Earnings Call Excerpt
MIPS Technologies, Inc. (MIPS)
F1Q08 (Qtr End 09/30/2007) Earnings Call
November 8, 2007, 16:45 p.m. ET
Executives
John Bourgoin - Chief Executive Officer and President
Merv Kato - Chief Financial Officer
Analysts
Tony Stoss - Craig-Hallum
Raj Seth - Cowen & Company
Rob Amam - RK Capital
Hasnin Kareem – Pacific Edge
Salomon Kamalodine - B. Riley & Co.
Presentation
Operator
Good afternoon and welcome to the MIPS Technology First Quarter and Fiscal Year 2008 Financial Results call.
I will now turn the call over to Mr. Merv Kato, Chief Financial Officer, sir you may begin.
Merv Kato
Thank you. Welcome to the MIPS Technology’s First Quarter Fiscal 2008 Earnings Conference Call. I am Merv Kato, Chief Financial Officer and with me today is John Bourgoin, Chief Executive Officer.
This conference call may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. The including projections of certain operating results for the second quarter of fiscal 2008. Listeners are cautioned not to place undue reliance on this forward-looking information. Many important factors could cause the actual results to differ materially from those contained in such projections or forward-looking statements. We refer you the risk factor section of documents that we file from time to time with the Securities and Exchange Commission or factors that could cause actual results to differ from our forward-looking statement.
The agenda for today, I will provide the financial update, John will talk to the business highlights for the quarter. We will then have a Q&A session. For those that are interested in the playback of this call, the number is 203-369-1303. The access code is MIPS, and will be available for seven days.
An audio replay will also be posted to the Investor Relations page of our website at mips.com.
You should have a copy of MIPS earnings release, if not a copy is available on our website. A reminder that our fiscal yearend is June 30.
As announced on August 27, 2007, we acquired Chipidea Microelectronica, S.A. in a $147 million all cash deal. Approximately $120 million was paid upfront to the selling stock holders and approximately $27 million was placed in two escrow funds. We have consolidated the financial results of Chipidea for the five-week period from the close of the transaction through September 30, 2007. Historical of Chipideas financials were prepared under IFRS or International Financial Reporting Standards, while its current results are consolidated under US GAAP.
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