MoSys, Inc. Reports Third Quarter 2011 Financial Results

SANTA CLARA, Calif. — (BUSINESS WIRE) — November 3, 2011 — MoSys, Inc., (NASDAQ: MOSY), a leading provider of serial chip-to-chip communications solutions that deliver unparalleled bandwidth performance for next generation networking systems and advanced system-on-chip (SoC) designs, today reported financial results for the third quarter ended September 30, 2011.

Third Quarter and Recent Highlights

  • Ended the quarter with total cash and investments of $26.4 million;
  • Announced availability of a Bandwidth Engine® FPGA Companion and Characterization Kit;
  • Announced interoperability of the Bandwidth Engine integrated circuit (IC) family with Avago’s SerDes;
  • Bandwidth Engine IC named a finalist for the prestigious UBM TechInsights Most Innovative Memory Product award; and
  • Achieved first design wins for the Bandwidth Engine IC.

Management Commentary

“Revenue from license fees and royalties in the third quarter declined sequentially as our IP business was negatively impacted by global economic conditions and delays in customer acceptance of IP delivered under existing projects,” commented Len Perham, MoSys’ President and Chief Executive Officer. “Despite the current environment, we remain focused on further advancing our Bandwidth Engine family of ICs by continuing to engage with a growing list of prospective customers and partners. We recently achieved our first Bandwidth Engine design wins with two high-performance board suppliers. Additionally, the Bandwidth Engine IC is now being incorporated into system schematics at a number of design wins in progress with global networking equipment suppliers.

“During the quarter, we continued to make progress successfully demonstrating the interoperability of our Bandwidth Engine IC with high-performance network processing ASICs, such as those available from Avago Technologies. This achievement expands on our current interoperability success with FPGA devices from both Altera Corporation and Xilinx. We continue to work with both the network equipment companies and their SOC suppliers to further expand the acceptance and use of our GigaChip™ Interface for serial chip-to-chip applications in their future generations of line cards. Finally, we have now fully defined our next generation IC, Bandwidth Engine 2, and it has been released to the design team. Bandwidth Engine 2 will include significant performance upgrades and feature enhancements. We are very enthusiastic about the ongoing adoption of our revolutionary Bandwidth Engine family of products and look forward to sharing this information as it becomes available,” concluded Mr. Perham.

Third Quarter Results

Total net revenue for the third quarter of 2011 was $2.1 million, compared with $3.3 million reported in the second quarter of 2011 and $3.8 million in the third quarter of 2010.

Third quarter 2011 total revenue included licensing revenue of $0.8 million, compared with $1.2 million for the previous quarter and $1.5 million for the third quarter of 2010. Third quarter 2011 royalty revenue was $1.4 million, compared with $2.1 million in the previous quarter and $2.3 million for the third quarter of 2010.

Gross margin for the third quarter of 2011 was 83 percent, compared with 86 percent in the second quarter of 2011 and 81 percent for the third quarter of 2010.

Total operating expenses on a GAAP basis for the third quarter of 2011 were $8.6 million, compared with $8.5 million in the previous quarter and $9.2 million for the third quarter of 2010. Third quarter 2011 operating expenses included $0.7 million of amortization of intangible assets and $0.9 million of stock-based compensation expense.

GAAP net loss for the third quarter of 2011 was $6.9 million, or ($0.18) per share, compared with a net loss of $5.7 million, or ($0.15) per share, in the previous quarter and a net loss of $6.2 million, or ($0.19) per share, for the third quarter of 2010. The non-GAAP net loss for the third quarter of 2011 was $5.3 million, or ($0.14) per share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share for the third quarter of 2011 were computed using approximately 38.1 million shares on a GAAP and non-GAAP basis. A reconciliation of GAAP results to non-GAAP results is provided in the financial statement tables following the text of this press release.

Financial Results Webcast / Conference Call

MoSys will host a conference call and webcast with investors today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the third quarter 2011 financial results and the business outlook. Investors and other interested parties may access the call by dialing 1-866-277-1181 in the U.S. (1-617-597-5358) outside of the U.S.), and entering the pass code 18619848 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 50026134.

1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article

Aldec

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Blue Pearl: Best kept Secret in EDA
More Editorial  
Jobs
Technical Support Engineer EU/Germany/UK for EDA Careers at N/A, United Kingdom
Senior R&D Engineer...Timing Closure Specialist for EDA Careers at San Jose or Anywhere, CA
Field Application Engineer for Teradyne Inc at San Jose, CA
FPGA Engineer for Teradyne Inc at San Jose, CA
Analog Hardware Engineer for Teradyne Inc at San Jose, CA
Senior Front-End RTL Design AE for EDA Careers at San Jose, CA
Upcoming Events
CODES+ISSS 2017, Oct 15-20, 2017, Lotte Hotel, Seoul, South Korea at Lotte Hotel Seoul Korea (North) - Oct 15 - 20, 2017
DVCon 2017 Europe, Oct 16 - 17, 2017, Munich, Germany at Holiday Inn Munich City Centre Munich Germany - Oct 16 - 17, 2017
11th International Symposium on Networks-on-Chip (NOCS 2017) at Seoul Korea (South) - Oct 19 - 20, 2017



Internet Business Systems © 2017 Internet Business Systems, Inc.
25 North 14th Steet, Suite 710, San Jose, CA 95112
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise