tag:blogger.com,1999:blog-11543624148784952622024-02-08T10:48:24.790-08:00Filing WatchMining strategic information from public company filingsRoy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comBlogger379125tag:blogger.com,1999:blog-1154362414878495262.post-39877941358670368552012-08-09T08:03:00.001-07:002012-08-09T08:03:49.521-07:00Peregrine Semiconductor IPO<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">As reported by Dan Primack at FORTUNE:</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Peregrine Semiconductor Corp., a San Diego-based provider of RF CMOS and mixed-signal communications ICs, raised $77 million in its IPO. The company priced 5.5 million shares at $14 per share (low end of $14-$16 range), for an initial market cap of approximately $353 million. It will trade on the NYSE, while Deutsche Bank Securities and J.P. Morgan served as co-lead underwriters. Peregrine reports a $3 million net loss on around $80 million in revenue for the first six months of 2012. It had raised over $120 million in VC funding since 1990. Current shareholders include Morgenthaler Ventures (14.07% pre-IPO stake), Ridgewood Partners (10.32%), Advanced Equities (10.87%), Palisades Ventures (6.18%) and Technology Venture Partners (6.03%). The U.S. SBA also held a 10.61% pre-IPO stake, as receiver for Wasserstein Adelson Ventures.</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"> </span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><a href="http://fortune.chtah.net/a/hBQIm4XB8aSrEB8tYK8NsoKedUk/for211">www.peregrine-semi.com</a></span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-2448033411395957102012-06-18T07:36:00.000-07:002012-06-18T07:36:17.305-07:00Qualcomm Acquires Summit Microelectronics<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SAN DIEGO – June 18, 2012 – Qualcomm Incorporated (NASDAQ: QCOM) today announced that it has acquired Summit Microelectronics (Summit), a leading developer and provider of programmable power integrated circuits based in Sunnyvale, CA. Qualcomm’s power management roadmap will be significantly enhanced with the addition of Summit’s expertise and products. As a result of the acquisition, Qualcomm will be able to offer a robust portfolio which will address a broader set of customers and complex design challenges. All employees of Summit Microelectronics have joined Qualcomm’s CDMA Technologies division.<br /><br />The demand for more sophisticated battery management is critical in a world of increasingly smart devices with advanced computing capabilities, large high-resolution screens, and advanced modem technologies (e.g. 4G LTE). Summit Microelectronics is a leader in providing flexible, highly integrated power management solutions combining precision power regulation with sophisticated digital control in a single chip. In particular, the Company’s fast charging solutions are found in a variety of leading mobile phones, tablets, and e-readers.<br /><br />“Summit Microelectronics brings key expertise, technology, products, and design wins in battery charging and DC-DC converters,” said Steve Mollenkopf, president and COO of Qualcomm. “This acquisition enhances the competitiveness of Qualcomm’s chipset solutions and enables us to provide our customers with industry leading power management and charging performance.”</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-33738527922917706852012-06-12T06:47:00.002-07:002012-06-12T06:47:40.933-07:00Cypress makes new bid for Ramtron<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SAN JOSE, Calif.--(<a href="http://www.businesswire.com/">BUSINESS WIRE</a>)--Cypress Semiconductor Corporation (NASDAQ:CY) today announced that it has submitted a proposal to Ramtron International Corporation (NASDAQ:RMTR) to acquire all of its outstanding stock for $2.48 per share in cash. This offer represents a 37% premium to Ramtron’s closing stock price on June 11, 2012.<br /><br />“We believe that our offer provides compelling value to Ramtron’s stockholders,” said T.J. Rodgers, President and Chief Executive Officer of Cypress. “Last year, we attempted to negotiate an acquisition of Ramtron, but our offer of $3.01 per share—which represented the same 37% premium to Ramtron’s then-current stock price as we are offering today—was summarily rejected. Soon thereafter, Ramtron sold almost 20% of its stock in a dilutive public offering at a net price of $1.79 per share.<br /><br />“At this time, we call on Ramtron’s Board of Directors to act in the best interests of its stockholders by meeting with us to seriously discuss our compelling proposal. We believe that Cypress would benefit Ramtron’s customers, providing them with a more stable source of supply, greater research and development resources and better support from a much larger sales channel. We also believe the combination would provide Ramtron’s employees with more opportunity for long-term success as part of a larger, more global organization,” Rodgers continued.<br /><br />In a letter sent to Ramtron today, Cypress stated that it would prefer a negotiated transaction. Cypress has engaged Greenhill & Co., LLC as financial advisor and Wilson Sonsini Goodrich & Rosati, Professional Corporation, as legal counsel.<br /><br />The full text of the letter sent from Cypress to Ramtron today – along with letters sent on March 8, March 10 and April 11, 2011 – are set forth below:<br />June 12, 2012<br /> <br /><br />BY EMAIL<br /> <br />Dr. William G. Howard, Jr., Chairman of the Board of Directors<br />Mr. Eric A. Balzer, Director and Chief Executive Officer<br />Ramtron International Corporation<br />1850 Ramtron Drive<br />Colorado Springs, CO 80921<br /> <br />Gentlemen:<br /><br />I am writing to formally convey Cypress Semiconductor’s proposal to acquire Ramtron International Corporation for $2.48 per share in cash. This represents a premium of 37% over Ramtron’s closing price of $1.81 per share on June 11, 2012. We believe that this all-cash transaction, which has been unanimously approved by our Board of Directors, is compelling for Ramtron and its stockholders. Our proposal would deliver immediate, certain value to Ramtron’s stockholders that is far superior to what we believe that you can reasonably expect to achieve as a standalone company.<br /><br />We believe that an acquisition can be completed expeditiously and are prepared to commence a cash tender offer with no financing or due diligence conditions. We have retained Greenhill & Co., LLC as our financial advisor and Wilson Sonsini Goodrich & Rosati, Professional Corporation, as our legal counsel. We are confident that a transaction would receive all necessary regulatory approvals, including antitrust clearances.<br /><br />We hope to work with you on a negotiated basis to complete this transaction successfully, and are prepared to deliver a draft merger agreement and begin discussions immediately. I suggest that our respective financial and legal advisors meet at your earliest convenience to work toward the goal of announcement of a definitive agreement in the very near future.<br /><br />It has been about two years since I first approached you about a possible transaction between our two companies and over a year since we delivered a formal proposal to acquire Ramtron. As you will recall, that proposal (at $3.01 per share) was for a 37% premium over your then-current stock price on March 8, 2011—the same premium we are offering today. Our offer made clear that we were prepared to commence due diligence immediately and would deliver a merger agreement with minimal closing conditions. We were deeply disappointed when, two weeks after we provided you with our offer, you and your Board of Directors responded that our offer was so low that it was not even worth your time to make a counter proposal.<br /><br />Since then, a number of events have convinced us that your response did not reflect the best interests of your stockholders. First, soon after you rejected our offer, Ramtron sold almost 20% of its stock in a dilutive public offering at a net price of $1.79 per share, which I found extremely surprising in light of your comments regarding our offer and its 68% premium to that price. Second, since our offer Ramtron has had cumulative net losses of five cents per share. Third, your stockholders have been increasingly vocal about their desire for you to sell Ramtron. These factors, along with your history of rejecting out-of-hand our prior offer, have convinced us that we must make our offer public at this time so that your stockholders are aware of our efforts. I have attached copies of my prior letters to you to this letter.<br /><br />Although we would prefer to proceed through a negotiated agreement, we are fully committed to this transaction, and will take the steps necessary to complete it. We believe that a transaction between our two companies would be well received by your stockholders, and we are committed to providing them with an opportunity to express their views on our proposal.<br /><br />This letter does not represent or create any legally binding or enforceable obligations. No such obligations will be imposed on either party unless and until a definitive agreement is signed by both Cypress and Ramtron.<br /><br />We request a response to our proposal by 5:00 p.m. Pacific Daylight Time on Tuesday, June 19, 2012. In light of the significance of this proposal to your stockholders and ours, as well as the potential for selective disclosure, we are publicly releasing the text of this letter.<br />Very truly yours,<br /> <br />T.J. Rodgers<br />President and Chief Executive Officer<br /> <br />cc: Greenhill & Co., LLC<br />Wilson Sonsini Goodrich & Rosati, Professional Corporation</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-37844983205226413682012-05-21T15:21:00.000-07:002012-05-21T15:21:54.823-07:00Silicon Labs Acquires Ember<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">AUSTIN, Texas--(<a href="http://www.businesswire.com/">BUSINESS WIRE</a>)--<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.silabs.com%2FPages%2Fdefault.aspx&esheet=50283789&lan=en-US&anchor=Silicon+Laboratories+Inc.&index=1&md5=fb378f9da1c482bc49c71b9197f6d80c">Silicon Laboratories Inc.</a> (Nasdaq: SLAB), a leader in high-performance, analog-intensive, mixed-signal ICs, today announced it has signed a definitive agreement to acquire Boston-based <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ember.com&esheet=50283789&lan=en-US&anchor=Ember+Corporation&index=2&md5=b50b62ed48042359d7c8186b6291f940">Ember Corporation</a> for initial consideration of $72 million, subject to an adjustment for certain working capital amounts and potential earn-out consideration. Ember is a late-stage private company offering market-leading silicon, software and development tools for 2.4 GHz wireless mesh networking solutions being deployed in smart energy, connected home, security, lighting, and many other monitoring and control applications.<br /><br />This strategic acquisition brings Silicon Labs the technology and software expertise required to enable the low-power mesh sensor networks being deployed today in a wide range of residential, commercial and industrial applications. The demand for low-power, small-footprint wireless technology is accelerating as more and more IP-enabled end points are being connected to the “Internet of Things.” Expected to be the first 10 billion unit per year market, the Internet of Things is being realized to enable more convenient, energy-efficient and safer home and work environments.<br /><br />The Ember portfolio complements Silicon Labs’ products and targets a growing market estimated to increase from $100 million in 2012 to $600 million by 2016. The combination of the companies’ products will bring together microcontroller (MCU), power and isolation technology, sensors, and both sub-GHz and 2.4 GHz wireless radios into a comprehensive portfolio of highly integrated networking solutions for embedded systems.<br /><br />“Silicon Labs has consistently demonstrated a successful track record of integrating high-performance, low-power RF and mixed-signal ICs in CMOS and ramping them into high-volume markets,” said Tyson Tuttle, president and CEO of Silicon Laboratories. “This acquisition of a high-caliber team with proven wireless mesh networking know-how accelerates our ability to offer complete system solutions to our customers.”<br /><br />Ember is a pioneer in the market for 802.15.4 <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.zigbee.org%2F&esheet=50283789&lan=en-US&anchor=ZigBee%C2%AE&index=3&md5=f9aafcd011c7ad705abbc1a626e34a3e">ZigBee®</a> solutions, developing mesh networking technology since the concept was first conceived. The design team represents some of the most experienced talent in embedded radios. The company’s products integrate high-performance, low-power 2.4 GHz wireless ICs with reliable and scalable networking software into a platform with unmatched performance and flexibility. With more than a decade of systems and software knowledge applied to the connected home, smart meters and building automation and more than 25 million units shipped, Ember has developed a leadership position in ZigBee-based systems and has established the benchmark for performance and usability.<br /><br />“We believe our track record and technology leadership in ZigBee-based systems combined with Silicon Labs’ broad portfolio and focus on establishing a market-leading business in embedded wireless will enable our customers and the Internet of Things market to grow faster,” said Bob LeFort, chief executive officer of Ember. “The shared vision, compatible cultures and commitment to excellence augurs well for both the market as well as the Ember team.”<br /><br />Silicon Labs expects that the addition of Ember’s high-performance system-on-chip (SoC) portfolio, advanced networking software expertise, and a proven design and applications team will contribute to the rapid expansion of its Broad-based business. Silicon Labs intends to apply the underlying technology platform and expertise to enable low-power mesh networking in not only home but also industrial and commercial applications. Further, both companies’ products leverage the same underlying development environment, which is expected to accelerate the combined roadmap and support rapid adoption among the existing customer base.<br /><br />Ember is expected to contribute approximately $10-$12 million in revenue in the second half of 2012 and to be accretive on a non-GAAP basis in 2013. The boards of each company have approved the acquisition, which awaits the satisfaction of regulatory requirements and other customary closing conditions. In conjunction with this all-cash acquisition, Silicon Labs’ board of directors has authorized management to pursue a $200 million credit facility that could be used for stock repurchases and for other general corporate purposes.<br /><br /><b>About Ember</b><br />Ember Corporation (<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.ember.com&esheet=50283789&lan=en-US&anchor=www.ember.com&index=5&md5=5fdecee4c402d11f68b3620f7093a950">www.ember.com</a>; twitter: @EmberCorp) develops wireless mesh networking technology – chips, software and tools - for Smart Energy, connected homes, and many other monitoring and control applications enabling greener living and work environments. The Boston-based company has approximately 60 employees worldwide including an IC design center in Cambridge, England.<br /><br /><b>About Silicon Laboratories Inc.</b><br /><br />Silicon Laboratories is an industry leader in the innovation of high-performance, analog-intensive, mixed-signal ICs. Developed by a world-class engineering team with unsurpassed expertise in mixed-signal design, Silicon Labs’ diverse portfolio of patented semiconductor solutions offers customers significant advantages in performance, size and power consumption. For more information about Silicon Labs, please visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.silabs.com&esheet=50283789&lan=en-US&anchor=www.silabs.com&index=6&md5=6b935c3813c98c3cf1e106e70979536b">www.silabs.com</a>.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-31266085862204975232012-05-02T04:28:00.000-07:002012-05-02T04:28:15.486-07:00Microchip to acquire SMSC<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">CHANDLER, Ariz. & HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Microchip Technology Incorporated (NASDAQ: MCHP), a leading provider of microcontroller, analog and Flash-IP solutions, and Standard Microsystems Corporation (NASDAQ: SMSC) today announced that Microchip has signed a definitive agreement to acquire Standard Microsystems Corporation (“SMSC”) for $37.00 per share in cash, which represents a total equity value of about $939 million, and a total enterprise value of about $766 million, after excluding SMSC’s cash and investments on its balance sheet of approximately $173 million. The acquisition has been approved by the Boards of Directors of each company and is expected to close in the third quarter of calendar 2012, subject to approval by SMSC stockholders, regulatory approvals and other customary closing conditions. <br /><br />“We believe SMSC’s smart mixed-signal connectivity solutions aimed at embedded applications are an ideal complement to Microchip’s embedded control business,” said Steve Sanghi, Microchip’s President and CEO. “This acquisition will expand Microchip’s range of solutions as SMSC contributes exciting new products and capabilities in the automotive, industrial, computing, consumer and wireless audio markets, significantly extending our served available market.” <br /><br />“We are excited by the strategic possibilities presented by this acquisition,” continued Mr. Sanghi. “SMSC in its most recent fiscal year ending February 29, 2012 reported net sales of $412 million, non-GAAP gross margin of 54.4% of sales, and non-GAAP operating profit of 12% of sales. We expect this acquisition will be accretive to Microchip’s non-GAAP earnings in the first full quarter after completion of the acquisition. We look forward to completing this transaction in the third calendar quarter of 2012.” <br /><br />“This transaction represents a compelling opportunity for SMSC employees, customers and<br /> stockholders by combining the leading market position and world class operational excellence<br /> of Microchip Technology with the world class smart mixed-signal connectivity solutions from SMSC,” said Christine King, President and CEO of SMSC. “We are pleased to become part of Microchip Technology, a premier company in the semiconductor industry.” <br /><br /><b>About SMSC </b><br /><br />SMSC (NASDAQ: SMSC) is a leading developer of Smart Mixed-Signal ConnectivityTM solutions. SMSC employs a unique systems level approach that incorporates a broad set of technologies and intellectual property to deliver differentiating products to its customers. The company is focused on delivering connectivity solutions that enable the proliferation of data in automobiles, consumer devices, PCs and other applications. SMSC’s feature-rich products drive a number of industry standards and include USB, MOST® automotive networking, Kleer® and JukeBlox® wireless audio, embedded system control and analog solutions, including thermal management and RightTouch® capacitive sensing. SMSC is headquartered in New York and has offices and research facilities in North America, Asia, Europe and India. Additional information is available at www.smsc.com. <br /><br /><b>About Microchip Technology </b><br /><br />Microchip Technology Inc. (NASDAQ: MCHP) is a leading provider of microcontroller, analog and Flash-IP solutions, providing low-risk product development, lower total system cost and faster time to market for thousands of diverse customer applications worldwide. Headquartered in Chandler, Arizona, Microchip offers outstanding technical support along with dependable delivery and quality. For more information, visit the Microchip website at http://www.microchip.com.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-38107156891927729902012-04-30T14:10:00.003-07:002012-04-30T14:11:29.378-07:00IDT to Acquire PLX Technology<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SAN JOSE, Calif. & SUNNYVALE, Calif.--(<a href="http://www.businesswire.com/">BUSINESS WIRE</a>)--Integrated Device Technology, Inc. (<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.idt.com&esheet=50258799&lan=en-US&anchor=IDT&index=1&md5=1b20811115201010ae91197691ff7760">IDT</a> ®); (NASDAQ:IDTI), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions, and PLX Technology, Inc. (NASDAQ:PLXT) today announced that they have signed a definitive agreement pursuant to which IDT will acquire PLX. Under the terms of the agreement, unanimously approved by the boards of directors of both companies, IDT will acquire all of the outstanding shares of PLX common stock pursuant to an exchange offer, followed by a second step merger. In the acquisition, PLX stockholders will receive (i) $3.50 in cash and (ii) 0.525 shares of IDT common stock for each PLX common share outstanding. Based on IDT’s closing stock price on April 27, 2012, the transaction is valued at approximately $7.00 per PLX share and results in a total transaction value of approximately $330 million.<br /><br />“The proposed acquisition of PLX Technology represents an exciting expansion of IDT’s core serial switching and interface business,” said <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.idt.com%2Fabout%2Fexecutive-team%2Fted-tewksbury-phd&esheet=50258799&lan=en-US&anchor=Ted+Tewksbury&index=2&md5=49cda6b057532a89d9a8dd837332328c">Ted Tewksbury</a>, president and CEO at IDT. “Our two companies have complementary product sets, technologies and customer bases, and we share a focus on delivering the highest-performance system-level interconnect solutions for data centers and other applications. IDT and its shareholders will benefit from the top-line contribution of our enhanced product portfolio as well as the increased profitability provided through the added scale and expanded operating margin. This transaction is aligned with our long-term strategy of expanding our core businesses through organic growth and acquisitions.”<br /><br />“This proposed transaction will enable our stockholders to realize significant value today and benefit from the many growth and cost reduction opportunities of the combined company,” said Ralph Schmitt, president and CEO at PLX. “We expect that a transaction with IDT will enhance PLX’s commitment to its customers to deliver innovative technologies that meet their needs and demands.”<br /><br />As a result of the combination, IDT anticipates it will achieve total run-rate cost synergies, excluding transaction related charges, in excess of $35 million by fiscal year 2014. IDT currently projects the transaction to be accretive to non-GAAP earnings by the third fiscal quarter of 2013 with more significant accretion by fiscal year 2014, in each case based on an assumed closing during the first fiscal quarter of 2013. Increased scale and expected cost savings are expected to lower combined non-GAAP operating expenses, generate significant operating margin expansion, and accelerate IDT’s timing to achieving its stated target operating model.<br /><br />The companies expect that the proposed transaction will close as early as IDT’s first fiscal quarter 2013, which is the second quarter of calendar 2012. The exchange offer is subject to customary closing conditions, including the tender into the exchange offer by PLX stockholders of shares representing at least a majority of the outstanding shares of PLX common stock on a fully diluted basis, and the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. IDT expects to finance the cash portion of the acquisition through existing cash balances and committed financing. The proposed transaction is not subject to any financing condition.<br /><br />Under the terms of the merger agreement, PLX may solicit superior proposals from third parties for a “go shop” period of 30 calendar days continuing through May 30, 2012. It is not anticipated that any developments will be disclosed with regard to this process unless PLX’s board of directors makes a decision with respect to a potential superior proposal. Deutsche Bank, which is acting as PLX’s financial advisor, will advise PLX during the go shop period. There are no guarantees that this process will result in a superior proposal. The merger agreement provides IDT with a customary right to match a superior proposal. The agreement also provides for certain break-up fees payable to IDT in connection with the termination of the agreement in certain circumstances.<br /><br />J.P. Morgan is acting as financial advisor and Latham & Watkins LLP is acting as legal advisor to IDT. Deutsche Bank is acting as financial advisor and Baker & McKenzie LLP is acting as legal adviser to PLX.<br /><br /><b>Additional Information</b><br /><br />The exchange offer described herein has not yet commenced. This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer will only be made through a prospectus, which is part of a registration statement on Form S-4, as well as a Tender Offer Statement on Schedule TO, an offer to purchase, form of letter of transmittal and other documents relating to the exchange offer (collectively, the “Exchange Offer Materials”), each to be filed with the U.S. Securities and Exchange Commission (the “SEC”) by IDT. In addition, PLX will file with the SEC a solicitation/recommendation statement on Schedule 14D-9 with respect to the exchange offer. IDT and PLX expect to mail the Exchange Offer Materials, as well as the Schedule 14D-9, to PLX stockholders. Investors and security holders are urged to carefully read these documents and the other documents relating to the transactions contemplated by the merger agreement when they become available because these documents will contain important information relating to the exchange offer and related transactions. Investors and security holders may obtain a free copy of these documents after they have been filed with the SEC, and other annual, quarterly and special reports and other information filed with the SEC by IDT or PLX, at the SEC’s website at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.sec.gov%2F&esheet=50258799&lan=en-US&anchor=www.sec.gov&index=3&md5=b0cd754c5aaa143b860ba26e96b209be">www.sec.gov</a>. In addition, such materials will be available from IDT or PLX, or by calling Innisfree M&A Incorporated, the information agent for the exchange offer, toll-free at (877) 456-3463. Banks and brokers may call collect at (212) 750-5833.<br /><br />Neither IDT nor PLX is asking for stockholders to vote or soliciting proxies in connection with the exchange offer transaction at this time. Upon consummation of the offer, IDT and PLX may seek votes or proxies in connection with the proposed back-end merger from holders of PLX shares not tendered in the offer. IDT, PLX and their respective officers and directors therefore may be deemed to be participants in the solicitation of proxies from PLX’s stockholders in connection with the proposed merger. A description of certain interests of the directors and executive officers of PLX is set forth in PLX’s Form 10-K/A, Amendment No. 1, in Part III thereof, which was filed with the SEC on April 27, 2012. A description of certain interests of the directors and executive officers of IDT is set forth in IDT’s proxy statement for its 2011 annual meeting, which was filed with the SEC on August 1, 2011. To the extent holdings of either company’s securities by their respective directors and certain officers have subsequently changed, such changes have been reflected on Forms 4 filed with the SEC.<br /><br /><b>About Integrated Device Technology, Inc.</b><br /><br />Integrated Device Technology, Inc., the Analog and Digital Company™, develops system-level solutions that optimize its customers’ applications. IDT uses its market leadership in timing, serial switching and interfaces, and adds analog and system expertise to provide complete application-optimized, mixed-signal solutions for the communications, computing and consumer segments. Headquartered in San Jose, Calif., IDT has design, manufacturing and sales facilities throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “IDTI.” Additional information about IDT is accessible at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.IDT.com&esheet=50258799&lan=en-US&anchor=www.IDT.com&index=4&md5=a56cd6b5ae5bf6ee0c0315265b420d37">www.IDT.com</a>.<br /><br /><b>About PLX Technology, Inc.</b><br /><br />PLX Technology, Inc. (NASDAQ:PLXT), based in Sunnyvale, Calif., USA, is an industry-leading global provider of semiconductor-based connectivity solutions primarily targeting the enterprise and consumer markets. The company develops innovative software-enriched silicon that enables product differentiation, reliable interoperability and superior performance.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-30124546948393053172012-04-30T14:07:00.000-07:002012-04-30T14:11:13.342-07:00IDT acquires Fox Electronics<br />
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SAN JOSE, Calif.--(<a href="http://www.businesswire.com/">BUSINESS WIRE</a>)--Integrated Device Technology, Inc. (<a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.idt.com&esheet=50258867&lan=en-US&anchor=IDT&index=1&md5=a8a878626bab0a86654ee3cd6d99060f">IDT</a>®) (NASDAQ: IDTI), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions, today announced that it has acquired Fox Electronics, a leading global supplier of frequency control products (FCPs), in an all-cash transaction for approximately $30 million, of which $26 million was paid at closing. Fox Electronics’ revenue was approximately $23 million in calendar year 2011, and the company is profitable.<br /><br />“Fox’s crystal, crystal oscillator and innovative XpressO products combined with IDT’s award-winning <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.idt.com%2Fgo%2FCrystalFree&esheet=50258867&lan=en-US&anchor=CrystalFree%E2%84%A2+solutions&index=2&md5=46fa20d059b2fef47919534bcb7b458e">CrystalFree™ solutions</a> make us the industry’s most comprehensive one-stop shop for frequency control products,” said <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.idt.com%2Fabout%2Fexecutive-team%2Fted-tewksbury-phd&esheet=50258867&lan=en-US&anchor=Ted+Tewksbury&index=3&md5=1f73b36e4800a1589817977561b77bd1">Ted Tewksbury</a>, president and CEO at IDT. “In addition, Fox helps accelerate the adoption of CrystalFree by enabling customers to purchase pMEMS and CMOS solid-state oscillators alongside traditional quartz-based components through an established and trusted sales channel.”<br /><br />“Everyone within Fox Electronics is enthusiastic about this exciting new direction with IDT,” said E.L. Fox, Jr., president at Fox Electronics. “With IDT’s frequency control products, including CrystalFree technology, and their number one position in silicon timing, Fox’s product portfolio and industry leadership in the frequency control market will be a great fit.”<br /><br />Fox Electronics, a private company based in Florida, is a world leader for frequency control solutions with an expansive portfolio including the XpressO family of revolutionary quick-turn oscillator products, quartz crystals, voltage-controlled crystal oscillators and more. Fox’s FCP-focused sales team will be a valuable asset to grow IDT’s crystal and CrystalFree product offerings.<br /><br /><a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.idt.com%2F%3Fid%3D5%26source%3Daboutidt_menu&esheet=50258867&lan=en-US&anchor=About+IDT&index=4&md5=82c65a382e105f52c5ed8e7a1d7741cf">About IDT</a><br /><br />Integrated Device Technology, Inc., the Analog and Digital Company™, develops system-level solutions that optimize its customers’ applications. IDT uses its market leadership in timing, serial switching and interfaces, and adds analog and system expertise to provide complete application-optimized, mixed-signal solutions for the communications, computing and consumer segments. Headquartered in San Jose, Calif., IDT has design, manufacturing and sales facilities throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “IDTI.” Additional information about IDT is accessible at <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.IDT.com&esheet=50258867&lan=en-US&anchor=www.IDT.com&index=5&md5=0ab25e61c2f6a418d2c87357781f3879">www.IDT.com</a>. Follow IDT on <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.facebook.com%2FIDTInc&esheet=50258867&lan=en-US&anchor=Facebook&index=6&md5=f026b4ebaabcdc6906ab10e2acdccd77">Facebook</a>, <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.linkedin.com%2Fcompany%2Fintegrated-device-technology-inc&esheet=50258867&lan=en-US&anchor=LinkedIn&index=7&md5=de731c1c440da4f78ff8824ca6fb01e6">LinkedIn</a>, <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.twitter.com%2FIDTInc&esheet=50258867&lan=en-US&anchor=Twitter&index=8&md5=0922ee06b87519ffe5d08bd2f131ebd4">Twitter</a>, and <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.youtube.com%2Fidtsemiconductor&esheet=50258867&lan=en-US&anchor=YouTube&index=9&md5=2d985ae59c57fd0bec041c46ff479cb4">YouTube</a>.</span></div>
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<br /></div>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-83291359591795092802012-03-30T15:53:00.000-07:002012-03-30T15:53:01.507-07:00Analog Devices acquires Multigig<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">NORWOOD, Mass.--(</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.businesswire.com/">BUSINESS WIRE</a></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">)--Analog Devices, Inc. (stock symbol: ADI) today announced that it has acquired Multigig, Inc., a small, privately-held San Jose, California, company specializing in highly innovative high-performance clocking technology. The acquisition will enhance ADI’s clocking capabilities in stand-alone and embedded applications, and will strengthen ADI’s industry-leading position in delivering high-speed data converters and signal processing solutions for our customers.(</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.analog.com%2Fen%2Fclock-and-timing%2Fproducts%2Findex.html&esheet=50224173&lan=en-US&anchor=visit+ADI%27s+clock+and+timing+portfolio+page&index=1&md5=dd72cb6b7e30b030a697facad3f58374">visit ADI’s clock and timing portfolio page</a></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">)</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">“The acquisition of Multigig fits squarely in the middle of our high-speed signal processing strategy and will further strengthen our portfolio of very high performance stand-alone and integrated clocking solutions,” said Peter Real, ADI vice president of Linear and Radio Frequency products and technology. “Continually evolving end markets such as wireless and wire line communications place ever more stringent demands on signal processing solutions and high-performance clocking capabilities are critical to meeting customers’ system requirements.”</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Analog Devices acquired Multigig, Inc. in a cash transaction completed on March 30, 2012. The engineers will become part of ADI’s existing clock design team and will move to ADI’s San Jose, CA facility.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-15632981827012755152012-03-21T12:27:00.000-07:002012-03-21T12:27:12.808-07:00Broadcom to acquire BroadLight<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">IRVINE, Calif., March 21, 2012 /PRNewswire/ -- Broadcom Corporation (NASDAQ: BRCM), a global innovation leader in semiconductor solutions for wired and wireless communications, today announced it has signed a definitive agreement to acquire BroadLight, Inc., a Delaware corporation with an Israel-based subsidiary. BroadLight is a privately held provider of highly integrated networking and fiber access PON (Passive Optical Network) processors. With the addition of BroadLight,Broadcom expands its broadband access portfolio to support customer requirements for rolling out next-generation fiber networks worldwide.</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"> </span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">"The need for increased bandwidth for IPTV services, HDTV broadcasting and high speed Internet access are driving momentum for deploying fiber networks," said Dan Marotta, Executive Vice President and General Manager of Broadcom'sBroadband Communications Group. "Combining BroadLight's PON solutions with the strength of Broadcom's broadband access portfolio will enable us to offer a complete, end-to-end solution for customers — from OLT at the central office to CPE at the home. BroadLight's strong engineering team and broad IP will complement and extend our ability to deliver next-generation access technologies to customers."</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">In connection with the acquisition, Broadcom currently expects to pay approximately $195 million, net of cash assumed, to acquire all of the outstanding shares of capital stock and other equity rights of BroadLight. The purchase price will be paid in cash, minus a portion of such purchase price attributable to certain unvested employee stock options that will be paid inBroadcom restricted stock units. Additional consideration of up to $10 million in cash will be reserved for future payment to holders of BroadLight capital stock and other rights upon satisfaction of certain performance goals. Excluding any purchase accounting related adjustments and fair value measurements, Broadcom expects the acquisition of BroadLight to be roughly neutral to earnings per share in 2012. The transaction is expected to close in Broadcom's second quarter of 2012 and remains subject to customary closing conditions.</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><b>About BroadLight</b></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">BroadLight is a leading provider of highly integrated networking and embedded processors enabling fiber grade quality of service delivery for central office and customer premise equipment. BroadLight's fiber grade architecture powers equipment vendors serving telecommunication operators' fiber access, fixed mobile networks and connected digital homes worldwide.</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"> </span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><b>About Broadcom </b></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Broadcom Corporation (NASDAQ: BRCM), a FORTUNE 500® company, is a global leader and innovator in semiconductor solutions for wired and wireless communications. Broadcom® products seamlessly deliver voice, video, data and multimedia connectivity in the home, office and mobile environments.With the industry's broadest portfolio of state-of-the-art system-on-a-chip and embedded software solutions, Broadcom is changing the world by Connecting everything®. For more information, go to</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"> </span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.broadcom.com/">www.broadcom.com</a></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-85246862444502325742012-01-23T16:25:00.000-08:002012-01-23T16:25:25.299-08:00Semtech to Acquire Gennum<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">CAMARILLO, Calif. & BURLINGTON, Ontario--(<a href="http://www.businesswire.com/">BUSINESS WIRE</a>)--Semtech Corporation (Nasdaq: SMTC), a leading supplier of analog and mixed-signal semiconductors, and Gennum Corporation (TSX:GND), a leading supplier of high speed analog and mixed-signal semiconductors for the optical communications and video broadcast markets, today announced they have entered into a definitive arrangement agreement (“Arrangement Agreement”) for Semtech to acquire all of the outstanding shares of Gennum for a total consideration of approximately CDN$500 million (approximately US$494 million based on the exchange rate on January 20, 2012 of CDN$0.9868 to US $1.00).<br /><br />Semtech management believes the acquisition of Gennum will extend Semtech’s leading portfolio of infrastructure products to the metro, access and enterprise computing markets and will enable Semtech to provide its customers with more platforms to differentiate their own high-speed voice, video and data transmission products. The combination will enable Semtech to deliver a broader range of best-in-class solutions aimed at helping its customers create differentiated communication equipment to solve increasing bandwidth bottlenecks in the network.<br /><br />Gennum designs and sells products that enable video, data and multimedia content to be transmitted at high speed over long distances, while maintaining signal integrity and eliminating the potential for errors in transmission. Its products are used in broadcast, networking, storage, telecommunications and consumer connectivity equipment. Gennum is positioned to benefit from the growth in worldwide demand for bandwidth and is a market leader in broadcast video, high–speed optical communications, high definition video surveillance, Thunderbolt active cable transceivers and backplane signal integrity.<br /><br />Gennum was founded in 1973 and is headquartered in Burlington, Ontario, Canada. Gennum has approximately 450 employees, including more than 240 engineers, and has offices in Canada, Germany, India, Japan, Mexico, Taiwan, the United Kingdom and the United States.<br /><br />“We are very excited with the acquisition of Gennum Corporation,” stated Mohan Maheswaran, President and Chief Executive Officer of Semtech. “We believe Gennum’s unique signal integrity solutions and highly differentiated 1 Gbps to 25 Gbps optical products combined with Semtech’s leading 40 Gbps and 100 Gbps SerDes portfolio will deliver one of the industry’s most complete and robust portfolios to the communications infrastructure, data communications and enterprise computing segments. Additionally, Gennum’s strong position in video broadcast and the emerging HD video surveillance market broadens and further diversifies Semtech’s portfolio of high-performance analog semiconductors targeted at fast growing markets.”<br /><br />“We are delighted to join Semtech Corporation, a company with a rich history of great engineering innovation and a strong position in several attractive high-growth markets. After a comprehensive review of Gennum’s strategic options, we are convinced that this is the best avenue to unlock the underlying value for shareholders that has been created by the Gennum team,” said Franz J. Fink, President and Chief Executive Officer of Gennum. “Our employees have been instrumental in building Gennum and will remain a critical component of the combined company as we move forward in the next chapter of our development. Together, Gennum and Semtech will form a stronger company, capable of accelerating growth beyond what would have been possible as separate entities.”<br /><br />Semtech expects to finance the acquisition through a combination of cash on hand and new bank financing. The company has received a financing commitment of up to US$400 million from Jefferies Finance LLC. The proposed transaction is not subject to a financing condition.<br /><br />Semtech estimates that the acquisition will result in at least $15 million in annual synergies, which Semtech expects will be achieved in full in Semtech’s fiscal year 2014. Semtech’s management expects that the acquisition will be accretive to non-GAAP earnings per share by more than 20 cents in fiscal year 2013 and more than 40 cents in fiscal year 2014. Semtech will provide further guidance upon the closing of the transaction.<br /><br /><b>Additional Transaction Details</b><br /><br />Under the terms of the Arrangement Agreement, upon closing of the proposed transaction, shareholders of Gennum (“Gennum Shareholders”) will receive CDN$13.55 in cash for each common share of Gennum held. The proposed transaction will be completed through a plan of arrangement under the provisions of the Ontario Business Corporations Act.<br /><br />The transaction has been reviewed by a Special Committee of the Board of Directors of Gennum and has been unanimously approved by the Board of Directors of Gennum following the unanimous recommendation of the Special Committee. The Board of Directors of Gennum has also unanimously determined that the transaction is fair to its shareholders, that it is in the best interests of Gennum to support the transaction and recommends that the shareholders of Gennum vote in favor of the transaction. The Special Committee and the Board of Directors have received an opinion from Canaccord Genuity Corp. that as of the date of the opinion and subject to the assumptions outlined therein, the consideration payable to Gennum shareholders under the transaction is fair, from a financial point of view.<br /><br />The Arrangement Agreement contains, among other things, a CDN$19.35 million termination fee payable by Gennum in certain circumstances. Semtech has also been granted a right to match competing proposals.<br /><br />The transaction will require the approval of at least 66⅔% of votes cast by Gennum Shareholders represented in person or by proxy at a special meeting of Gennum Shareholders (the “Gennum Meeting”), expected to be held in mid-March 2012. In addition to Gennum Shareholders’ approval, the transaction is subject to the satisfaction of certain other closing conditions customary in a transaction of this nature, including the approval of the Ontario Superior Court of Justice, in accordance with Ontario law. The transaction is not subject to the receipt of any regulatory approvals, other than the Ontario Superior Court of Justice approval required to effect an arrangement under Ontario law. The approval of shareholders of Semtech is not required in connection with the proposed transaction.<br /><br />Gennum anticipates declaring its regular quarterly dividend, prior to the closing date, subject to the discretion of the Board of Directors of Gennum and legal requirements.<br /><br />Further information regarding the transaction will be contained in an information circular (“Information Circular”) that Gennum will prepare and mail to its shareholders in connection with the Gennum Meeting, with closing expected to occur as soon as practicable after the Gennum Meeting and receipt of final order from the Ontario Superior Court of Justice. Gennum Shareholders are urged to read the Information Circular once it becomes available, as it will contain important information concerning the proposed transaction.<br /><br />In connection with the proposed transaction, Jefferies & Company, Inc. is acting as exclusive financial advisor to Semtech, Norton Rose Canada LLP is its Canadian legal counsel and O’Melveny & Myers, LLP is its U.S. legal counsel. Canaccord Genuity Corp. is acting as exclusive financial advisor to Gennum, Blake, Cassels & Graydon LLP is its Canadian legal counsel and Skadden, Arps, Slate, Meagher & Flom LLP is its U.S. legal counsel.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-8576111323229154702012-01-06T06:28:00.000-08:002012-01-06T06:28:12.677-08:00Activist Starboard launches attack on Tessera<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SAN JOSE, Calif.--(BUSINESS WIRE)-- Tessera Technologies, Inc. (Nasdaq: TSRA) (the "Company") announced it has received a letter from Starboard Value and Opportunity Master Fund Ltd and its affiliates and director nominees (together "Starboard").<br /><br />In the letter Starboard stated it holds less than 1.3% of the shares outstanding and intends to nominate candidates to fill half of the positions on the Company's Board of Directors. According to the letter, Starboard holds 622,916 shares of the Company, 621,916 of which it purchased in December 2011, and intends to nominate Messrs. Maury Austin, Peter A. Feld and Jeffery S. McCreary for election at the 2012 Annual Meeting of the Stockholders of Tessera Technologies, Inc. According to public filings, Starboard owns approximately 9.9% of MIPS Technologies, Inc., where Mr. Austin is the former CFO and Mr. McCreary is a board member.<br /><br />The Company issued the following statement:<br /><br />"The Board of Directors of the Company is single-mindedly focused on enhancing value for all stockholders. Since installing Bob Young as CEO a little more than six months ago, the Board has taken decisive steps to chart a new path for the Company that will capitalize on the significant growth opportunities that the Company uniquely enjoys. Our Micro-electronics business continues to generate strong cash flow that we are prudently re-investing in new packaging solutions and in patented technology in adjacent and other vertical markets. Our Digital Optics business is now pursuing a large, transformational market opportunity that will produce measurable results in the next twelve months, exploiting technology that is proven and disruptive, with a clear path to commercialization. The Company has the right Board and management team in place to execute on these opportunities and to deliver value for the Company's stockholders.<br /><br />We welcome an open and active dialogue with our stockholders. We regret that Starboard did not see fit to engage in dialogue with us prior to delivering its letter, but we look forward to the opportunity to engage in discussions with Starboard and all of our stockholders in the coming weeks. We know our stockholders need to understand the strategic plan and the concrete steps the Company is taking to execute on it. We are confident that as our stockholders understand the plan and the pace on which we are moving to realize it, our stockholders will be as excited about the Company's prospects as we are."</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-14403879106421790742012-01-05T16:47:00.000-08:002012-01-05T16:47:13.004-08:00Trident Microsystems files for Bankruptcy<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SUNNYVALE, Calif., Jan. 4, 2012 (GLOBE NEWSWIRE) -- Trident Microsystems, Inc. ("Trident" or "the Company") today announced that the Company and its Cayman subsidiary, Trident Microsystems (Far East) Ltd. have filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. Trident will shortly file for protection in the Cayman Islands as well.<br /><br />As part of the filing, Trident has filed a motion to approve the bid procedures for the sale of its Set-Top-Box business operations to Entropic Communications, Inc. ("Entropic") pursuant to the asset purchase agreement included with the motion. Trident intends to continue to operate all of its business lines in the ordinary course and has ample liquidity to do so, while it completes the Bankruptcy approval process regarding the sale of its Set-Top-Box business to Entropic and explores strategic alternatives for its remaining business units.<br /><br />"Trident, like many of its competitors, has been undergoing rapid changes which have hindered its ability to operate profitably," stated Dr. Bami Bastani, chief executive officer of Trident. "A combination of increased pricing pressures in our industry, lower demand in consumer electronics, and slower than anticipated new product adoption has contributed to increased operating losses, a deterioration in liquidity and an erosion in equity values for Trident." Trident recently announced that it was exploring a number of strategic alternatives, and this process led to the contemplated sale of the Set-Top-Box business to Entropic (Nasdaq:<a href="http://www.globenewswire.com/newsroom/headlines.html?symbol=ENTR">ENTR</a>), a leading provider of silicon and software solutions for the home entertainment market. Bastani added that "we are extremely pleased with the opportunity that Entropic provides for not only our Set-Top-Box business, but also our key suppliers and vendors, customers and our dedicated employees throughout the world." This transaction has been approved by the Boards of Directors of Trident and Entropic. The sale of the Set-Top-Box business to Entropic will be subject to a bidding process and approval by the Bankruptcy Court and the Cayman court, and it is expected that the sale will close in late February, 2012.<br /><br />Trident also announced that it has entered into a license agreement with RDA Technologies, Ltd., pursuant to which it granted a non exclusive license to its SX-5 SOC product for the television market. Under the license agreement, Trident has received an upfront fee of $7.5 million and expects to receive an additional $8.5 million in the near term. As a result of cost cutting efforts, the RDA license agreement, and the receipt of funds from the sale of its facility in China, the Company believes its cash balance as of December 31, 2011 provides adequate liquidity to continue to meet customer and vendor requirements while the marketing efforts for its key assets continues.<br /><br />During the interim, Trident expects that Chapter 11 protection will enable the Company to conduct its business operations in the ordinary course. To that end, the Company is seeking approval from the court for a variety of First Day and other initial motions, including requests to make wage and benefit payments to employees and continuation of the Company's global cash management system.<br /><br />None of Trident's other operating subsidiaries are subject to the Chapter 11 proceedings, and they will continue to operate in the ordinary course of their businesses. <br /><br />Additional information on the filing can be found at the Claims Agent's website at<a href="http://www.globenewswire.com/newsroom/ctr?d=241906&l=7&a=www.kccllc.net%2Ftrident&u=http%3A%2F%2Fwww.kccllc.net%2Ftrident">www.kccllc.net/trident</a>.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-84449363501437462062012-01-05T16:44:00.000-08:002012-01-05T16:44:33.094-08:00Entropic Bids for Trident's Set-Top Box Business<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SAN DIEGO, Jan. 4, 2012 (GLOBE NEWSWIRE) -- <a href="http://www.globenewswire.com/newsroom/ctr?d=241904&l=2&a=Entropic%20Communications%2C%20Inc.&u=http%3A%2F%2Fwww.entropic.com%2F">Entropic Communications, Inc.</a> (Nasdaq:<a href="http://www.globenewswire.com/newsroom/headlines.html?symbol=ENTR">ENTR</a>), a leading provider of silicon and software solutions to enable connected home entertainment, today announced it has filed an asset purchase agreement as "stalking horse" bidder to purchase certain assets of Trident Microsystems' (Nasdaq:<a href="http://www.globenewswire.com/newsroom/headlines.html?symbol=TRID">TRID</a>) set-top box (STB) system on a chip (SoC) business in connection with Trident's Chapter 11 bankruptcy filing on January 4, 2012. The planned USD$55 million acquisition would bring together two highly complementary technologies, product lines, and teams.<br /><br />"The acquisition of Trident Microsystems' set-top box business provides an important strategic opportunity for Entropic by enabling us to combine our best-in-class MoCA solutions, including MoCA2, with Trident's system on a chip (SoC) business to deliver a complete system solution to the world's premier cable, telco and satellite service providers, while expanding our total addressable market over the next several years," said Patrick Henry, president and CEO, Entropic. "Additionally, this acquisition would provide us with key talented resources, increased scale, valuable intellectual property, broader customer relationships and an expanded worldwide footprint to ensure sustained success in our core markets and accelerated penetration in the global SoC markets."<br /><br />"Trident's set-top box SoC business is highly complementary to Entropic's leading MoCA solutions product line," said Bami Bastani, president and CEO, Trident. "Our mutual culture of technical innovation and execution excellence, along with our multi-year history of product collaboration, should allow a seamless hand-off for our OEM customers and service providers."<br /><br />As part of the intended acquisition, Entropic would obtain Trident's complete STB product portfolio, comprised of a comprehensive suite of digital STB components and system solutions for worldwide satellite, terrestrial, cable and IPTV networks. The Company's STB product offering includes STB SoCs, DOCSIS® modems, interface devices and media processors. In addition, Trident's STB product line-up features a range of ARM Cortex-A9 based SoCs that have been optimized for leading Web technologies such as Adobe® Flash, HTML5 and OpenGLES2.0 gaming as well as cost optimized standard definition and high definition Digital Terminal Adapter (SD/HD-DTA) devices to meet the needs of cable/multiple system operator (MSO) analog reclamation initiatives.<br /><br />Entropic intends to invest in service and support for the existing Trident STB customer base, as well as advance Trident's STB product line by continuing to invest in its development -- leveraging mutual strengths of both companies' technologies to provide customers with next generation, integrated Multimedia over Coax (MoCA®) based chip-set solutions.<br /><br />The assets to be acquired under the agreement include Trident's specific STB products, patents and other intellectual property, certain tangible assets and inventory. To complement its products, Trident also offers complete reference designs that are bundled with a range of operating systems, middleware, drivers and development tools – all of which would fall under the Entropic brand upon completion of the sale to Entropic.<br /><br />Entropic would plan to hire approximately 385 Trident employees located primarily in China, India, the United Kingdom, Taiwan, Korea and the United States. Entropic would also acquire facilities in Austin, Texas, Belfast, Northern Ireland and Hyderabad, India and would use portions of Trident's facilities in China, Taiwan and Korea under a facilities use agreement while Entropic assesses its facilities requirements.<br /><br />The purchase price is USD$55 million in cash, plus assumption of specified liabilities upon the closing of the transaction, subject to adjustment for closing working capital balances and other matters, as set forth in the asset purchase agreement. Trident has selected Entropic as its stalking horse bidder with customary protections, subject to Bankruptcy Court approval. The asset purchase agreement to be entered between Trident and Entropic has been filed with the United States Bankruptcy Court for the District of Delaware along with Trident's motion seeking the establishment of bidding procedures for an auction that allows other qualified bidders to submit higher or otherwise better offers, as required under Section 363 of the U.S. Bankruptcy Code. Entropic expects that hearings before those courts to approve bidding procedures, break-up fees and expense reimbursement will be held within the next two weeks, followed by an auction, with hearings for approval of the ultimate sale to be held thereafter. Consummation of the transaction, which is expected to occur in the first quarter of 2012, remains subject to higher or otherwise better offers, approval by the United States Bankruptcy Court and customary closing conditions.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-43192826842053226752012-01-05T06:49:00.000-08:002012-01-05T06:49:17.818-08:00Mindspeed Technologies to Acquire Picochip<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">NEWPORT BEACH, Calif.--(<a href="http://www.businesswire.com/">BUSINESS WIRE</a>)--Mindspeed Technologies, Inc. (NASDAQ: MSPD), a leading supplier of semiconductor solutions for network infrastructure applications, today announced that it has signed a definitive agreement to acquire U.K.-based Picochip Limited, a leading supplier of integrated system-on-chip (SoC) solutions for small cell base stations, for a purchase price of approximately $51.8 million, plus a potential earnout payment of up to $25 million payable in the first calendar quarter of 2013.<br /><br />Together, Mindspeed and Picochip will offer the most comprehensive portfolio of base station semiconductor solutions on the market, from residential to enterprise to pico/metro applications. Through this timely combination, Mindspeed's enhanced product roadmap for single- and multi-mode 3G/4G solutions will enable it to capitalize on the rapid acceleration of the small cell wireless base station market, while also addressing comprehensive support for all 3G and 4G global air interface standards. Management estimates the total addressable market for the combined entity will grow to $3.0 billion by 2016. Management also believes technology synergies, operational synergies and opportunities for cross-selling products within each company’s customer base are substantial.The expected acquisition will create the clear market leader in small cell base station solutions for next generation mobile broadband communications infrastructure, an explosive growth market. Research firm Mobile Experts LLC predicts small cell base station shipments will grow to 24 million units by 2016, creating a market for alternative cells, which could exceed the macrocell market in terms of transceiver unit shipments during the next four years.<br /><br />For Picochip, Mindspeed will pay cash of $27.5 million and approximately 5.19 million in new shares of Mindspeed common stock, amounting to approximately 15 percent of outstanding Mindspeed shares, for a total of $24.3 million, based upon the closing price of Mindspeed’s common stock on January 4, 2012. The cash portion of the initial purchase price will be financed in part with bank debt. The terms also include an earnout provision, whereby the purchase price can increase by up to $25 million, contingent on the achievement of certain milestones. The earnout, which is payable in the first calendar quarter of 2013, may be paid in cash, Mindspeed common stock or a combination thereof, at Mindspeed’s discretion.<br /><br />The transaction has been approved by Mindspeed’s and Picochip’s boards of directors and is subject to certain closing conditions. The transaction is expected to close in the first calendar quarter of 2012. Mindspeed currently expects the acquisition, inclusive of anticipated synergies, to be accretive to non-GAAP earnings per share in the second half of calendar 2012.<br /><br />“Our acquisition of Picochip establishes our position as a global leader in wireless infrastructure semiconductor solutions for next generation mobile broadband communications,” said Raouf Y. Halim, chief executive officer of Mindspeed. “It is a great strategic fit for several reasons. First, it positions Mindspeed as the clear leader in small cell base station technology with the industry’s broadest small cell product offering, addressing a significantly expanded market opportunity of $3.0 billion by 2016. Second, it enhances our competitive position as we join our respective 3G/4G technologies to offer single- and multi-mode solutions that we believe will provide us a time-to-market and product performance advantage relative to competitors. Third, it gives us the scale to lead the industry’s move toward fixed/mobile broadband convergence; a trend which we believe will drive revenue and earnings growth for Mindspeed in the future.”<br /><br />Nigel Toon, chief executive officer and president of Picochip, stated, “Mindspeed is the ideal acquirer for us. Together, we have valuable technology and customer synergies, given Picochip’s carrier-qualified 3G wireless technology leadership with over 70 percent market share in 3G/high-speed packet access (HSPA) and Mindspeed’s proven pathway as the long-term evolution (LTE) small cell pioneer with the Transcede® product family. Our combined resources create one of the largest SoC development groups in the wireless infrastructure sector with complementary intellectual property scale and expertise to deliver the solutions that this fast-moving market demands.”<br /><br />Raymond James & Associates, Inc. is acting as Mindspeed’s financial advisor, and Wilson Sonsini Goodrich & Rosati, P.C. is serving as Mindspeed’s legal advisor. Barclays Capital is acting as Picochip’s financial advisor and Fenwick & West LLP is serving as Picochip’s legal advisor.<br /><br /><b>About Mindspeed Technologies</b><br /><br />Mindspeed Technologies (NASDAQ: MSPD) is a leading provider of network infrastructure semiconductor solutions to the communications industry. The company's low-power system-on-chip (SoC) products are helping to drive video, voice and data applications in worldwide fiber-optic networks and enable advanced processing for 3G and long-term evolution (LTE) mobile networks. The company's high-performance analog products are used in a variety of optical, enterprise, industrial and video transport systems. Mindspeed's products are sold to original equipment manufacturers (OEMs) around the globe.<br /><br /><b>About Picochip</b><br /><br />Picochip is enabling the next generation of wireless infrastructure. Its picoXcell™ family of optimized silicon devices is the leader in the fast growing market for femtocell access points. Its picoArray™ family of flexible wireless processors is the leading solution for OFDMA-based network equipment, and is backed by comprehensive software support for global standards such as EDGE, HSPA, HSPA+, TD-SCDMA, WiMAX, LTE, cdma2000 and GSM. Located in Bath, UK and Beijing, China, Picochip is re-shaping mobile networks.<br /><br />For more information, visit <a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.picochip.com&esheet=50122085&lan=en-US&anchor=www.picochip.com&index=3&md5=a0ed37e1a37470c2f2750f61931143d8">www.picochip.com</a> and Twitter: @picochip_femto.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-39295065113254346672011-12-29T14:06:00.000-08:002011-12-29T14:06:38.100-08:00Invensas Purchases 73 MoSys Patents<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SANTA CLARA, Calif. & SAN JOSE, Calif.--(<a href="http://www.businesswire.com/">BUSINESS WIRE</a>)--MoSys, Inc. (Nasdaq: MOSY) and Invensas Corporation, a wholly owned subsidiary of Tessera Technologies, Inc. (Nasdaq: TSRA), announced today that they entered into a patent purchase agreement. Under the agreement, Invensas purchased 43 United States and 30 foreign memory technology patents from MoSys for $35 million in cash. MoSys retained a royalty-free license to the patents to cover its Bandwidth Engine® product line and technology partners, along with related rights to offer sublicenses to current and future partners.<br /><br />“The MoSys patents are very relevant to industry-standard DRAM products that have been shipping from the fabs of our potential licensees. The MoSys transaction represents an important milestone in our ongoing acquisition program,” said Simon McElrea, president, Invensas Corporation.<br /><br />“We are pleased with this transaction as it provides MoSys and its current licensees with continued access to the patents and allows us to strengthen our balance sheet,” stated Len Perham, president and chief executive officer, MoSys. “The combination of the retained license and the non-dilutive source of funding made this transaction very appealing.”</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-28203912101826938602011-12-20T08:02:00.000-08:002011-12-20T08:02:17.087-08:00Linear Technology acquires Dust Networks<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">MILPITAS, Calif.--(</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><a href="http://www.businesswire.com/">BUSINESS WIRE</a></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">)--Linear Technology Corporation (NASDAQ: LLTC), a leader in high performance analog integrated circuits, today announced the acquisition of Dust Networks, Inc., a leading provider of low power wireless sensor network (WSN) technology. The acquisition of Dust Networks, based in Hayward, CA, will enable Linear to offer a complete high performance wireless sensor networking solution. Dust Networks’ low power radio and software technology complements Linear’s strengths in industrial instrumentation, power management and energy harvesting technology.</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Dust Networks’ proven, low power wireless sensor network technology extends Linear’s product portfolio into key growth areas in industrial process control, data acquisition and energy harvesting. Dust Networks’ ultralow power wireless systems complements Linear’s analog and digital sensor interface ICs, and energy harvesting power management products in applications where measurement of physical parameters has traditionally been impractical or impossible.</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Erik Soule, Vice President of Signal Conditioning and High Frequency products for Linear Technology, stated, “Dust Networks offers the lowest power radio technology and most complete networking software for building industrial-grade wireless sensor networks. Combined with Linear’s precision low-power sensor interface products and battery-free energy harvesting technology, we can now offer the industry’s highest performance remote monitoring solutions.”</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">With the growing importance of machine-to-machine communications to enable remote data acquisition, low power wireless sensing is an emerging solution for many end-markets, including industrial process control, building automation and data center energy management.</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Joy Weiss, President of Dust Networks, stated, “Dust Networks and Linear are an excellent fit. We already have very complementary products and customers, and with Linear’s global sales reach we can be at the forefront, enabling sensor networks to go wireless on an even broader scale.”</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">“Smart Dust” was first conceived by Dr. Kris Pister, founder and chief technologist of Dust Networks, as a simple way to deploy intelligent wireless sensors. Dust Networks pioneered SmartMesh® networks that comprise a self-forming mesh of nodes, or “motes,” which collect and relay data, and a network manager that monitors and manages network performance and sends data to the host application. This technology is now the basis for a number of seminal networking standards. The hallmark of Dust Networks’ technology is that it combines low power, standards-based radio technology, time diversity, frequency diversity, and physical diversity—to assure reliability, scalability, wire-free power source flexibility, and ease-of-use. All motes in a SmartMesh network—even the routing nodes—are designed to run on batteries for years, allowing the ultimate flexibility in placing sensors exactly where they need to go with low cost “peel and stick” installations.</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Dust Networks’ customers range from the world’s largest industrial process automation and control providers such as GE and Emerson, to innovative, green companies such as Vigilent and Streetline Networks. Dust Networks’ technology can be found in a variety of monitoring and control solutions, including data center energy management, renewable energy, remote monitoring, and transportation.</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Terms of the transaction were not disclosed. Although there will be some transaction related costs, Dust’s ongoing results are not expected to be material in the short term to Linear’s financial statements.</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><b>About Dust Networks</b></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Founded in 2002, Dust Networks is a pioneer in the field of wireless sensor networking, and is defining the way to connect smart devices. Using standards-based network technology, Dust Networks provides reliable, resilient and scalable products with advanced network management and comprehensive security features. Dust’s broad portfolio includes SmartMesh®IP, SmartMesh Industrial/WirelessHART™ and ZigBee®. Dust Networks provides complete wireless systems solutions, including IEEE 802.15.4 mote modules, mote-on-chips and network and security management software and hardware. For more information, visit</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"> </span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.dustnetworks.com&esheet=50111935&lan=en-US&anchor=www.dustnetworks.com&index=1&md5=476c9828291d0039c31322830f64eb45">www.dustnetworks.com</a></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><b>About Linear Technology</b></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Linear Technology Corporation, a member of the S&P 500, has been designing, manufacturing and marketing a broad line of high performance analog integrated circuits for major companies worldwide for three decades. The Company’s products provide an essential bridge between our analog world and the digital electronics in communications, networking, industrial, automotive, computer, medical, instrumentation, consumer, and military and aerospace systems. Linear Technology produces power management, data conversion, signal conditioning, RF and interface ICs, and µModule® subsystems. For more information, visit</span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"> </span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><a href="http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.linear.com&esheet=50111935&lan=en-US&anchor=www.linear.com&index=2&md5=db60ffd60f374876bdd2fffcc831b673">www.linear.com</a></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">LT, LTC, LTM, µModule and are registered trademarks of Linear Technology Corp. All other trademarks are the property of their respective owners.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-50598388815657648372011-12-09T06:37:00.001-08:002011-12-09T06:38:38.637-08:00Lattice Semiconductor to Acquire SiliconBlue<span class="Apple-style-span" style="line-height: 20px;"><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"></span></span><br />
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">HILLSBORO, OR--(Marketwire - Dec 9, 2011) - Lattice Semiconductor Corporation (<exchange name="NASDAQ">NASDAQ</exchange>: <a href="http://www.marketwire.com/news_room/Stock?ticker=LSCC" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #006699; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">LSCC</a>) today announced it has entered into a definitive agreement to acquire SiliconBlue Technologies, a pioneer and leader in Custom Mobile Device™ solutions for the consumer handheld market. Utilizing a single chip, ultra-low power Field Programmable Gate Array (FPGA) fabric, SiliconBlue's mobileFPGA™ devices enable mobile designers to quickly add features to their mobile platform in areas such as connectivity, memory / storage, sensor management, and video / imaging. SiliconBlue's mobile FPGA devices have already shipped in the millions of units to top tier consumer OEM's.</span></div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Under terms of the agreement, Lattice Semiconductor will pay approximately $62 million in cash for SiliconBlue Technologies. The acquisition is subject to standard closing conditions, with a targeted close in the fourth quarter of 2011. Lattice Semiconductor ended the third quarter of 2011 with a cash, cash equivalents and short-term marketable securities balance of $267.2 million.</span></div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Darin G. Billerbeck, Lattice Semiconductor's President and Chief Executive Officer, said, "The acquisition of SiliconBlue is aligned with our Strategic Long Range Plan and will help accelerate our growth strategy in the Mobile Consumer market. Silicon Blue will further strengthen our product roadmap by adding a scalable, low cost, low power nonvolatile memory FPGA, along with key personnel and blue chip customers. Kapil Shankar, SiliconBlue's Chief Executive Officer, will join Lattice Semiconductor as Corporate Vice President of the Mobility Business Unit and will be responsible for the Company's mobility product lines."</span></div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The mobile consumer market for PLD's includes digital cameras, smartphones, eReaders, tablets, notebooks and netbooks. Key market growth trends include the drive for longer battery life, more natural interfaces, increased functionality, lower cost and reduced weight.</span></div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Mr. Shankar commented, "We are excited to be joining the Lattice Semiconductor family. Lattice gives us the global scale, proven market credibility and financial backing to take SiliconBlue to the next phase of its growth. We think our existing customers will immediately benefit from our new global reach and support. We also expect Lattice's added resources and financial strength will give potential new customers confidence in designing in our mobileFPGA solutions as we work to more fully realize the potential of our pioneering technology."</span></div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><strong style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-style: inherit; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">About SiliconBlue:</strong>Founded in 2006, privately held <a href="http://www.siliconbluetech.com/corporate/company.aspx" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #006699; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">SiliconBlue Technologies</a> is the leader in Custom Mobile Device (CMD) solutions, with over 250 active end customers and more than 40 patents. The company offers a total solution for handset applications, including IP, design services and a new class of ultra-low power, single-chip, CMOS SRAM mobileFPGA devices with patented non-volatile configuration memory (NVCM). The company is headquartered in Santa Clara, California, with offices in China, Taiwan, Korea and Japan. SiliconBlue is a privately held company and includes the following investors; BlueRunVentures, Crosslink Capital, NEA, Apex Venture Partners, TSMC and Atlantic Bridge. For more information, please visit our website at<a href="http://www.siliconbluetech.com/" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #006699; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">www.siliconbluetech.com</a>.</span></div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><strong style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; font-style: inherit; font-weight: bold; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px;">About Lattice Semiconductor: </strong>Lattice is the source for innovative <a href="http://www.latticesemi.com/products/fpga/index.cfm" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #006699; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">FPGA</a>, <a href="http://www.latticesemi.com/products/cpld/index.cfm" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #006699; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">PLD</a>, programmable <a href="http://www.latticesemi.com/products/powermanager/" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #006699; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">Power Management</a> solutions. For more information, visit <a href="http://www.latticesemi.com/" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #006699; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">www.latticesemi.com</a>. Follow Lattice via <a href="http://www.facebook.com/latticesemi" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #006699; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">Facebook</a>, <a href="http://ir.latticesemi.com/phoenix.zhtml?c=117422&p=rssSubscription&t=&id=&" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #006699; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">RSS</a> and <a href="http://twitter.com/latticesemi" style="border-bottom-width: 0px; border-color: initial; border-left-width: 0px; border-right-width: 0px; border-style: initial; border-top-width: 0px; color: #006699; font-style: inherit; font-weight: inherit; margin-bottom: 0px; margin-left: 0px; margin-right: 0px; margin-top: 0px; outline-color: initial; outline-style: initial; outline-width: 0px; padding-bottom: 0px; padding-left: 0px; padding-right: 0px; padding-top: 0px; text-decoration: none;">Twitter</a>.</span></div>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-44072845605570796962011-10-26T19:26:00.000-07:002011-10-26T19:26:54.857-07:00PMC-Sierra to acquire RAD3<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Calgary, Alberta, October 25, 2011 – RAD3 Communications Inc. (RAD3), a Calgary-based communications intellectual property (IP) company, today announced that it has signed a definitive agreement to be acquired by PMC-Sierra, the semiconductor innovator transforming storage, optical and mobile networks. The team will continue to operate out of its Calgary office.<br /><br />“We’re excited for our Calgary-based team to be joining an international company of PMC’s caliber,” Roger Bertschmann, president of RAD3. “PMC’s integration and silicon expertise, combined with our leading-edge capability in the design and delivery of communications and storage IP, will enable us to drive industry-changing technologies that transform the network.”<br /><br />“RAD3’s technologies and highly experienced team are a good fit with PMC,” said Brian Gerson, PMC fellow and vice president of Research and Development. “RAD3’s Forward Error Correction (FEC) and Digital Signal Processing (DSP) technologies will enhance PMC’s ability to offer innovative, high-performance solutions for storage, optical and mobile networks.” <br /><br />The acquisition is expected to close in November 2011, subject to customary closing conditions.<br /><br /><b>About RAD3 Communications</b></span><div>
<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><b><br /></b>RAD3 is a leading supplier of communications intellectual property (IP) for new and emerging wired and wireless communication standards. RAD3’s extensive library of IP solutions enables communication companies to rapidly design and build their products using a suite of industry proven IP. For more information, please visit RAD3’s web site: <a href="http://www.rad3comm.com/">www.rad3comm.com</a>.<br /><br /><b>About PMC</b><br /><br />PMC (Nasdaq:PMCS) is the semiconductor innovator transforming networks that connect, move and store digital content. Building on a track record of technology leadership, we are driving innovation across storage, optical and mobile networks. Our highly integrated solutions increase performance and enable next-generation services to accelerate the network transformation. For more information, visit<a href="http://www.pmc-sierra.com/">www.pmc-sierra.com</a>.</span></div>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-1292190963305496102011-10-26T19:18:00.000-07:002011-10-26T19:18:30.943-07:00LSI to acquire SandForce<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">MILPITAS, Calif., October 26, 2011 – LSI Corporation (NYSE: LSI) today announced that it has signed a definitive agreement to acquire SandForce, Inc., the leading provider of flash storage processors for enterprise and client flash solutions and solid state drives (SSDs). Under the agreement, LSI will pay approximately $322 million in cash, net of cash assumed, and assume approximately $48 million of unvested stock options and restricted shares held by SandForce employees.<br /> <br />SandForce’s award-winning products include flash storage processors at the heart of PCIe flash adapters and SSDs. Flash storage processors provide the intelligence required to deliver the performance and low-latency benefits of flash storage in enterprise and client applications. With market-proven, differentiated DuraClass™ technology, SandForce flash storage processors improve the reliability, endurance and power efficiency of flash-based storage solutions.<br /> <br />The acquisition greatly enhances LSI's competitive position in the fast-growing server and storage PCIe flash adapter market, where the WarpDrive™ family of products from LSI already uses SandForce flash storage processors. The complementary combination of LSI’s custom capability and SandForce’s standard product offering propels LSI into an industry-leading position in the rapidly growing, high-volume flash storage processor market space for ultrabook, notebook and enterprise SSD and flash solutions.<br /> <br />“Flash-based solutions are critical for accelerating application performance in servers, storage and client devices,” said Abhi Talwalkar, LSI president and chief executive officer. “Adding SandForce’s technology to LSI’s broad storage portfolio is consistent with our mission to accelerate storage and networking. The acquisition represents a significant, rapidly growing market opportunity for LSI over the next several years.”<br /> <br />Michael Raam, SandForce president and CEO, said, “The combination of SandForce and LSI allows us to deliver differentiated solutions in the PCIe flash adapter segment by tightly integrating flash memory and management. In addition, leveraging our flash storage processors with LSI’s comprehensive IP portfolio and leading-edge silicon design platforms will lead to innovative solutions.”<br /> <br />The transaction is expected to close early in the first quarter of 2012 subject to customary closing conditions and regulatory approvals. Upon closing, the SandForce team will become part of LSI’s newly formed Flash Components Division, with Raam as general manager.<br /> <br />LSI expects the acquisition to be neutral to non-GAAP* earnings per share in 2012. The company will provide further details during its conference call at 2 p.m. PDT today and discuss third quarter results and the fourth quarter 2011 business outlook.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-57404375763184966092011-10-24T14:58:00.000-07:002011-10-24T14:58:47.538-07:00MIPS and Starboard Reach Agreement<br />
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<span style="display: inline; font-family: Arial, Helvetica, sans-serif;"><span style="display: inline; font-weight: bold;">SUNNYVALE, Calif., </span><span style="display: inline; font-weight: bold;">October 24, 2011 </span>– MIPS Technologies, Inc. (NASDAQ: MIPS) (“MIPS” or “the Company”), a leading provider of industry-standard processor architectures and cores for digital home, networking and mobile applications, today announced it has reached an agreement with Starboard Value LP and its affiliates (“Starboard”), which beneficially owns approximately 9.9% of the outstanding shares of MIPS’ common stock. </span></div>
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<span style="display: inline; font-family: Arial, Helvetica, sans-serif;">Under the agreement, MIPS has agreed to nominate to the MIPS Board two new directors recommended by Starboard, who are not employees of MIPS or Starboard. The nominations will be submitted for stockholder approval at the Company’s 2011 Annual Meeting. One of the new nominees will serve as a Class II director, with a one-year term expiring at MIPS’ 2012 Annual Meeting of Stockholders, and the other new nominee will serve as a Class III director, with a two-year term expiring at MIPS’ 2013 Annual Meeting of Stockholders. With the addition of the two new director nominees, the MIPS Board will be expanded to nine directors, comprised of eight independent directors and Sandeep Vij, MIPS’ President and Chief Executive Officer, effective upon conclusion of the 2011 Annual Meeting.</span></div>
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<span style="display: inline; font-family: Arial, Helvetica, sans-serif;">In connection with the agreement, Starboard has withdrawn its nomination of director candidates to the MIPS Board and has agreed to vote all of its shares in favor of each of the Board’s nominees at the 2011 Annual Meeting, and for each other proposal to come before the 2011 Annual Meeting in accordance with the Board’s recommendation.</span></div>
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<span style="display: inline; font-family: Arial, Helvetica, sans-serif;">“We are pleased to have worked constructively with Starboard to reach this agreement,” said Sandeep Vij, President and Chief Executive Officer of MIPS Technologies. “Our Board and management team are committed to creating value for all MIPS stockholders. We are focused on building upon MIPS’ strong position in the digital home and networking markets, continuing our expansion into mobile, and capitalizing on our robust worldwide patent portfolio. We look forward to benefiting from the collective experience of our two new directors to build an even stronger future for MIPS and our stockholders.”</span></div>
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<span style="display: inline; font-family: Arial, Helvetica, sans-serif;">“We are pleased to have had productive conversations with management and the Board, and believe the two new members of the MIPS Board will each make substantial contributions to the MIPS Board,” said Jeffrey C. Smith, Chief Executive Officer of Starboard. “MIPS has strong customer relationships, a valuable portfolio of patent properties, and a team of talented and dedicated employees. The Company’s technology powers some of the world’s most popular products in its target markets. We look forward to continuing to work constructively with the Company and the Board to help enhance value for all stockholders.”</span></div>
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<span style="display: inline; font-family: Arial, Helvetica, sans-serif;">The Company’s 2011 Annual Meeting has been scheduled for December 7, 2011 at 2:00 p.m. (Pacific Time) at MIPS’ headquarters at 955 East Arques Avenue, Sunnyvale, California 94085. MIPS stockholders of record as of October 11, 2011 will be entitled to notice of and to vote at the Annual Meeting. Further details regarding the 2011 Annual Meeting, including the agreement between MIPS and Starboard, and the two Starboard nominees to be nominated to the Board, will be included in the Company’s definitive proxy materials, which will be filed with the Securities and Exchange Commission (“SEC”).</span></div>
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<span style="display: inline; font-family: Arial, Helvetica, sans-serif;">The complete agreement between MIPS and Starboard will be included as an exhibit to the Company’s Current Report on Form 8-K which will be filed with the SEC.</span></div>
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<span style="display: inline; font-family: Arial, Helvetica, sans-serif; font-weight: bold;">About MIPS Technologies, Inc.</span></div>
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<span style="display: inline; font-family: Arial, Helvetica, sans-serif;">MIPS Technologies, Inc. (NASDAQ: MIPS) is a leading provider of industry-standard processor architectures and cores for digital home, networking and mobile applications. The MIPS architecture powers some of the world's most popular products, including broadband devices from Linksys, DTVs and digital consumer devices from Sony, DVD recordable devices from Pioneer, digital set-top boxes from Motorola, network routers from Cisco, 32-bit microcontrollers from Microchip Technology and laser printers from Hewlett-Packard. Founded in 1998, MIPS Technologies is headquartered in Sunnyvale, California, with offices worldwide. For more information, contact (408) 530-5000 or visit www.mips.com.</span></div>
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<span style="display: inline; font-family: Arial, Helvetica, sans-serif; font-weight: bold;">About Starboard Value</span></div>
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<span style="display: inline; font-family: Arial, Helvetica, sans-serif;">Starboard Value is a New York-based investment adviser with a focused and differentiated fundamental approach to investing in publicly traded US small cap companies. The investment team has a successful track record of generating significant alpha for investors using their expertise in shareholder activism.</span></div>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-19357212840883309042011-09-29T09:32:00.000-07:002011-09-29T09:32:28.475-07:00Atmel to Acquire ADD Semiconductor<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SAN JOSE, Calif., Sept. 27, 2011 /PRNewswire/ -- Atmel® Corporation (Nasdaq: ATML) today announced that it has signed a definitive agreement to acquire Advanced Digital Design, S.A. ("ADD Semiconductor"), a privately held company based in Zaragoza, Spain that develops power line communication solutions. The transaction is subject to customary closing conditions and is expected to close in October. Atmel does not expect the acquisition to have a material impact on its overall financial position and results of operations in 2011. </span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">ADD Semiconductor, a founding member of the PRIME Alliance, specializes in the design of system-on-chip solutions that allow for narrow-band data communication across existing electric power lines. In addition to successfully supporting a number of advanced meter infrastructure ("AMI") pilots in Europe, ADD Semiconductor products are also targeted towards the lighting, building automation and solar infrastructure markets. </span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;"><br /></span><span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">With ADD Semiconductor, Atmel will acquire a portfolio of innovative products and a team of technical experts focused on signal processing and power line communications. This acquisition complements Atmel's existing smart energy product portfolio, better positioning the company for continued success in the growing smart meter, energy management, home and building automation markets.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-14632999464472634342011-09-26T09:52:00.001-07:002011-09-26T09:52:48.421-07:00Entropic invests $10M in Zenverge<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SAN DIEGO, Sept. 26, 2011 (GLOBE NEWSWIRE) -- Entropic Communications, Inc. (Nasdaq:ENTR), a leading provider of silicon and software solutions to enable connected home entertainment and Zenverge, Inc., a leading developer of advanced media integrated circuits (ICs) for the connected home, today announced a strategic partnership to co-develop solutions and align product roadmaps for the delivery of content with powerful transcoding technology over a MoCA® 2.0 (Multimedia over Coax) home network. In addition, Entropic has made an investment in Zenverge totaling 10 million dollars (USD).<br /></span><br />
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">Service providers are seeking cost-effective ways to broaden delivery of video content beyond TVs, to portable display devices like tablets, smartphones, and laptops. Building on the partnership between the two companies announced earlier this year, a combined Entropic-Zenverge solution will enable service providers to leverage their investment in MoCA networks and the paradigm shift to IP content, to significantly expand the number and types of display devices on which their subscribers can consume content, while maintaining superior quality, security and market leading MoCA home network connectivity. With faster than real-time high definition (HD) transcoding from Zenverge and unsurpassed MoCA 2.0 performance from Entropic, pay-TV, over-the-top or personal video content can be streamed from a DVR, a network attached storage (NAS) device, or a personal computer (PC) and converted to a format most suitable for viewing on tablets, smartphones, or laptops. This content can either be watched immediately in a connected mode, or later from content stored locally.<br /></span><div>
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<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">The product roadmap alignment between the companies integrates the following features and attributes of each company to ensure a superb, seamless content viewing experience throughout the home and on any device:<br /><ul>
<li>Zenverge's Entertainment Nexus (ZEN) advanced architecture for HD media processing. This powerful architecture results in a high-performance, low-latency, lower power digital media processor capable of transcoding HD content up to four-times faster than real-time, and up to 30-times faster for lower-resolution content. In addition, the Zenverge media processor can simultaneously transcode up to four independent HD streams, or up to 16 independent standard definition (SD) streams, along with supporting full encode of HD content.</li>
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<li>Entropic's MoCA 2.0 home networking silicon. Entropic brings proven speed and performance with its MoCA silicon and software. Enabling the most robust, predictable and powerful home networking backbone to reliably distribute bandwidth-intensive content throughout the home. With MoCA 1.1 already deployed as the de-facto connected home entertainment standard in the U.S., MoCA 2.0's higher throughput and backward interoperability is perfectly suited to intersect pay-TV provider next generation products and services.</li>
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"We're at a critical path in both our development and what the consumer market desires in their home entertainment interests," said Amir Mobini, chief executive officer, Zenverge. "By aligning our paths with Entropic, and maximizing the opportunity their MoCA 2.0 technology brings to the table, we will remain on target to deliver the most groundbreaking new architecture for digital HD convergence — that takes transcoding of digital media entertainment to unsurpassed levels of consumer and operator ease."<br /><br />"This partnership crystallizes our connected home entertainment strategy and positions us to offer even greater value to our customers, our partners and ultimately the consumer," said Patrick Henry, president and chief executive officer, Entropic. "In addition to the clear strategic benefits of combining two highly complementary silicon products, we believe we can create substantial shareholder value by capitalizing on the consumer demand to have their video content delivered anywhere, anytime and to any device, in the home or on the go."<br /><br /><b>About Zenverge</b><br /><br />Founded in 2005, Zenverge is a fabless semiconductor company devoted to accelerating consumer access to next generation digital content and services. The company is a leading developer of Advanced Media ICs built around the patented ZEN architecture, a core technology for next generation digital media devices. The company is based in Cupertino, California. For more information please visit the company website: <a href="http://www.globenewswire.com/newsroom/ctr?d=233223&l=7&a=www.zenverge.com&u=http%3A%2F%2Fwww.zenverge.com%2F"></a><a href="http://www.zenverge.com/">www.zenverge.com</a>.<br /><br /><b>About Entropic Communications</b><br /><br />Entropic Communications, Inc. (Nasdaq:ENTR) is a leading fabless semiconductor company that is engineering the future of connected home networking and entertainment by providing next-generation silicon and software technologies to the world's leading cable, telco and satellite service providers, OEMs and consumer electronics manufacturers. As a co-founder of MoCA (Multimedia over Coax Alliance), Entropic pioneered and continues to evolve the way high-definition television-quality video and other multimedia and digital content such as movies, music, games and photos are brought into and delivered throughout the home. For more information, visit Entropicat <a href="http://www.globenewswire.com/newsroom/ctr?d=233223&l=9&a=www.entropic.com&u=http%3A%2F%2Fwww.entropic.com%2F"></a><a href="http://www.entropic.com/">www.entropic.com</a>.</span></div>
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Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-7205707508457799992011-09-26T08:35:00.000-07:002011-09-26T08:35:47.294-07:00Trident announces reduction in force<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SUNNYVALE, Calif., Sept. 26, 2011 — Trident Microsystems, Inc. (NASDAQ: TRID), a leading provider of set-top box and TV semiconductor solutions, today announced a key step in its turnaround efforts that will lower its breakeven point through a realignment of its workforce, from approximately 1,275 employees worldwide today to approximately 1,000 employees by early 2012. Headcount will be reduced strategically in all functional areas. As a result of the reductions in labor and other cost saving initiatives, by the first quarter of 2012 the company expects to realize an annual operating expense savings of approximately $40 million to $48 million compared with the annualized run rate as of the second quarter of 2011 and to reduce its annual EBITDA breakeven level (excluding stock-based compensation, restructuring and other non-cash charges) to approximately $340 million to $360 million in annual revenues. The company expects to incur total cash restructuring charges of approximately $8 million to $10 million, including approximately $2 million to $3 million in the current quarter ending Sept. 30, 2011.<br /><br />“We are taking decisive actions to better position Trident for success as we enter 2012, given the current mass production timing of our new design wins and the soft economic environment,” said Trident’s chief executive officer and president, Dr. Bami Bastani. “Trident has always had very strong technology and good access to customers, both of which are translating into new design wins for our latest TV and Set-Top Box products. By focusing on our core strengths, including connectivity for Smart TV and Smart Box, and our customer centric engagements with a select list of leading OEMs, ODMs, and operators, we intend to position ourselves for stronger financial results and improved returns for our shareholders.”</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-60701753708520226582011-09-13T09:08:00.000-07:002011-09-13T09:08:42.568-07:00MIPS Technologies Comments on Announcement by Starboard<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif;">SUNNYVALE, Calif., September 12, 2011 – MIPS Technologies, Inc. (NASDAQ: MIPS), a leading provider of industry-standard processor architectures and cores for digital home, networking and mobile applications, today acknowledged the receipt of notice from Starboard Value LP (“Starboard”), which owns approximately 9.1% of the outstanding shares of MIPS, regarding its intent to nominate four candidates for election to the MIPS Board of Directors at the Company’s 2011 Annual Meeting of Stockholders. The Company noted that there are three seats up for election at the 2011 Annual Meeting.<br /><br />The Company does not intend to make a recommendation on Starboard’s nominees at this time and will present its formal recommendation in its proxy statement to be filed with the Securities and Exchange Commission (the “SEC”). The Compensation and Nominating Committee of the MIPS Board will follow MIPS’ policy and procedures for considering director candidates recommended by stockholders.<br /><br />The Company issued the following statement:<br /><br />MIPS Technologies’ Board of Directors and management team are committed to acting in the best interest of the Company and all MIPS stockholders. We have had an open dialogue with Starboard since we first became aware of their investment in the Company. MIPS’ Board is actively engaged in the strategy of the Company and is committed to building value for all stockholders.<br /><br />MIPS has a leading position in the digital home, is strong in wired and wireless networking and is now expanding into mobile. The Company also has a valuable portfolio of more than 580 patent properties worldwide.<br /><br />MIPS noted that its Board of Directors is comprised of seven highly qualified and experienced directors, six of whom are independent.<br /><br />Skadden, Arps, Slate, Meagher & Flom LLP is providing legal counsel to MIPS.</span>Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.comtag:blogger.com,1999:blog-1154362414878495262.post-37081758943277042652011-09-13T09:05:00.000-07:002011-09-13T09:05:06.126-07:00Activist Shareholder Starboard launches attack on MIPS<br />
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Dear Sandeep,</span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Starboard Value LP, together with its affiliates and director nominees, currently owns 9.1% of the outstanding common stock of MIPS Technologies, Inc. ("MIPS" or "the Company"), making us the Company's largest shareholder. This morning, we delivered a letter to the Company formally nominating four highly qualified candidates for election to the Board of Directors (the "Board") at the Company's 2011 Annual Meeting. </span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">We believe that MIPS' common stock is deeply undervalued and that meaningful opportunities exist to unlock significant value based on actions within the control of management and the Board. Despite a highly profitable royalty stream, market-leading technology and valuable intellectual property, MIPS stock has dramatically underperformed over an extended time period. The director nominees we have proposed have the requisite skill sets to assist the Board in evaluating opportunities to improve performance and shareholder value. </span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">As shown in the table below, MIPS' stock price performance has been dismal dating back to the Company's Initial Public Offering ("IPO") in 1998. As of August 22, 2011, the last trading day prior to our 13D filing, MIPS shares traded at $4.34 per share, a decline of 69%, versus the IPO price of $14.00. During the same period, the average share price of MIPS' Peer Group and the broader indices have increased by approximately 120% and 42%, respectively.</span></div>
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<efx_unidentified_table></efx_unidentified_table><table cellpadding="0" cellspacing="0" style="font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"><tbody>
<tr><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="52%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr><td valign="BOTTOM" width="52%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr><td style="padding-bottom: 2px;" valign="BOTTOM" width="52%"><a href="" name="FIS_UNIDENTIFIED_TABLE_2"></a><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="11" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: center;" valign="BOTTOM" width="35%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">Share Price Performance (1) </span><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr><td style="padding-bottom: 2px;" valign="BOTTOM" width="52%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td colspan="3" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: center;" valign="BOTTOM" width="11%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">1 Year </span><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td colspan="3" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: center;" valign="BOTTOM" width="11%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">3 Year </span><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td colspan="3" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: center;" valign="BOTTOM" width="11%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">5 Year </span><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td colspan="3" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: center;" valign="BOTTOM" width="11%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">Since IPO </span><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td></tr>
<tr><td valign="BOTTOM" width="52%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td colspan="2" valign="BOTTOM" width="6%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Russell 2000 Index</span></div>
</td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">6.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%</span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">(11.7</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%)</span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">(6.7</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%)</span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">42.4</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%</span></td></tr>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Peer Group (2)</span></div>
</td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">8.2</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%</span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">18.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%</span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">5.9</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%</span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">119.8</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%</span></td></tr>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">MIPS</span></div>
</td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">(33.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">%)</span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">8.5</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">%</span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">(37.2</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">%)</span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">(69.0</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">%)</span></td></tr>
<tr bgcolor="WHITE"><td style="border-left-color: black; border-left-style: solid; border-left-width: 2px; border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: left;" valign="BOTTOM" width="52%"><div style="display: block; margin-left: 0pt; margin-right: 0pt; text-align: left; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Underperformance vs. Russell</span></div>
</td><td align="LEFT" style="border-top-color: black; border-top-style: solid; border-top-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">(39.8</span></td><td nowrap="" style="border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%)</span></td><td align="LEFT" style="border-top-color: black; border-top-style: solid; border-top-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">20.2</span></td><td nowrap="" style="border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%</span></td><td align="LEFT" style="border-top-color: black; border-top-style: solid; border-top-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">(30.5</span></td><td nowrap="" style="border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%)</span></td><td align="LEFT" style="border-top-color: black; border-top-style: solid; border-top-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">(111.4</span></td><td nowrap="" style="border-right-color: black; border-right-style: solid; border-right-width: 2px; border-top-color: black; border-top-style: solid; border-top-width: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%)</span></td></tr>
<tr bgcolor="#CCEEFF"><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; border-left-color: black; border-left-style: solid; border-left-width: 2px; margin-left: 0pt; margin-right: 0pt; text-align: left; text-indent: 0pt;" valign="BOTTOM" width="52%"><div style="display: block; margin-left: 0pt; margin-right: 0pt; text-align: left; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Underperformance vs. Peer Group</span></div>
</td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">(41.3</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%)</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">(9.6</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%)</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">(43.1</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%)</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">(188.8</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; border-right-color: black; border-right-style: solid; border-right-width: 2px; text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">%)</span></td></tr>
<tr bgcolor="WHITE"><td valign="BOTTOM" width="52%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr bgcolor="WHITE"><td valign="BOTTOM" width="52%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr bgcolor="WHITE"><td colspan="17" style="text-align: center;" valign="BOTTOM" width="95%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">1. Performance as of 8/22/11. </span><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td></tr>
<tr bgcolor="WHITE"><td colspan="17" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: center;" valign="BOTTOM" width="95%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">2. Peer Group consists of companies used in MIPS proxy to set executive compensation and include AATI, ARMH, CEVA, ENTR, EXAR, GSIT, IKAN, LAVA, PSEM, PDFS, PLXT, SUPX, TXCC, TRID and VLTR. </span><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"><br /></span></td></tr>
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<div style="display: block; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">In fact, in the 2011 year-to-date period through August 22, 2011, MIPS' share price declined 71% compared to a decline of only 14% in its Peer Group and 17% in the broader indices.</span></div>
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<div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">This destruction in shareholder value is a direct result of the Company's weak operating performance, deteriorating margins and poor capital allocation decisions around internal investments and acquisitions. In the eighteen months since you were named President and CEO in January 2010, operating margins and profitability have plummeted. As shown in the table below, operating margins have declined from 22.5% in the third quarter of 2010 to 8.9% last quarter, a reduction of 60%. While the Company has attempted to drive revenue growth by increasing its spending on research and development and sales and marketing, revenue has actually declined over the last four consecutive quarters and is expected to continue to decline over the coming year. This continued decline in revenue, together with increases in operating expenses, has caused significant deterioration in operating margins and may continue to negatively impact operating margins into the future.</span></div>
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<table cellpadding="0" cellspacing="0" style="font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"><tbody>
<tr><td align="LEFT" colspan="8" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">Weak Operating Performance</span></div>
</td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td colspan="34" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><div style="display: block; margin-left: 0pt; margin-right: 0pt; text-align: right; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">($ in millions)</span></div>
</td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td></tr>
<tr><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">FYE June 30</span></div>
</td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td colspan="18" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: center;" valign="BOTTOM"><div style="display: block; margin-left: 0pt; margin-right: 0pt; text-align: center; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">2010</span></div>
</td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td colspan="18" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: center;" valign="BOTTOM"><div style="display: block; margin-left: 0pt; margin-right: 0pt; text-align: center; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">2011</span></div>
</td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">2012</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">E</span></td></tr>
<tr><td style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"><span style="display: inline;">Q1</span></span></td><td nowrap="" style="padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"><span style="display: inline;">Q2</span></span></td><td nowrap="" style="padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"><span style="display: inline;">Q3</span></span></td><td nowrap="" style="padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"><span style="display: inline;">Q4</span></span></td><td nowrap="" style="padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><div style="display: block; margin-left: 0pt; margin-right: 0pt; text-align: right; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"><span style="display: inline;">FY</span></span></div>
</td><td nowrap="" style="padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"><span style="display: inline;">Q1</span></span></td><td nowrap="" style="padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"><span style="display: inline;">Q2</span></span></td><td nowrap="" style="padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"><span style="display: inline;">Q3</span></span></td><td nowrap="" style="padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"><span style="display: inline;">Q4</span></span></td><td nowrap="" style="padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><div style="display: block; margin-left: 0pt; margin-right: 0pt; text-align: right; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"><span style="display: inline;">FY</span></span></div>
</td><td nowrap="" style="padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td colspan="2" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM"><div style="display: block; margin-left: 0pt; margin-right: 0pt; text-align: right; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"><span style="display: inline;">FY</span></span></div>
</td><td nowrap="" style="padding-bottom: 2px; text-align: left;" valign="BOTTOM"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td></tr>
<tr bgcolor="#CCEEFF"><td align="LEFT" style="padding-left: 38px;" valign="BOTTOM" width="12%"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Royalty Revenue</span></div>
</td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">9.8</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">11.4</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">12.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">12.4</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">45.7</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">13.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">14.8</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">13.4</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">11.8</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">53.7</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">50.4</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr bgcolor="WHITE"><td align="LEFT" style="padding-bottom: 2px; padding-left: 38px;" valign="BOTTOM" width="12%"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">License Revenue</span></div>
</td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">5.2</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.8</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">5.4</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">10.9</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">25.3</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">8.9</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">7.0</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">6.6</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">5.8</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">28.4</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">22.4</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr bgcolor="#CCEEFF"><td align="LEFT" valign="BOTTOM" width="12%"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">Total Revenue</span></div>
</td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">15.0</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">15.2</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">17.5</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">23.3</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">71.0</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">22.5</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">21.9</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">20.0</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">17.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">82.0</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">72.8</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td></tr>
<tr bgcolor="WHITE"><td valign="BOTTOM" width="12%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr bgcolor="#CCEEFF"><td align="LEFT" style="padding-left: 38px;" valign="BOTTOM" width="12%"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">COGS</span></div>
</td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">0.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">0.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">0.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">0.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">0.9</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">0.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">0.3</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">0.2</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">0.3</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">1.3</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">1.3</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr bgcolor="WHITE"><td align="LEFT" style="padding-left: 38px;" valign="BOTTOM" width="12%"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">R&D</span></div>
</td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">5.8</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">5.8</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">6.3</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">6.4</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">24.3</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">5.9</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">7.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">7.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">7.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">27.7</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">32.2</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr bgcolor="#CCEEFF"><td align="LEFT" style="padding-left: 38px;" valign="BOTTOM" width="12%"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Sales & Marketing</span></div>
</td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.4</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.9</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">4.9</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">15.8</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.9</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">4.9</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">5.4</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">4.9</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">19.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">19.9</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr bgcolor="WHITE"><td align="LEFT" style="padding-bottom: 2px; padding-left: 38px;" valign="BOTTOM" width="12%"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">G&A</span></div>
</td><td align="LEFT" style="padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.1</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.6</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.3</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.6</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">13.6</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.2</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.7</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.4</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">3.2</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">13.5</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">13.2</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr bgcolor="#CCEEFF"><td align="LEFT" valign="BOTTOM" width="12%"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">Total Expenses</span></div>
</td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">12.4</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">13.0</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">13.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">15.5</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">54.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">13.5</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">16.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">16.0</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">16.0</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">61.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">66.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td></tr>
<tr bgcolor="WHITE"><td valign="BOTTOM" width="12%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td></tr>
<tr bgcolor="#CCEEFF"><td align="LEFT" valign="BOTTOM" width="12%"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">Operating Profit</span></div>
</td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">2.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">2.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">3.9</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">7.8</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">16.4</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">9.0</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">5.8</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">4.1</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">1.6</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">20.5</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td align="LEFT" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;">6.3</span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-weight: bold;"> </span></td></tr>
<tr bgcolor="WHITE"><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-left: 38px;" valign="BOTTOM" width="12%"><div align="LEFT" style="display: block; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">Operating Margin</span></div>
</td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">17.0</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">%</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">14.0</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">%</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">22.5</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">%</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">33.4</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">%</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">23.1</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">%</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">40.1</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">%</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">26.5</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">%</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">20.3</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">%</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">8.9</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">%</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">24.9</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">%</span></td><td align="LEFT" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;"> </span></td><td style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">8.6</span></td><td nowrap="" style="border-bottom-color: black; border-bottom-style: solid; border-bottom-width: 2px; padding-bottom: 2px; text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">%</span></td></tr>
<tr bgcolor="WHITE"><td valign="BOTTOM" width="12%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td style="text-align: right;" valign="BOTTOM" width="5%"><span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;"> </span></td><td nowrap="" style="text-align: left;" valign="BOTTOM" width="1%"><span style="display: inline; 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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt; font-style: italic;">Source: Company filings. FY 2012 estimates per Craig-Hallum</span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Based on MIPS' recently reported fourth quarter results and associated conference call, it appears that the current plan is to press ahead with aggressive spending despite clearly missed expectations. As the Company's largest shareholder, we have serious concerns regarding the significant deterioration in financial performance and the lack of action to stem the decline in revenues and operating profits. Further, we are deeply troubled by the apparent willingness of the Board to consider using the Company's cash to pursue acquisitions in light of a terrible acquisition track record and an operating business in need of serious and immediate attention.</span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">As a reminder, on August 27, 2007 MIPS announced the acquisition of Chipidea Microelectronica S.A. ("Chipidea") for an aggregate value of $149 million, plus assumed liabilities.(1) Prior to the announcement, MIPS shares were trading at $8.17. As a result of this acquisition, the Company depleted its entire $145 million of net cash and swung to a net debt balance of $11.7 million.(2) The stated rationale for the transaction was to <span style="display: inline; font-style: italic;">"strategically enter high-growth segments where analog is essential" </span>and that MIPS expected <span style="display: inline; font-style: italic;">"to reap significant sales growth from the new partnership."</span></span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">The Chipidea acquisition proved to be a massive failure. MIPS' financial results deteriorated and the stock fell to $1.01 per share at its low, 88% lower than where the Company was trading prior to the Chipidea acquisition. Less than two years later, on May 7, 2009, MIPS sold Chipidea to Synopsis for a mere $22 million, less than 15% of the original $149 million purchase price. MIPS stated, <span style="display: inline; font-style: italic;">"Unfortunately, after two big quarters the analog market went into a sharp downturn...affecting our entire business" </span>and that the <span style="display: inline; font-style: italic;">"limited ability of our balance sheet to absorb that shock is driving this decision."</span></span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Given the disastrous results of the Chipidea acquisition and the many years of poor financial performance, we strongly encourage the Board to reconsider its stance on capital allocation. Instead of pursuing acquisitions, the Company should focus on improving its operating performance and consider allocating capital to buy back shares of MIPS at the current deeply discounted valuation. We believe this is the best use of excess cash and will significantly benefit shareholders. </span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Further, we believe that MIPS' intellectual property may hold substantial value. To that end, we strongly encourage the Board to explore alternatives for realizing that value for the benefit of all shareholders.</span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">We look forward to continuing to share our views with you. It should be clear that our nominees are uniquely qualified to assist the Board in evaluating the topics covered in this letter and in taking the necessary steps to enhance shareholder value. We are happy to engage in a constructive dialogue with you in hopes of reaching a mutually agreeable resolution that will serve the best interests of all shareholders. </span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Best Regards,</span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Jeffrey C. Smith</span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Partner</span></div>
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<span style="display: inline; font-family: 'TIMES NEW ROMAN'; font-size: 10pt;">Starboard Value LP</span></div>
Roy Kallerhttp://www.blogger.com/profile/07314536233115450413noreply@blogger.com