MIPS Technologies Files Extension of Time to File Form 10-K With the Securities and Exchange Commission
September 14 2006 - 2:07PM
PR Newswire (US)
MOUNTAIN VIEW, Calif., Sept. 14 /PRNewswire-FirstCall/ -- MIPS
Technologies, Inc. (NASDAQ:MIPS), today announced that the Company
has filed for an extension of time to file its Annual Report on
Form 10-K with the Securities and Exchange Commission for the year
ended June 30, 2006. On August 30, 2006, MIPS Technologies
announced that following a company- initiated voluntary review of
historical stock-based compensation practices and related potential
accounting impact, its board of directors had formed a special
committee, consisting of independent directors, to review the
Company's historical option grant practices and the accounting for
its option grants. The committee has retained independent outside
legal counsel to assist in its review. The Company has determined
that it will not be able to file the Form 10-K until the review is
completed. MIPS Technologies intends to file the Form 10-K as soon
as practicable after the review is completed, but does not
currently expect the Form 10-K will be filed by September 28, 2006
-- the extended deadline for the Form 10-K. About MIPS Technologies
MIPS Technologies, Inc. is a leading provider of industry standard
processor architectures and cores for digital consumer and business
applications. The company drives the broadest architectural
alliance that is delivering 32- and 64-bit embedded RISC solutions.
The company licenses its intellectual property to semiconductor
companies, ASIC developers, and system OEMs. MIPS Technologies and
its licensees offer the widest range of robust, scalable processors
in standard, custom, semi-custom and application-specific products.
The company is based in Mountain View, California and can be
reached at (650) 567-5000 or http://www.mips.com/. Forward Looking
Statements This press release contains forward-looking statements,
including those regarding MIPS Technologies' expectations. Actual
events or results may differ materially from those anticipated in
these forward-looking statements as a result of a number of
different risks and uncertainties, including but not limited to:
the fact that there can be no assurance as to the length, cost, or
outcome of the special committee's review of historical option
grant practices and the Company's accounting for its option grants,
or as to the potential impact of that review (including any
possible accounting impact); our products may fail to achieve
market acceptance, changes in our research and development
expenses, the anticipated benefits of our partnering relationships
may be more difficult to achieve than expected, the timing of or
delays in customer orders, delays in the design process, the length
of MIPS Technologies' sales cycle, MIPS Technologies' ability to
develop, introduce and market new products and product
enhancements, and the level of demand for semiconductors and
end-user products that incorporate semiconductors. For a further
discussion of risk factors affecting our business, we refer you to
the documents we file from time to time with the Securities and
Exchange Commission, including our Annual Report on Form 10-K for
the year ended June 30, 2005 and subsequent Forms 10-Q and 8-K.
DATASOURCE: MIPS Technologies, Inc. CONTACT: Jodi Guilbault of MIPS
Technologies, Inc., +1-650-567-5035, or ; or Investors, Deborah
Stapleton of Stapleton Communications Inc., +1-650-470-0200, or ,
for MIPS Web site: http://www.mips.com/
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