,006 | ||||||
Stock-based
compensation
|
4,343 | 3,830 | ||||||
Acquired
in-process research and development
|
6,350 | — | ||||||
Amortization
of intangibles
|
3,794 | 680 | ||||||
Accounts
receivable
|
296 | (1,225 | ) | |||||
Other
assets
|
550 | (2,848 | ) | |||||
Other
current accrued liabilities
|
(2,322 | ) | 1,987 | |||||
Income
tax payable
|
(2,706 | ) | 1,614 | |||||
Accounts
payable
|
1,577 | (1,163 | ) | |||||
Accrued
compensation
|
(2,446 | ) | 1,276 | |||||
Long-term
liabilities
|
4,205 | 2,093 | ||||||
Net
cash used in investing activities
|
$ | (122,836 | ) | $ | (3,031 | ) | ||
Net
maturities (purchases) of short-term investments
|
25,940 | 493 | ||||||
Capital
expenditures
|
(1,226 | ) | (3,524 | ) | ||||
Acquisition
of Chipidea Microelectronica S.A., net of cash required
|
(120,616 | ) | — | |||||
Restricted
cash
|
(27,163 | ) | — | |||||
Net
cash provided by financing activities
|
$ | 21,723 | $ | 386 | ||||
Proceeds
from short-term debt, net
|
19,423 | - | ||||||
Net
proceeds from issuance of common stock
|
2,273 | 386 | ||||||
Net
increase (decrease) in cash and cash equivalents
|
$ | (103,851 | ) | $ | 10,264 |
·
|
the
cost, timing and success of product development
efforts;
|
·
|
the
level and timing of contract revenues and royalties;
|
·
|
the
cost of maintaining and enforcing patent claims and other intellectual
property rights and other
litigation;
|
·
|
level
and timing of restructuring activities;
and
|
·
|
whether
cash would be used to complete any
acquisitions.
|
Payments
due by period (in thousands)
|
||||||||||||||||||||
Total
|
Less than
1
year
|
1-3
years
|
3-5
years
|
More than
5
years
|
||||||||||||||||
Operating
lease obligations (1)
|
$
|
12,543
|
$
|
3,312
|
$
|
3,944
|
$
|
2,645
|
$
|
2,642
|
||||||||||
Capital
lease obligations (2)
|
7,893
|
7,370
|
471
|
52
|
—
|
|||||||||||||||
Purchase
obligations (3)
|
12,727
|
9,066
|
3,661
|
—
|
—
|
|||||||||||||||
Short-term debt (4) | 22,053 | 22,053 |
—
|
—
|
—
|
|||||||||||||||
Other
short-term liabilities reflected on our Balance Sheet (5)
|
21,306
|
21,306
|
—
|
—
|
—
|
|||||||||||||||
Other
long-term liabilities and obligations (6)
|
18,980
|
6,731
|
12,249
|
—
|
—
|
|||||||||||||||
Total
|
$
|
95,502
|
$
|
69,838
|
$
|
20,325
|
$
|
2,697
|
$
|
2,642
|
(1)
|
We
lease office facilities and equipment under noncancelable operating
leases
that expire through 2016. In connection with the lease for our
Mountain
View headquarters, we have entered into a letter of credit as a
security
deposit with a financial institution for $264,000, which is guaranteed
by
a time-based certificate of deposit. In addition, we have
entered into letters of credit of approximately $2.5 million with
various
financial institutions in Portugal, Belgium and Norway in association
with
certain building leases and government
grants.
|
(2)
|
Commitments
due under our capital leases for equipment and property.
|
(3)
|
Outstanding
purchase orders for ongoing operations. Payments of these obligations
are
subject to the provision of services or products. Purchase obligations
have increased by approximately $5.2 million since June 30, 2007
primarily due to purchases of computer aided design licenses and
additional purchase orders from the ABG.
|
(4) |
Short-term
debt includes $20 million due under a revolving credit agreement,
$2.0
million due under various credit lines, and $82,000 primarily due
to a
loan with a government agency in Portugal.
|
(5)
|
Short-term
liabilities includes: $14.9 million related to an escrow
account related to the Chipidea acquisition completed in August
2007,
which will be settled twelve months from the acquisition date,
$2.3
million related to a prepayment associated with the sale of a building,
$1.5 million due to shareholders of a company acquired by Chipidea
prior
to August 2007, and $2.6 million in payables for computer aided
design
licenses.
|
(6)
|
Long-term
liabilities and obligations include: $3.0 million due to
employees under a deferred compensation plan, under which
distributions are elected by the employees, and $13.5
million liabilities related to an escrow account for the
consideration contingent due upon continued employment of certain
employees related to the Chipidea acquisition, half of which will
be
settled 12 months from the acquisition date and half of which will be
settled 24 months from the acquisition date, $1.4 million due to
shareholders of a company acquired by Chipidea prior to August
2007, and
$1.1 million in payables for computer aided design licenses.
|
The
table above does not include: (1) the potential cash earn-out
payments of up to $1.0 million payable within 1 year related to
the
acquisition of FS2, which are contingent upon the achievement of
certain
minimum earnings thresholds and project milestone achievement;
(2) the
potential additional cash purchase payment of up to 1.2 million
Euro
payable within 1 year related to certain Portuguese government
grants
associated with the Chipidea purchase; and (3) the potential additional
performance-based milestone payment of 610,687 shares of our common
stock
or a cash equivalent related to the Chipidea acquisition, due in
February
2009. Also, as a result of the adoption of FIN 48 on July 1,
2007, we reclassified unrecognized tax benefits to long-term income
taxes
payable. As of December 31, 2007, we had $5,874,000 of income tax
liabilities. At this time, we are unable to make a reasonably
reliable estimate of the timing of payments in individual years
beyond 12
months. While these contingent payments are not fixed at
present, they represent potential
commitments.
|
·
|
the
challenges associated with integrating and managing a large acquired
business, which challenge will be enhanced by the geographical
distance
between our headquarters in California and the Chipidea headquarters
in
Portugal;
|
·
|
our
dependence on the management of Chipidea to manage the Chipidea
business,
and integrate it with our existing business;
|
·
|
the
likely adverse impact to us if we were to lose key Chipidea personnel,
such as Jose Franca, founder and CEO, whose ongoing employment
with us
will be critical to our ability to continue to advance the Chipidea
technology and to effectively market and sell its
products;
|
·
|
diversion
of our management team’s attention as we seek to capitalize on the
opportunities presented by this acquisition may adversely affect
our
ability to operate our existing
business.
|
·
|
our
ability to identify attractive licensing opportunities and then
enter into
new licensing agreements on terms that are acceptable to
us;
|
·
|
our
ability to successfully conclude licensing agreements of any significant
value in a given quarter;
|
·
|
the
financial terms and delivery schedules of our contractual arrangements
with our licensees, which may provide for significant up-front
payments,
payments based on the achievement of certain milestones or extended
payment terms;
|
·
|
the
demand for products that incorporate our technology;
|
·
|
our
ability to develop, introduce and market new intellectual
property;
|
·
|
the
establishment or loss of licensing relationships with semiconductor
companies or digital consumer, wireless, connectivity and business
product
manufacturers;
|
·
|
the
timing of new products and product enhancements by us and our
competitors;
|
·
|
changes
in development schedules, research and development expenditure
levels and
product support by us and semiconductor companies and digital consumer,
wireless, connectivity and business product manufacturers;
and
|
·
|
uncertain
economic and market conditions.
|
·
|
our
ability to anticipate and timely respond to changes in the requirements
of
semiconductor companies, and original equipment manufacturers,
or OEMs, of
digital consumer, wireless, connectivity and business
products;
|
·
|
our
ability to anticipate and timely respond to changes in semiconductor
manufacturing processes;
|
·
|
changing
customer preferences in the digital consumer, wireless, connectivity
and
business products markets;
|
·
|
the
emergence of new standards in the semiconductor industry and for
digital
consumer, wireless, connectivity and business products;
|
·
|
the
significant investment in a potential product that is often required
before commercial viability is determined;
and
|
·
|
the
introduction by our competitors of products embodying new technologies
or
features.
|
·
|
the
competition these companies face and the market acceptance of their
products;
|
·
|
the
engineering, marketing and management capabilities of these companies
and
technical challenges unrelated to our technology that they face
in
developing their products; and
|
·
|
their
financial and other resources.
|
·
|
changes
in tax laws, trade protection measures and import or export licensing
requirements;
|
·
|
potential
difficulties in protecting our intellectual
property;
|
·
|
changes
in foreign currency rates;
|
·
|
restrictions,
or taxes, on transfers of funds between entities or facilities
in
different countries; and
|
·
|
changes
in a given country’s political or economic
conditions.
|
·
|
diversion
of management’s attention;
|
·
|
potential
loss of key employees and customers of acquired companies;
|
·
|
exposure
to unanticipated contingent liabilities of acquired companies;
and
|
·
|
use
of substantial portions of our available cash to consummate the
acquisition and/or operate the acquired
business.
|
For
|
Against
|
Withheld
|
Abstentious/Broker
Non-Vote
|
|||||||||||||
Kenneth
L. Coleman
|
25,747,264 | — | 11,180,555 | — | ||||||||||||
William
M. Kelly
|
34,817,866 | — | 2,109,953 | — | ||||||||||||
Dr.
Jose E. Franca
|
36,428,853 | — | 498,966 | — |
For
|
Against
|
Withheld
|
Abstentious/Broker
Non-Vote
|
|||||||||||||
35,765,959 | 1,141,287 | 20,573 | — |
For
|
Against
|
Withheld
|
Abstentious/Broker
Non-Vote
|
|||||||||||||
22,101,852 | 2,359,781 | 24,930 | 12,441,256 |
For
|
Against
|
Withheld
|
Abstentious/Broker
Non-Vote
|
|||||||||||||
24,264,592 | 195,418 | 26,553 | 12,441,256 |
3.1
|
By-Laws
(incorporated herein by reference to Exhibit 3.01 to the Company’s Form
8-K filed on December 21, 2007).
|
10.1
|
MIPS
Technologies, Inc. 1998 Long-Term Incentive Plan (incorporated
herein by
reference to Appendix A to the Company’s definitive Proxy Statement filed
under Schedule 14A filed on October 25,
2007).
|
10.2
|
Form
of notice and stock option agreement with directors and officers
of the
Company under the Amended and Restated 1998 Long-Term Incentive
Plan
(incorporated herein by reference to Exhibit 99.02 to the Company’s Form
8-K filed on December 12, 2007).
|
10.3
|
Form
of notice and stock option agreement with employees of the Company
under
the Amended and Restated 1998 Long-Term Incentive Plan (incorporated
herein by reference to Exhibit 99.02 to the Company’s Form 8-K filed on
December 12, 2007).
|
10.4
|
MIPS
Technologies, Inc. Performance-Based Bonus Plan for Executives
(incorporated herein by reference to Exhibit 99.01 of the Company’s Form
8-K filed on October 16, 2007).
|
10.5
|
Special
Bonus Plan Letter Agreement (incorporated herein by reference to
Exhibit
99.02 to the Company’s Form 8-K filed on October 16, 2007).
|
10.6
|
MIPS
Technologies, Inc. Change in Control Agreement (incorporated herein
by
reference to Exhibit 99.03 to the Company’s Form 8-K filed on October 16,
2007).
|
|
10
.7
|
Offer
Letter to Stuart Nichols (incorporated herein by reference to Exhibit
99.02 to the Company’s Form 8-K filed on November 26, 2007).
|
|
|
Certification
of Chief Executive Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of
2002.*
|
MIPS
Technologies, Inc., a
Delaware corporation
|
|||
February 11,
2008
|
By:
|
/s/ MERVIN S. KATO | |
Mervin S. Kato | |||
Vice President and Chief Financial Officer | |||
(Principal Financial Accounting Officer) |
1 Year Mips Technologies, Inc. (MM) Chart |
1 Month Mips Technologies, Inc. (MM) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions