MoSys, Inc. Reports Second Quarter 2012 Financial Results

Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results, which is provided in a table below the Condensed Consolidated Statements of Operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. For additional information regarding these non-GAAP financial measures, and management’s explanation of why it considers such measures to be useful, refer to the Form 8-K dated July 20, 2012, that the Company filed with the Securities and Exchange Commission.

Forward-Looking Statements

This press release may contain forward-looking statements about the Company, including, without limitation, benefits and performance expected from use of the Company’s embedded memory and interface technologies, anticipated benefits and performance expected from the Bandwidth Engine product and the Company’s future markets and future business prospects.

Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited, to the following:

  • achieving additional design wins for the Bandwidth Engine IC;
  • commencing volume shipments of Bandwidth Engine ICs;
  • our ability to enhance our existing proprietary technologies and develop new technologies;
  • achieving necessary acceptance of our IC architecture and interface protocols by potential customers and their suppliers;
  • difficulties and delays in the development, production, testing and marketing of our ICs;
  • reliance on our manufacturing partners to assist successfully with the fabrication of our ICs;
  • availability of quantities of ICs supplied by our manufacturing partners at a competitive cost;
  • our lack of recent experience as a fabless semiconductor company making and selling proprietary ICs;
  • level of intellectual property protection provided by our patents, the expenses and other consequences of litigation, including intellectual property infringement litigation, to which we may be or may become a party from time to time;
  • vigor and growth of markets served by our customers and our operations; and

other risks identified in the Company’s most recent reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, as well as other reports that MoSys files from time to time with the Securities and Exchange Commission. MoSys undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.

About MoSys, Inc.

MoSys, Inc. (NASDAQ: MOSY) is an IP-rich fabless semiconductor company that provides high performance solutions for fast, intelligent data access in network and communications systems. Engineered and built for high-reliability carrier and enterprise applications, MoSys' products are breaking bandwidth barriers™ in data processing to allow for faster packet access and analysis, expanded user capacity and new capabilities required by the expanding global infrastructure. MoSys' Bandwidth Engine® family of ICs combines the company's patented 1T-SRAM® high-density, embedded memory and high-speed, 10 Gigabits per second serial interface with its intelligent access technology and a highly efficient GigaChip™ Interface transport protocol to eliminate bottlenecks in high-speed data access. MoSys is headquartered in Santa Clara, California, and more information is available at http://www.mosys.com.

MoSys, 1T-SRAM and Bandwidth Engine are registered trademarks of MoSys, Inc. in the US and/or other countries. Breaking Bandwidth Barriers, GigaChip and the MoSys logo are trademarks of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.

MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
             
Three Months Ended Six Months Ended
June 30, June 30,
  2012       2011     2012       2011  
 
Net Revenue
Licensing and other $ 644 $ 1,216 $ 865 $ 2,563
Royalty   1,092       2,076     2,295       4,268  
Total net revenue 1,736 3,292 3,160 6,831
 
Cost of Net Revenue
Licensing and other   179       469     236       1,159  
Total cost of net revenue 179 469 236 1,159
 
Gross Profit 1,557 2,823 2,924 5,672
 
Operating Expenses
Research and development 6,688 6,566 14,194 12,721
Selling, general and administrative 1,428 1,917 4,354 4,631
Gain on sale of assets   -       -     (1,856 )     -  
Total operating expenses 8,116 8,483 16,692 17,352
 
Loss from operations (6,559 ) (5,660 ) (13,768 ) (11,680 )
 
Other income, net   36       25     60       34  
Loss before income taxes (6,523 ) (5,635 ) (13,708 ) (11,646 )
 
Income tax provision   30       17     60       35  
 
Net loss $ (6,553 )   $ (5,652 ) $ (13,768 )   $ (11,681 )
 
Net loss per share
Basic and diluted ($0.17 ) ($0.15 ) ($0.36 ) ($0.31 )
 
Shares used in computing net loss per share
Basic and diluted 38,880 37,738 38,723 37,505
 

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