MIPS Technologies Inc. (MIPS), Wednesday reported a loss in the fourth quarter that narrowed from a year ago, reflecting a substantial decline in losses related to discontinued operations. Hurt by lower royalties and contract revenue, quarterly revenues plunged 40%.
For the fourth quarter, net loss of MIPS Technologies narrowed to $6.68 million or $0.15 per share from $108.46 million or $2.45 per share in the same quarter a year ago.
Income from continuing operations was $2.69 million, compared to loss from continuing operations of $1.90 million in the year-earlier quarter. Loss from discontinued operations was $11.03 million, compared to $106.56 million in the corresponding quarter last year.
Non-GAAP net income was $5.5 million or $0.12 per share, compared with a non-GAAP net income of $4.3 million or $0.09 per share in the year-earlier quarter.
On average, three analysts polled by Thomson Reuters expected earnings of $0.03 per share for the quarter. Analysts' estimate typically excludes one-time items.
Revenue for the quarter plunged 40% to $12.61 million from $20.91 million in the prior-year quarter. The Street expected revenues of $13.73 million for the quarter.
Royalties declined to $7.67 million from $10.74 million, while contract revenue more than halved to $4.94 million from the year-earlier quarter.
Operating income was $0.18 million, compared to $2.21 million in the comparable quarter last year.
For fiscal year 2009, net loss was $9.48 million or $0.21 per share, compared to a net loss of $131.84 million or $3.00 per share last year. Non-GAAP net income from continuing operations was $17.6 million or $0.39 per share. Revenue for the year decreased to $70.19 million from $75.58 million a year ago.
MIPS closed Wednesday's regular trading at $3.44, up $0.08 or 2.38%, on a volume of 0.39 million shares. In after-hours, the stock further gained $0.06 or 1.74%, to trade at $3.50
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