MoSys, Inc. Reports Third Quarter 2008 Financial Results (Revenue up 27%)

SUNNYVALE, Calif.—(BUSINESS WIRE)—October 30, 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 third quarter ended September 30, 2008.

 

Recent Highlights

  • Reported total revenue of $4.1 million, a 27 percent increase over the previous quarter
  • Completed the quarter with cash and investments of $72.1 million
  • Authorized and commenced repurchases under a $5 million stock repurchase plan

Management Commentary

Commenting on the quarters results, Len Perham, MoSys President and Chief Executive Officer, stated, During the third quarter, we recorded sequential increases in both license and royalty revenue. License revenue was driven in part by the delivery of three application specific system macro solutions to customers for our Dual-Port Display Driver IC (DDI) technology. We believe there is a significant opportunity for embedded 1T-SRAM technology in DDIs for the small-to-medium sized LCD market, where applications, such as advanced mobile handsets, require higher memory density, lower costs and reduced power consumption. Traction with our DDI customers is strong, and we expect this trend to continue.

Additionally, royalty revenue increased during the quarter, primarily due to further ramping with a major foundry partner at the 90nm process node. This foundry partner develops and markets memory macro solutions based on our patented embedded 1T-SRAM technology. We recently completed the verification of our 1T-SRAM technology at Level III and IV on TSMCs 90nm general purpose eDRAM process. The achievement of this milestone further demonstrates the manufacturability, functionality and reliability of our proprietary IP at the 90nm process node and positions MoSys well for scaling to more advanced nodes in the near future.

Mr. Perham concluded, Looking forward, we remain focused on strategic product and technology development to address the design challenges of our customers and foundry partners. Additionally, we are executing on our sales initiatives to secure additional license agreements, but our near term visibility into the timing is limited. We are continuing to take the steps necessary to position the company for future growth in spite of the uncertain economic times we are dealing with at present.

Third Quarter Results

Total net revenue for the third quarter of 2008 was $4.1 million. By comparison, revenue was $3.2 million for the second quarter of 2008 and $4.0 million for the third quarter of 2007.

Third quarter total revenue included licensing revenue of $1.2 million, compared with $0.7 million for the second quarter of 2008 and $1.5 million for the third quarter of 2007. Royalty revenue for the third quarter was $2.9 million, which includes royalties associated with the Nintendo Wii game console. By comparison, revenue was $2.5 million for the previous quarter and $2.4 million for the third quarter of 2007.

Gross margin as determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP) was 79 percent, compared with 74 percent for the second quarter of 2008 and 83 percent for the third quarter of 2007.

Total operating expenses on a GAAP basis for the second quarter were $6.8 million, compared with $7.5 million in the previous quarter and $7.3 million for the third quarter of 2007.

GAAP net loss for the quarter was $3.2 million, or ($0.10) per share, including stock-based compensation expense of $1.0 million and intangible asset amortization charges of $0.2 million. This compares with a net loss of $4.6 million, or ($0.14) per share, for the second quarter of 2008 and a net loss of $2.8 million, or ($0.09) per share, for the third quarter of 2007.

The net loss on a non-GAAP basis for the third quarter was $2.1 million, or ($0.06) per share, excluding total stock-based compensation and 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 31.8 million shares.

Cash, cash equivalents and both long and short-term investments totaled $72.1 million as of September 30, 2008, compared to $74.6 million as of June 30, 2008.

Recently, the Company announced that its board of directors has authorized the Company to purchase up to $5 million of its common stock over the next 12 months. Repurchases will be conducted from time to time, subject to market conditions and other factors such as a determination that the Company believes the repurchase will be beneficial to stockholders. These repurchases may be commenced or suspended at any time or from time to time without prior notice.

Third Quarter Financial Results Webcast / Conference Call

MoSys will host a conference call and webcast with investors today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) to discuss the third quarter 2008 financial results and the business outlook. Investors and other interested parties may access the call by dialing 1-888-680-0865 in the U.S. (617-213-4853 outside of the U.S.), and entering the pass code 83033684 at least 10 minutes prior to the start of the call. In addition, an audio webcast will be available through the MoSys Web site at http://www.mosys.com. A telephone replay will be available for two business days following the call at 888-286-8010 in the U.S. (617-801-6888 outside of the U.S.), pass code of 84985199.

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