Mindspeed Announces Preliminary Fiscal First Quarter 2011 Results
January 05 2011 - 4:02PM
Business Wire
Mindspeed Technologies, Inc. (NASDAQ: MSPD), today announced
preliminary results for the fiscal first quarter of 2011, which
ended on December 31, 2010.
The company expects preliminary fiscal first quarter of 2011
revenues to be approximately $40.5 million, consisting of product
revenues of approximately $38.0 million and $2.5 million in patent
sales. The company's previous outlook for fiscal first quarter
revenues announced during the November 1, 2010 earnings conference
call was a product revenue range of $41.2 million to $40.3 million
and $2.5 million in patent sales.
The company expects preliminary fiscal first quarter of 2011
non-GAAP gross margin percentage and non-GAAP operating expenses to
be consistent with the previous outlook announced during the
November 1, 2010 earnings conference call.
“We experienced a weaker demand environment in the fiscal first
quarter of 2011, primarily related to our legacy wide area
networking business, specifically from a few, large wireless
communications customers,” said Raouf Y. Halim, chief executive
officer of Mindspeed. “That said, based on current backlog and
customer forecasts, our perspective is that the demand environment
has stabilized and customers appear to be making good progress
absorbing systems inventory built up during the supply constrained
environment of the last few quarters,” added Mr. Halim.
No conference call will be held in conjunction with these
preliminary results. Mindspeed is scheduled to release its final
earnings results for the fiscal first quarter of 2011 on Monday,
January 24, 2011. A conference call will be held at 2:00 PM Pacific
Time/5:00 PM Eastern Time that day to review the quarterly results
and provide an outlook for the fiscal second quarter of 2011. The
conference call webcast will be accessible via the company's
website at www.mindspeed.com.
About Mindspeed Technologies
Mindspeed designs, develops and sells semiconductor solutions
for communications applications in the wireline and wireless
network infrastructure, which includes enterprise networks,
broadband access networks (fixed and mobile), and metropolitan and
wide area networks. We have organized our solutions for these
interrelated and rapidly converging networks into three families.
Our communications convergence processing (CCP) products include
ultra-low-power, multi-core digital signal processor (DSP)
system-on-chip (SoC) products for the fixed and mobile (3G/4G/LTE)
carrier infrastructure and residential and enterprise service
platforms. Our high-performance analog (HPA) products solve
difficult switching, timing and synchronization challenges in
next-generation optical networking, enterprise storage and
broadcast video transmission applications. Our wide area networking
(WAN) communications portfolio helps optimize today’s
circuit-switched networks. Mindspeed’s products are sold to
original equipment manufacturers (OEMs) for use in a variety of
network infrastructure equipment which serves these markets.
To learn more, please visit www.mindspeed.com.
Safe Harbor Statement
For a discussion of our use of non-GAAP financial measures,
please refer to our earnings release dated November 1, 2010 and our
Current Report on Form 8-K furnished to the SEC on the same date. A
complete reconciliation of non-GAAP measures to GAAP measures will
be provided when we release final earnings results for the fiscal
first quarter of 2011 on January 24, 2011.
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Such statements include statements regarding the company's
expectations, goals or intentions, including but not limited to,
statements regarding: backlog and customer forecasts; stabilization
of the demand environment; customer inventory levels; and expected
levels of revenues, gross margin and operating expenses. These
forward-looking statements are based on management's current
expectations, estimates, forecasts and projections about the
company and are subject to risks and uncertainties that could cause
actual results and events to differ materially from those stated in
the forward-looking statements. These risks and uncertainties
include, but are not limited to: fluctuations in our operating
results and future operating losses; worldwide political and
economic uncertainties and specific conditions in the markets we
address; constraints in the supply of wafers and other product
components from our third-party manufacturers; fluctuations in the
price of our common stock; cash requirements and terms and
availability of financing; loss of or diminished demand from one or
more key customers or distributors; our ability to attract and
retain qualified personnel; doing business internationally and our
ability to successfully and cost effectively establish and manage
operations in foreign jurisdictions; pricing pressures and other
competitive factors; successful development and introduction of new
products; lengthy sales cycles; order and shipment uncertainty; our
ability to obtain design wins and develop revenues from them; the
expense of and our ability to defend our intellectual property
against infringement claims by others; product defects and bugs;
business acquisitions and investments; and our ability to utilize
our net operating loss carryforwards and certain other tax
attributes. Risks and uncertainties that could cause the company's
actual results to differ from those set forth in any
forward-looking statement are discussed in more detail under "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in the company's Annual Report
on Form 10-K for the year ended October 1, 2010, as well as similar
disclosures in the company's subsequent SEC filings.
Forward-looking statements contained in this press release 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.
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