Mindspeed Technologies, Inc. (MSPD) said Tuesday that it has retained Morgan Stanley & Co. LLC as financial advisor to assist the board of directors in evaluating various strategic alternatives available to the company.
Separately, Mindspeed reported preliminary results for its fiscal second quarter of 2013. The preliminary results are subject to change based on the conclusion of goodwill and asset impairment testing being undertaken by the company.
The company reported a net loss for the second quarter of $40.1 million or $1.00 per share, compared to a net loss of $14.2 million or $0.39 per share for the year-ago quarter.
Excluding the goodwill impairment charge, adjusted loss per share for the second quarter was $0.02 per share, compared to an adjusted loss of $0.14 per share in the prior year quarter.
Net revenue for the second quarter fell to $35.39 million from $44.39 million a year ago.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.04 per share on revenue of $35.26 million for the second quarter. Analysts' estimates typically exclude special items.
Mindspeed also forecasts total net product revenue in the fiscal third quarter of 2013 to be about flat versus the fiscal second quarter of 2013.
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