MoSys, Inc. Reports Fourth Quarter 2012 Financial Results

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.

(Financial Tables to Follow)

         
 
MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
 
Three Months Ended Twelve Months Ended
December 31, December 31,
2012   2011 2012   2011
 
Net Revenue
Licensing and other $ 227 $ 2,668 $ 1,340 $ 5,987
Royalty   1,368       2,501     4,742       8,120  
Total net revenue 1,595 5,169 6,082 14,107
 
Cost of Net Revenue
Licensing and other   45       1,780     334       3,295  
Total cost of net revenue 45 1,780 334 3,295
 
Gross Profit 1,550 3,389 5,748 10,812
 
Operating Expenses
Research and development 7,260 6,847 28,480 26,216
Selling, general and administrative 2,126 2,286 8,218 8,869
Gain on sale of assets   -       (35,611 )   (3,291 )     (35,611 )
Total operating expenses 9,386 (26,478 ) 33,407 (526 )
 
Income (loss) from operations (7,836 ) 29,867 (27,659 ) 11,338
 
Other income, net   34       162     155       206  
Income (loss) before income taxes (7,802 ) 30,029 (27,504 ) 11,544
 
Income tax provision (benefit)   (29 )     229     110       288  
 
Net income (loss) $ (7,773 )   $ 29,800   $ (27,614 )   $ 11,256  
 
Net income (loss) per share
Basic ($0.19 ) $ 0.78 ($0.70 ) $ 0.30
Diluted ($0.19 ) $ 0.75 ($0.70 ) $ 0.28
 
Shares used in computing net income (loss) per share
Basic 39,958 38,353 39,176 37,861
Diluted 39,958 39,765 39,176 40,377

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