MoSys, Inc. Reports Second Quarter 2012 Financial Results

SANTA CLARA, Calif. — (BUSINESS WIRE) — July 20, 2012 — MoSys, Inc., (NASDAQ: MOSY), a leader in semiconductor solutions that enable fast, intelligent data access for network and communications systems, today reported financial results for the second quarter ended June 30, 2012.

Second Quarter Highlights

  • Released first generation carrier-grade Bandwidth Engine® IC to production;
  • Shipped first Bandwidth Engine IC production units;
  • Expanded sales channel coverage in North America; and
  • Ended the quarter with total cash and investments of approximately $49 million.

Management Commentary

Commenting on the quarter, Len Perham, MoSys’ President and Chief Executive Officer, said: “In the quarter, we released our first generation Bandwidth Engine IC into production and made initial production shipments for customer prototyping and system-level qualifications. The commencement of production shipments represents another major achievement in our evolution to become a fabless semiconductor company. We also completed multiple, onsite operational audits that fully affirmed our ISO 9000 compliance and carrier-grade rating, further assuring customers that we have the capabilities to meet or exceed their quality standards and support their future volume production requirements.

“We continue to collaborate closely with new and existing customers to integrate our high-speed, serial access Bandwidth Engine IC into their next-generation systems. Over the last few months, we expanded our sales and support channel, with a strong focus on accelerating customer adoption and increasing design win momentum.”

Second Quarter Results

Total net revenue for the second quarter of 2012 was $1.7 million, compared with $1.4 million reported in the first quarter of 2012 and $3.3 million in the second quarter of 2011.

Second quarter 2012 total revenue included licensing and other revenue of $0.6 million, compared with $0.2 million for the previous quarter and $1.2 million for the second quarter of 2011. Second quarter 2012 royalty revenue was $1.1 million, compared with $1.2 million in the previous quarter and $2.1 million for the second quarter of 2011.

Gross margin for the second quarter of 2012 was 90 percent, compared with 96 percent in the first quarter of 2012 and 86 percent for the second quarter of 2011.

Total operating expenses on a GAAP basis for the second quarter of 2012 were $8.1 million, compared with $8.6 million in the previous quarter and $8.5 million of expenses for the second quarter of 2011. Second quarter 2012 operating expenses included $0.6 million of amortization of intangible assets and $1.0 million of stock-based compensation expense.

GAAP net loss for the second quarter of 2012 was $6.6 million, or ($0.17) per share, compared with a net loss of $7.2 million, or ($0.19) per share, in the previous quarter and a net loss of $5.7 million, or ($0.15) per share, for the second quarter of 2011. The non-GAAP net loss for the second quarter of 2012 was $5.0 million, or ($0.13) per share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share for the second quarter of 2012 were computed using approximately 38.9 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.

As of June 30, 2012, cash and investments totaled $48.9 million.

Financial Results Webcast / Conference Call

MoSys will host a conference call and webcast with investors today at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) to discuss the second quarter 2012 financial results. Investors and other interested parties may access the call by dialing 1-800-659-2056 in the U.S. (1-617-614-2714 outside of the U.S.), and entering the pass code 79076983 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 1-888-286-8010 in the U.S. (1-617-801-6888 outside of the U.S.), pass code of 79831991.

Use of Non-GAAP Financial Measures

To supplement MoSys’ consolidated financial statements presented in accordance with GAAP, MoSys uses non-GAAP financial measures that exclude from the statement of operations the effects of stock-based compensation and amortization of recorded intangible assets. MoSys’ management believes that the presentation of these non-GAAP financial measures is useful to investors and other interested persons because they are one of the primary indicators that MoSys’ management uses for planning and forecasting future performance. MoSys’ management believes that the presentation of non-GAAP financial measures that exclude these items is useful to investors because MoSys’ management does not consider these charges part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that would be used to evaluate management’s operating performance.

1 | 2 | 3 | 4 | 5  Next Page »



Review Article Be the first to review this article
CST: Webinar

Aldec Simulator Evaluate Now

Featured Video
Jobs
RF IC Design Engineering Manager for Intel at Santa Clara, CA
Principal PIC Hardware Controls Engineer for Infinera Corp at Sunnyvale, CA
Senior PIC Test Development Engineer for Infinera Corp at Sunnyvale, CA
Design Verification Engineer for Cirrus Logic, Inc. at Austin, TX
Senior Formal FAE Location OPEN for EDA Careers at San Jose or Anywhere, CA
DSP Tools Engineer for Cirrus Logic, Inc. at Austin, TX
Upcoming Events
IC Open Innovation Panel During REUSE 2017 at Santa Clara Convention Center 5001 Great America Parkway Santa Clara CA - Dec 14, 2017
Essentials of Electronic Technology: A Crash Course at Columbia MD - Jan 16 - 18, 2018
Essentials of Digital Technology at MD - Feb 13 - 14, 2018
CST: Webinar series



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