MIPS Asks for Extension of SEC 10-K Filing

By Ann Steffora Mutschler -- Electronic News, 9/14/2006

In another case of delayed SEC filings by semiconductor industry players, Mountain View, Calif.-based microprocessor architecture and semiconductor intellectual property core provider MIPS Technologies Inc. said today it has filed for an extension of time to file its Annual Report on Form 10-K with the Securities and Exchange Commission (SEC) for the year ended June 30.

On August 30, MIPS said that following a company-initiated voluntary review of historical stock-based compensation practices and related potential accounting impact, its board of directors had formed a special committee, consisting of independent directors, to review the company's historical option grant practices and the accounting for its option grants.

As a result, MIPS has determined it will not be able to file the Form 10-K until the review is completed.

However, the company said it intends to file the Form 10-K as soon as practicable after the review is completed, but does not expect the Form 10-K will be filed by September 28, which is the extended deadline for the Form 10-K.