MoSys, Inc. Reports Second Quarter 2008 Financial Results

SUNNYVALE, Calif.—(BUSINESS WIRE)—July 29, 2008— MoSys, Inc., (NASDAQ: MOSY), a leading provider of high-density system-on-chip (SoC) memory and analog/mixed-signal intellectual property (IP), today reported financial results for its second quarter ended June 30, 2008.

Recent Highlights

  • Reported total revenue of $3.2 million, a 13.4 percent increase over the previous quarter
  • Completed the quarter with cash and investments of $74.6 million
  • Secured two new license agreements for Dual-Port Display IC (DDI) embedded memory macros
  • Announced shipment of 1T-SRAM DDI macros in LG Electronics AMOLED-based display for mobile handsets
  • Demonstrated Blu-Ray SoC IP in silicon for home entertainment applications

Management Commentary

During the second quarter, we recorded sequential growth in both licensing and royalties, which resulted in a sequential increase in total revenue, stated Len Perham, MoSys President and Chief Executive Officer. We secured two additional license agreements with new customers for our DDI technology, which enables mobile handset manufacturers to cost effectively meet the design challenges of todays advanced handsets requiring both high resolution displays and multimedia functionality. Additionally, LG Electronics, a licensee of our DDI technology, began production shipments late in the first quarter.

Mr. Perham continued, With regard to our embedded flash technology, we expect to complete full foundry certification of our 1T-FLASH at the 130 nanometer process node. We continue to engage with our foundry partners and advanced integrated circuit SoC manufacturers for 1T-FLASH at the advanced 90 and 65 nanometer process nodes. Looking at our analog mixed signal IP, we demonstrated our front end Blu-Ray SoC IP in silicon to customers who are looking for comprehensive mixed signal functionality with all-format support in a single IP. The feedback we have received from these demonstrations has been encouraging, and we are in various levels of discussion with customers for applications in the home entertainment market. Also, we recently received our first order for our Serial ATA (SATA) Physical Layer (PHY) IP. This mixed signal IP is highly robust and can easily be integrated into a range of solutions targeted at the home entertainment, storage and PC markets.

Mr. Perham concluded, Going forward, we will continue to execute on our product development roadmap, align ourselves more closely with our foundry partners, increase our sales presence and secure new licensees, while maintaining strong relationships with our existing customer base.

Second Quarter Results

Total net revenue for the second quarter of 2008 was $3.2 million, compared with $2.8 million for the first quarter of 2008 and $4.3 million for the second quarter of 2007.

Second quarter total revenue included licensing revenue of $0.7 million, compared with $0.4 million for the first quarter of 2008 and $2.2 million for the second quarter of 2007. Royalty revenue for the second quarter was $2.5 million, which includes royalties associated with the Nintendo Wii game console. Second quarter royalty revenue compares to $2.4 million for the previous quarter and $2.2 million for the second quarter of 2007.

Gross margin as determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP) was 74 percent, compared with 83 percent for the first quarter of 2008 and 84 percent for the second quarter of 2007.

Total operating expenses on a GAAP basis for the second quarter were $7.5 million, compared with $7.7 in the previous quarter and $4.9 million for the second quarter of 2007.

GAAP net loss for the quarter was $4.6 million, or ($0.14) per share, including stock-based compensation expense of $1.3 million and intangible asset amortization charges of $197,000. This compares with a net loss of $4.3 million, or ($0.14) per share, for the first quarter of 2008 and a net loss of $146,000, or ($0.00) per share, for the second quarter of 2007.

The net loss for the second quarter was $3.1 million, or ($0.10) per share, computed on a non-GAAP basis by excluding total stock-based compensation charges of $1.3 million and $197,000 in amortization charges. A reconciliation of GAAP to non-GAAP results is provided in the financial statement tables following the text of this press release.

Earnings per share for the quarter on both a GAAP and non-GAAP basis were computed using 31,703,000 shares.

Cash, cash equivalents and both long and short-term investments totaled approximately $74.6 million as of June 30, 2008, compared to approximately $78.7 million as of December 31, 2007.

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