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ZDNet UK: MIPS Buys GNU Tools Company

Jul 20, 2002, 01:00 (0 Talkback[s])
(Other stories by Matt Loney)

"As revenues halve year on year, MIPS hopes that the purchase of UK-based Algorithmics Ltd will help revive its fortunes

"Processor designer MIPS said on Thursday it has acquired the UK-based free development tool company Algorithmics Ltd.

"The announcement came on the same day that MIPS announced a 44 percent decline in revenues for fiscal 2002, down to $47.8m from $84.9m in fiscal 2001. MIPS, which made a net loss in fiscal 2002 of $9.4m compared to a net income of $19.1m for the previous year, attributed much of the decline in fortunes to lower royalties from Nintendo 64 consoles, which are powered by MIPS-based processors..."

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