MoSys, Inc. Reports First Quarter 2014 Financial Results

SANTA CLARA, Calif. — (BUSINESS WIRE) — May 2, 2014MoSys (NASDAQ: MOSY), a leader in semiconductor solutions that enable fast, intelligent data access for network and communications systems, today reported financial results for the first quarter ended March 31, 2014.

First Quarter and Recent Highlights

  • Secured multiple new design wins for Bandwidth Engine® ICs;
  • Increased production shipments of Bandwidth Engine ICs quarter-over-quarter;
  • Achieved carrier-grade qualification of Bandwidth Engine 2 product family;
  • Announced production availability of all three Bandwidth Engine 2 products;
  • Introduced third generation Bandwidth Engine architecture; and
  • Ended the quarter with total cash and investments of $45.7 million.

Management Commentary

“We are pleased to begin 2014 with increasing revenue generated from IC product sales and multiple new design wins for our Bandwidth Engine family of advanced networking memories,” commented Len Perham, MoSys’ president and chief executive officer. “Customer interest and sales activity continues to be strong for our Bandwidth Engine and LineSpeed™ families as we announced new products and successfully demonstrated our technology leadership at several industry shows this quarter.

“We have achieved carrier-grade qualification and announced the production release of all three Bandwidth Engine 2 products. These accomplishments provide additional validation of our technology and further support for our expanding sales efforts with customers. They position us to begin production shipments in the second half of this year.

“In addition, we continued to make progress with the development of our third generation Bandwidth Engine product family and have early engagements with processor partners and prospective Tier 1 networking and communications customers. We are well positioned to greatly increase our total design wins compared with 2013 and further expand the breadth of our product offerings to meet the performance challenges faced by customers in their next-generation networking systems,” concluded Mr. Perham.

First Quarter Results

Total net revenue for the first quarter of 2014 was $1.3 million, compared with $1.0 million in the fourth quarter of 2013 and $1.3 million in the first quarter of 2013.

First quarter 2014 total revenue included product revenue of $0.6 million. Royalty and other revenue for the first quarter of 2014, which includes licensing revenue, was $0.8 million, consistent with the previous quarter, compared with $1.3 million in the first quarter of 2013.

Gross margin for the first quarter of 2014 was 57%, compared with 78% in the fourth quarter of 2013 and 99% for the first quarter of 2013. The decrease in gross margin was due to the increased sales of IC products, which carry a lower gross margin than the Company’s licensing and royalty revenue.

Total operating expenses on a GAAP basis for the first quarter of 2014 were $8.9 million, which compared with $7.3 million in the previous quarter and $6.3 million for the first quarter of 2013. The sequential increase in first quarter 2014 operating expenses reflected increased personnel-related and CAD software expenses related to the development of the Company’s Bandwidth Engine and LineSpeed products. First quarter operating expenses also included $0.3 million of amortization of intangible assets and $1.5 million of stock-based compensation expense.

GAAP net loss for the first quarter of 2014 was $8.1 million, or ($0.16) per share, which compared with a loss of $6.5 million, or ($0.13) per share in the previous quarter and a loss of $5.0 million, or ($0.12) per share, for the first quarter of 2013. The non-GAAP net loss for the first quarter of 2014 was $6.3 million, or ($0.13) per share, which excluded amortization of intangible assets and stock-based compensation expense. Earnings per share for the first quarter of 2014 were computed using approximately 49.2 million weighted 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 5:30a.m. Pacific Time (8:30a.m.Eastern Time) to discuss the first quarter 2014 financial results. Investors and other interested parties may access the call by dialing 1-877-280-4959 in the U.S. (1-857-244-7316 outside of the U.S.), and entering the pass code 12601161 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 81357435.

1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article

EMA:

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Retail Therapy: Jump starting Black Friday
Peggy AycinenaIP Showcase
by Peggy Aycinena
REUSE 2016: Addressing the Four Freedoms
More Editorial  
Jobs
Manager, Field Applications Engineering for Real Intent at Sunnyvale, CA
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
ACCOUNT MANAGER MUNICH GERMANY EU for EDA Careers at MUNICH, Germany
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
AE-APPS SUPPORT/TMM for EDA Careers at San Jose-SOCAL-AZ, CA
Upcoming Events
Zuken Innovation World 2017, April 24 - 26, 2017, Hilton Head Marriott Resort & Spa in Hilton Head Island, SC at Hilton Head Marriott Resort & Spa Hilton Head Island NC - Apr 24 - 26, 2017
CST Webinar Series



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — 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 Policy