Mindspeed Technologies, Inc. (MSPD) Tops Q3 EPS by 3c; Implements Restructuring Plan; Guides Q412
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Price: $3.26 +2.84%
EPS Growth %: +85.7%
Financial Fact:
Cost of goods sold: 16.62M
Today's EPS Names:
BORN, EFUT, ZOOM, More
EPS Growth %: +85.7%
Financial Fact:
Cost of goods sold: 16.62M
Today's EPS Names:
BORN, EFUT, ZOOM, More
Trade MSPD Now!
Mindspeed Technologies, Inc. (NASDAQ: MSPD) reported Q3 EPS of ($0.12), $0.03 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $35.5 million versus the consensus estimate of $35.64 million.
In the fiscal fourth quarter of 2012, Mindspeed initiated a global corporate restructuring to reduce operating expenses, focus investments and deliver better results for its shareholders, employees and customers.
The restructuring is expected to decrease non-GAAP operating expenses by approximately $13 million per year, primarily driven by an approximate 15% reduction in Mindspeed’s global workforce. The company expects to decrease its operating expenses to roughly $22 million per quarter starting in the first fiscal quarter of 2013. These moves are expected to better focus the company on its most significant growth opportunities and improve earnings leverage going forward.
“While these decisions were difficult to make as they involve a reduction in force, we now expect non-GAAP operating profit in the first half of fiscal 2013,” said Mr. Halim.
As a result of this restructuring, Mindspeed currently expects to incur total charges ranging from approximately $4.0 million to $5.0 million, of which approximately $3.5 million to $4.5 million will be cash expenditures.
Mindspeed expects fiscal fourth quarter of 2012 total net product revenue to be flat to down 6% versus the fiscal third quarter of 2012. The company expects fiscal fourth quarter of 2012 non-GAAP gross margin to be between 58-59 percent. The company also expects non-GAAP operating expenses to be approximately $24 million in the fiscal fourth quarter of 2012.
For earnings history and earnings-related data on Mindspeed Technologies, Inc. (MSPD) click here.
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In the fiscal fourth quarter of 2012, Mindspeed initiated a global corporate restructuring to reduce operating expenses, focus investments and deliver better results for its shareholders, employees and customers.
The restructuring is expected to decrease non-GAAP operating expenses by approximately $13 million per year, primarily driven by an approximate 15% reduction in Mindspeed’s global workforce. The company expects to decrease its operating expenses to roughly $22 million per quarter starting in the first fiscal quarter of 2013. These moves are expected to better focus the company on its most significant growth opportunities and improve earnings leverage going forward.
“While these decisions were difficult to make as they involve a reduction in force, we now expect non-GAAP operating profit in the first half of fiscal 2013,” said Mr. Halim.
As a result of this restructuring, Mindspeed currently expects to incur total charges ranging from approximately $4.0 million to $5.0 million, of which approximately $3.5 million to $4.5 million will be cash expenditures.
Mindspeed expects fiscal fourth quarter of 2012 total net product revenue to be flat to down 6% versus the fiscal third quarter of 2012. The company expects fiscal fourth quarter of 2012 non-GAAP gross margin to be between 58-59 percent. The company also expects non-GAAP operating expenses to be approximately $24 million in the fiscal fourth quarter of 2012.
For earnings history and earnings-related data on Mindspeed Technologies, Inc. (MSPD) click here.
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