Exhibit 99.1
Mindspeed® Reports Fiscal 2008 Second Quarter Results
Record Quarterly Revenues Driven by a 19 Percent Increase from VoIP Solutions
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today announced revenues of $36.2 million for the second quarter of fiscal 2008, which ended March 28, 2008, an increase of 3 percent compared to $35.3 million for the first quarter of fiscal 2008 and up 18 percent from the $30.8 million reported for the second quarter of fiscal 2007.
The company’s non-GAAP gross margin was $24.6 million, or 68 percent of revenues, including a 1.6 percent benefit from the sale of certain patents that are no longer core to its business. Presented on a GAAP basis, gross margin was $24.4 million, or 67 percent of revenues.
The company’s operating income on a non-GAAP basis was $600 thousand for the second fiscal quarter of 2008 compared to non-GAAP operating income of $2.0 million for the first fiscal quarter of 2008. Presented on a GAAP basis, the operating loss for the second fiscal quarter was $1.0 million compared to a loss of $300 thousand for the first fiscal quarter of 2008.
The company’s net loss for the second quarter of fiscal 2008 on a non-GAAP basis was $300 thousand, or $0.00 per share, compared to non-GAAP net income of $1.5 million, or $0.01 per share, for the first fiscal quarter of 2008. Presented on a GAAP basis, the net loss was $1.8 million, or $0.02 per share, compared to a net loss of $800 thousand, or $0.01 per share, for the first fiscal quarter of 2008. Reconciliations of the non-GAAP measures to GAAP measures are included in the accompanying financial data.
Revenues from multiservice access voice-over-IP (VoIP) processor solutions increased 19 percent sequentially, contributing 33 percent of total second fiscal quarter 2008 revenues. Revenues from high-performance analog products decreased 4 percent sequentially, representing 28 percent of the total. Wide area networking communication product revenues decreased 4 percent sequentially, contributing the remaining 39 percent of second fiscal quarter 2008 revenues.
“I am proud of our continued solid performance in the second fiscal quarter of 2008,” said Raouf Halim, Mindspeed’s chief executive officer. “We delivered record quarterly revenues at the high end of our guidance range, as well as our fourth consecutive quarter of non-GAAP operating income and our second consecutive quarter of positive cash flow. Our sequential growth was driven by record quarterly revenues from our VoIP processors with multiple design wins supported over the past few years ramping to production, particularly for VoIP processing in fiber-to-the-premise network access deployments.”
Outlook
Mindspeed expects fiscal 2008 third quarter revenues to be up 2 to 6 percent sequentially. The company expects third quarter non-GAAP gross margin to be approximately 68 percent and non-GAAP operating expenses to be approximately flat sequentially, with continued positive non-GAAP operating income and positive non-GAAP cash flow.
Second Quarter Fiscal 2008 Conference Call
Mindspeed will conduct a conference call to discuss its second quarter fiscal 2008 results this afternoon, Monday, April 21, 2008, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time. To listen to the conference call via telephone, call 866-246-6203 (domestic) or 706-643-1612 (international); password: Mindspeed. To listen via the Internet, visit the Investors section of Mindspeed’s web site at www.mindspeed.com. Replay of the conference call will be available via telephone two hours after it concludes for 30 days by calling 800-642-1687 (domestic) or 706-645-9291 (international); conference ID: 42095407. Replay will also be available on Mindspeed’s web site at www.mindspeed.com.
About Mindspeed Technologies®
Mindspeed Technologies, Inc. designs, develops and sells semiconductor networking solutions for communications applications in enterprise, access, metropolitan and wide-area networks.
The company’s three key product families include high-performance analog transmission and switching solutions, multiservice access voice-over-IP processors designed to support voice and data services across wireline and wireless networks and WAN communication products such as T/E carrier transmission devices and ATM/MPLS network processors.
Mindspeed’s products are used in a wide variety of network infrastructure equipment, including voice and media gateways, high-speed routers, switches, access multiplexers, cross-connect systems, add-drop multiplexers and digital loop carrier equipment.
To learn more, visit us at www.mindspeed.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include the information under the heading “Outlook,” and other information regarding the company’s expectations, goals or intentions, including but not limited to, statements regarding potential trends and future performance of the company’s business units; the company’s ability to maintain or improve non-GAAP operating profitability and non-GAAP cash flow; expected levels of operating expense; expected demand for the company’s products; growth prospects in various markets; and operating results for future periods. 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: market demand for the company’s new and existing products and its ability to increase revenues; the company’s ability to maintain operating expenses within anticipated levels; the company’s ability to further generate cash; availability and terms of capital needed for the company’s business; constraints in the supply of wafers and other product components from the company’s third-party manufacturers; the company’s ability to successfully and cost effectively establish and manage operations in foreign jurisdictions; the company’s ability to attract and retain qualified personnel; successful development and introduction of new products; the company’s ability to successfully integrate acquired businesses and realize the anticipated benefits from such acquisitions; the company’s ability to obtain design wins and develop revenues from them; pricing pressures and other competitive factors; industry consolidation; order and shipment uncertainty; changes in customers’ inventory levels and inventory management practices; fluctuations in manufacturing yields; product defects; intellectual property infringement claims by others and the ability to protect the company’s intellectual property. 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 Quarterly Report on Form 10-Q for the quarter ended December 31, 2007, 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.
MINDSPEED TECHNOLOGIES, INC. Consolidated Condensed Statements of Operations (unaudited, in thousands, except per share amounts) | ||||||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||||||
| Mar. 28, | Dec. 28, | Mar. 30, | Mar. 28, | Mar. 30, | ||||||||||||||||
| 2008 | 2007 | 2007 | 2008 | 2007 | ||||||||||||||||
| Net revenues | $ | 36,248 | $ | 35,301 | $ | 30,758 | $ | 71,549 | $ | 60,915 | ||||||||||
| Cost of goods sold (a)(b) | 11,799 | 10,342 | 10,817 | 22,141 | 21,494 | |||||||||||||||
| Gross margin | 24,449 | 24,959 | 19,941 | 49,408 | 39,421 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development (a) | 13,704 | 13,718 | 14,710 | 27,422 | 30,310 | |||||||||||||||
| Selling, general and administrative (a) | 11,674 | 11,506 | 11,279 | 23,180 | 22,072 | |||||||||||||||
| Special charges (a)(c) | 93 | 81 | 1,237 | 174 | 4,832 | |||||||||||||||
| Total operating expenses | 25,471 | 25,305 | 27,226 | 50,776 | 57,214 | |||||||||||||||
| Operating loss | (1,022 | ) | (346 | ) | (7,285 | ) | (1,368 | ) | (17,793 | ) | ||||||||||
| Other income (expense), net | (750 | ) | (401 | ) | (239 | ) | (1,151 | ) | (851 | ) | ||||||||||
| Loss before income taxes | (1,772 | ) | (747 | ) | (7,524 | ) | (2,519 | ) | (18,644 | ) | ||||||||||
| Provision for income taxes | 65 | 82 | 95 | 147 | 292 | |||||||||||||||
| Net loss | $ | (1,837 | ) | $ | (829 | ) | $ | (7,619 | ) | $ | (2,666 | ) | $ | (18,936 | ) | |||||
| Net loss per share, basic | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.17 | ) | |||||
Weighted-average number of shares used in basic per share computation | 115,225 | 113,776 | 110,429 | 114,501 | 109,405 | |||||||||||||||
| (a) | Includes stock-based compensation expense and employer taxes on stock-based compensation. | |
| (b) | Cost of goods sold includes the favorable effect of sales of certain inventories written down to a zero cost basis during fiscal 2001. The favorable effect of such sales, by quarter, was approximately $0.4 million (March 2008), $0.5 million (December 2007), and $0.9 million (March 2007). For the six months ended March 28, 2008 and March 30, 2007 the favorable effect of such sales was $0.9 million and $2.1 million. | |
| (c) | Special charges consists of asset impairments and restructuring charges. |
MINDSPEED TECHNOLOGIES, INC. Reconciliation of Non-GAAP Measures to GAAP Measures (unaudited, in thousands, except per share amounts) | ||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||
| Mar. 28, | Dec. 28, | Mar. 30, | Mar. 28, | Mar. 30, | ||||||||||||||||
| 2008 | 2007 | 2007 | 2008 | 2007 | ||||||||||||||||
Reconciliation of Non-GAAP Gross Margin to GAAP Gross Margin | ||||||||||||||||||||
| Non-GAAP gross margin | $ | 24,597 | $ | 25,198 | $ | 20,041 | $ | 49,795 | $ | 39,630 | ||||||||||
| Items excluded from non-GAAP gross margin: | ||||||||||||||||||||
| Stock-based compensation | (2 | ) | 80 | 97 | 78 | 189 | ||||||||||||||
| Employer taxes on stock-based compensation | 0 | 4 | 3 | 4 | 20 | |||||||||||||||
| Amortization of intangible assets (d) | 150 | 155 | — | 305 | — | |||||||||||||||
| Gross margin | $ | 24,449 | $ | 24,959 | $ | 19,941 | $ | 49,408 | $ | 39,421 | ||||||||||
Reconciliation of Non-GAAP Research and Development Expenses to GAAP Research and Development Expenses | ||||||||||||||||||||
| Non-GAAP research and development expenses | $ | 13,162 | $ | 12,857 | $ | 14,146 | $ | 26,019 | $ | 29,115 | ||||||||||
| Items excluded from non-GAAP research and development expenses: | ||||||||||||||||||||
| Stock-based compensation | 511 | 801 | 515 | 1,312 | 1,094 | |||||||||||||||
| Employer taxes on stock-based compensation | 31 | 60 | 49 | 91 | 101 | |||||||||||||||
| Research and development expenses | $ | 13,704 | $ | 13,718 | $ | 14,710 | $ | 27,422 | $ | 30,310 | ||||||||||
Reconciliation of Non-GAAP Selling, General and Administrative Expenses to GAAP Selling, General and Administrative Expenses | ||||||||||||||||||||
| Non-GAAP selling, general and administrative expenses | $ | 10,875 | $ | 10,384 | $ | 9,971 | $ | 21,259 | $ | 19,887 | ||||||||||
| Items excluded from non-GAAP selling, general and administrative expenses: | ||||||||||||||||||||
| Stock-based compensation | 738 | 773 | 1,272 | 1,511 | 2,045 | |||||||||||||||
| Employer taxes on stock-based compensation | 19 | 33 | 36 | 52 | 140 | |||||||||||||||
| Amortization of intangible assets (d) | — | 100 | — | 100 | — | |||||||||||||||
| Employee separation cost (e) | 42 | 216 | — | 258 | — | |||||||||||||||
| Selling, general and administrative expenses | $ | 11,674 | $ | 11,506 | $ | 11,279 | $ | 23,180 | $ | 22,072 | ||||||||||
Reconciliation of Non-GAAP Operating Income/(Loss) to GAAP Operating Loss | ||||||||||||||||||||
| Non-GAAP operating income/(loss) | $ | 560 | $ | 1,957 | $ | (4,076 | ) | $ | 2,517 | $ | (9,372 | ) | ||||||||
| Items excluded from non-GAAP operating income/(loss): | ||||||||||||||||||||
| Stock-based compensation | 1,247 | 1,654 | 1,884 | 2,901 | 3,328 | |||||||||||||||
| Employer taxes on stock-based compensation | 50 | 97 | 88 | 147 | 261 | |||||||||||||||
| Amortization of intangible assets (d) | 150 | 255 | — | 405 | — | |||||||||||||||
| Employee separation cost (e) | 42 | 216 | — | 258 | — | |||||||||||||||
| Special charges (f) | 93 | 81 | 1,237 | 174 | 4,832 | |||||||||||||||
| Operating loss | $ | (1,022 | ) | $ | (346 | ) | $ | (7,285 | ) | $ | (1,368 | ) | $ | (17,793 | ) | |||||
Reconciliation of Non-GAAP Net Income/(Loss) to GAAP Net Loss | ||||||||||||||||||||
| Non-GAAP net income/(loss) | $ | (255 | ) | $ | 1,474 | $ | (4,410 | ) | $ | 1,219 | $ | (10,515 | ) | |||||||
| Items excluded from non-GAAP net income/(loss): | ||||||||||||||||||||
| Stock-based compensation | 1,247 | 1,654 | 1,884 | 2,901 | 3,328 | |||||||||||||||
| Employer taxes on stock-based compensation | 50 | 97 | 88 | 147 | 261 | |||||||||||||||
| Amortization of intangible assets (d) | 150 | 255 | — | 405 | — | |||||||||||||||
| Employee separation cost (e) | 42 | 216 | — | 258 | — | |||||||||||||||
| Special charges (f) | 93 | 81 | 1,237 | 174 | 4,832 | |||||||||||||||
| Net loss | $ | (1,837 | ) | $ | (829 | ) | $ | (7,619 | ) | $ | (2,666 | ) | $ | (18,936 | ) | |||||
| Reconciliation of Non-GAAP Net Income/(Loss) Per Share to GAAP Net Loss Per Share | ||||||||||||||||||||
| Loss per share, basic: | ||||||||||||||||||||
| Non-GAAP net income/(loss) | $ | 0.00 | $ | 0.01 | $ | (0.04 | ) | $ | 0.01 | $ | (0.10 | ) | ||||||||
| Adjustments | (0.02 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.07 | ) | ||||||||||
| Net loss | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.07 | ) | $ | (0.02 | ) | $ | (0.17 | ) | |||||
| Reconciliation of Non-GAAP Cash Generation (Consumption) to Net Increase (Decrease) in Cash and Cash Equivalents | ||||||||||||||||||||
| Non-GAAP cash generation (consumption) | $ | 1,176 | $ | 1,718 | $ | (3,351 | ) | $ | 2,894 | $ | (6,810 | ) | ||||||||
| Net sales (purchases) of marketable securities | — | — | 1,918 | — | 531 | |||||||||||||||
| Net increase (decrease) in cash and cash equivalents | $ | 1,176 | $ | 1,718 | $ | (1,433 | ) | $ | 2,894 | $ | (6,279 | ) | ||||||||
| (d) | Amortization of intangible assets reflects amortization expense on purchased intangibles from the acquisition of certain of the assets of Ample Communications, Inc. in the fourth quarter of fiscal 2007. | |
| (e) | Employee separation costs consist of severance benefits payable to a certain former officer of the company as a result of organizational changes. | |
| (f) | Special charges consists of asset impairments and restructuring charges. | |
Non-GAAP Measures
We provide non-GAAP measures as a supplement to financial results based on GAAP. A detailed reconciliation of the non-GAAP results to the most directly comparable GAAP measures is set forth above under the heading “Reconciliation of Non-GAAP Measures to GAAP Measures.” Investors are encouraged to review this reconciliation. We believe the presentation of non-GAAP measures provides investors with additional insight into underlying operating results and prospects for the future by excluding stock-based compensation, employer taxes on stock-based compensation, employee separation costs, amortization of intangible assets, and/or the effects of special charges such as asset impairments and restructuring charges. We have historically reported similar financial measures and believe that the inclusion of comparative numbers provides consistency in our financial reporting.
We use non-GAAP gross margin, research and development expenses, selling, general and administrative expenses, operating income/(loss), net loss, net loss per share and cash generation/(consumption) internally to evaluate our operating performance and to determine certain components of management compensation. In addition, we use these non-GAAP measures for internal budgets and forecasts. We believe that these non-GAAP measures can be useful to investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational decision making.
Non-GAAP gross margin excludes stock-based compensation expense, employer taxes on stock-based compensation and amortization of intangible assets. Non-GAAP research and development expenses, selling, general and administrative expenses, operating income/(loss), net loss and net loss per share exclude stock-based compensation expense, employer taxes on stock-based compensation, amortization of intangible assets, employee separation costs and special charges. Non-GAAP cash generation/(consumption) is the net increase (decrease) in cash and cash equivalents excluding the sales and purchases of marketable securities.
As a result of our adoption of SFAS 123R, “Share-Based Payment” in the first quarter of fiscal 2006, our GAAP statements of operations for periods beginning in fiscal year 2006 include stock-based compensation expense. We believe that excluding stock-based compensation from non-GAAP measures facilitates a comparison of our results with prior periods and can enhance the understanding of our performance. We exclude employer taxes on stock-based compensation from non-GAAP measures because we believe it provides a helpful perspective on our operating performance. We exclude the amortization of intangible assets from non-GAAP measures because we believe it provides a helpful perspective on our operating performance. We exclude employee separation costs because it includes significant discrete items that may not be indicative of our ongoing operations or economic performance. We exclude special charges from non-GAAP measures because it includes restructuring charges, asset impairments and other significant discrete items that may not be indicative of our ongoing operations and economic performance. We provide non-GAAP cash generation/(consumption) because we believe it is important for investors to understand changes in our total liquidity period to period.
We do not provide forward-looking GAAP measures or a reconciliation of the forward-looking non-GAAP measures to GAAP measures because of our inability to project special charges, employee separation costs and stock-based compensation related expenses.
The non-GAAP financial measures we provide have certain limitations because they do not reflect all of the costs associated with the operation of our business as determined in accordance with GAAP. The non-GAAP measures are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. We endeavor to compensate for the limitations of these non-GAAP measures by providing GAAP financial statements, descriptions of the reconciling items and a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures so that investors can appropriately incorporate the non-GAAP measures and their limitations into their analyses. For complete information on stock-based compensation, amortization of intangible assets, employee separation costs and special charges, please see our financial statements and “Management’s Discussion and Analysis of Results of Operations and Financial Condition” that will be included in the periodic report we expect to file with the SEC with respect to the financial periods discussed herein.
MINDSPEED TECHNOLOGIES, INC. Consolidated Condensed Balance Sheets (unaudited, in thousands) | ||||||||||
| Mar. 28, | Sept. 28, | |||||||||
| 2008 | 2007 | |||||||||
| ASSETS | ||||||||||
| Current Assets | ||||||||||
| Cash and cash equivalents | $ | 28,690 | $ | 25,796 | ||||||
| Receivables, net | 17,681 | 13,584 | ||||||||
| Inventories | 9,662 | 15,023 | ||||||||
| Prepaid expenses and other current assets | 2,479 | 3,763 | ||||||||
| Total current assets | 58,512 | 58,166 | ||||||||
| Property, plant and equipment, net | 13,061 | 13,147 | ||||||||
| Intangible assets, net | 5,224 | 5,524 | ||||||||
| License agreements | 2,655 | 1,798 | ||||||||
| Other assets | 2,832 | 3,444 | ||||||||
| Total assets | $ | 82,284 | $ | 82,079 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Current Liabilities | ||||||||||
| Accounts payable | $ | 7,216 | $ | 7,117 | ||||||
| Deferred revenue | 4,091 | 4,852 | ||||||||
| Accrued compensation and benefits | 5,606 | 5,286 | ||||||||
| Accrued income tax | 111 | 752 | ||||||||
| Restructuring | 540 | 1,478 | ||||||||
| Other current liabilities | 2,757 | 2,867 | ||||||||
| Total current liabilities | 20,321 | 22,352 | ||||||||
| Convertible senior notes | 45,255 | 45,037 | ||||||||
| Other liabilities | 651 | 444 | ||||||||
| Total liabilities | 66,227 | 67,833 | ||||||||
| Stockholders' equity | 16,057 | 14,246 | ||||||||
| Total liabilities and stockholders' equity | $ | 82,284 | $ | 82,079 | ||||||
MINDSPEED TECHNOLOGIES, INC. Consolidated Condensed Statements of Cash Flows (unaudited, in thousands) | |||||||||||
Six months ended | |||||||||||
| March 28, | March 30, | ||||||||||
| 2008 | 2007 | ||||||||||
| Cash Flows From Operating Activities | |||||||||||
| Net loss | $ | (2,666 | ) | $ | (18,936 | ) | |||||
Adjustments required to reconcile net loss to the net cash provided by (used in) operating activities, net of effects of acquisitions: | |||||||||||
| Depreciation and amortization | 3,115 | 2,589 | |||||||||
| Stock compensation | 3,027 | 3,585 | |||||||||
| Inventory provisions | (1,064 | ) | (228 | ) | |||||||
| Other non-cash items, net | 258 | 254 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Receivables | (3,917 | ) | 4,103 | ||||||||
| Inventories | 6,425 | 669 | |||||||||
| Accounts payable | 1,265 | (1,958 | ) | ||||||||
| Deferred revenue | (767 | ) | (967 | ) | |||||||
| Accrued expenses and other current liabilities | 198 | 2,338 | |||||||||
| Other | 2,335 | 1,141 | |||||||||
| Net cash provided by (used in) operating activities | 8,209 | (7,410 | ) | ||||||||
| Cash Flows From Investing Activities | |||||||||||
| Capital expenditures | (4,127 | ) | (1,822 | ) | |||||||
| Acquisition of assets, net of cash acquired | (1,172 | ) | — | ||||||||
| Net sales of marketable securities | — | 531 | |||||||||
| Net cash used in investing activities | (5,299 | ) | (1,291 | ) | |||||||
| Cash Flows From Financing Activities | |||||||||||
| Exercise of options and warrants | 111 | 2,422 | |||||||||
| Net cash provided by financing activities | 111 | 2,422 | |||||||||
| Effect of foreign currency exchange rates on cash | (127 | ) | — | ||||||||
| Net increase (decrease) in cash and cash equivalents | 2,894 | (6,279 | ) | ||||||||
| Cash and cash equivalents at beginning of period | 25,796 | 29,976 | |||||||||
| Cash and cash equivalents at end of period | $ | 28,690 | $ | 23,697 | |||||||
MINDSPEED TECHNOLOGIES, INC. Selected Corporate Data (unaudited, in thousands) | ||||||||||||||||||||
| Three months ended | Six months ended | |||||||||||||||||||
| Mar. 28, | Dec. 28, | Mar. 30, | Mar. 28, | Mar. 30, | ||||||||||||||||
| 2008 | 2007 | 2007 | 2008 | 2007 | ||||||||||||||||
| Gross margin % | 67 | % | 71 | % | 65 | % | 69 | % | 65 | % | ||||||||||
| Cash provided by (used in): | ||||||||||||||||||||
| Operating activities | $ | 3,421 | $ | 4,788 | $ | (4,658 | ) | $ | 8,209 | $ | (7,410 | ) | ||||||||
| Investing activities | (2,131 | ) | (3,168 | ) | 1,162 | (5,299 | ) | (1,291 | ) | |||||||||||
| Financing activities | 10 | 101 | 2,063 | 111 | 2,422 | |||||||||||||||
| Effect of foreign currency on cash | (124 | ) | (3 | ) | — | (127 | ) | — | ||||||||||||
| Net increase (decrease) in cash | $ | 1,176 | $ | 1,718 | $ | (1,433 | ) | $ | 2,894 | $ | (6,279 | ) | ||||||||
| Depreciation | $ | 1,202 | $ | 1,198 | $ | 1,322 | $ | 2,400 | $ | 2,589 | ||||||||||
| Capital expenditures | 984 | 1,326 | 756 | 2,310 | 1,822 | |||||||||||||||
| Revenues by region: | ||||||||||||||||||||
| Americas | $ | 12,462 | $ | 13,626 | $ | 11,359 | $ | 26,088 | $ | 21,378 | ||||||||||
| Europe | 5,620 | 4,004 | 3,982 | 9,624 | 6,937 | |||||||||||||||
| Asia-Pacific | 18,166 | 17,671 | 15,417 | 35,837 | 32,600 | |||||||||||||||
| $ | 36,248 | $ | 35,301 | $ | 30,758 | $ | 71,549 | $ | 60,915 | |||||||||||
| Revenues by product line: | ||||||||||||||||||||
| Multiservice access DSP products | $ | 11,865 | $ | 9,942 | $ | 9,318 | $ | 21,807 | $ | 18,304 | ||||||||||
| High-performance analog products | 10,154 | 10,574 | 8,158 | 20,728 | 17,952 | |||||||||||||||
| WAN communications products | 14,229 | 14,785 | 13,282 | 29,014 | 24,659 | |||||||||||||||
| $ | 36,248 | $ | 35,301 | $ | 30,758 | $ | 71,549 | $ | 60,915 | |||||||||||
CONTACT:
Mindspeed Technologies, Inc.
Thomas Stites, (949) 579-3650