MathStar Announces Financial Results for Q1 2008

HILLSBORO, Ore., May 8 /PRNewswire-FirstCall/ -- MathStar, Inc. (NASDAQ: MATH), a fabless semiconductor company specializing in high- performance programmable logic, today announced results for its first quarter of 2008, ended March 31, 2008.

Revenue in the first quarter was $226,000 compared with $313,000 in the fourth quarter and $92,000 in the same period last year.

Net loss in the first quarter was $5,393,000 or $0.12 per share, compared with a net loss of $5,447,000 or $0.26 per share, in the same period last year.

The company has scheduled its first quarter 2008 financial results conference call for Thursday, May 8, 2008 at 1:30 p.m. Pacific time. To listen to the call, please dial 303-205-0055 or 800-257-2182. A replay of the call will be made available on the company's website at http://www.mathstar.com.

About MathStar, Inc.

MathStar is a fabless semiconductor company offering best-in-class, high performance programmable logic solutions. MathStar's Field Programmable Object Array (FPOA) can process arithmetic and logic operations at clock rates at 1 gigahertz, which is up to four times faster than even the most advanced FPGA architectures in many applications. MathStar's Arrix family of FPOAs are high-performance programmable solutions that enable customers in the machine vision, high-performance video, medical imaging, security and surveillance and military markets to rapidly and cost effectively innovate and differentiate their products. FPOAs are available now and are supported by development tools, IP libraries, application notes and technical documentation. For more information, please visit http://www.mathstar.com.

Statements in this press release, other than historical information, may be "forward-looking" in nature within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and assumptions. These statements are based on management's current expectations, estimates and projections about MathStar and its industry and include, but are not limited to, those set forth in the section of MathStar's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2008 under the heading "Risk Factors." MathStar undertakes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.



                                MathStar, Inc.
                    Condensed Consolidated Balance Sheets
                                 (Unaudited)
                    (in thousands, except per share data)

                                                      December 31,   March 31,
                                                         2007           2008
    Assets
    Current assets
      Cash and cash equivalents                         $4,339         $3,021
      Restricted cash                                      107            109
      Investments in marketable
       securities - short term                          22,200         20,568
      Accounts receivable                                  271            106
      Inventory                                            623            883
      Prepaid expenses and other current assets          1,326          1,056
        Total current assets                            28,866         25,743
    Property and equipment, net                            557            533
    Investments in marketable securities - long term     2,599
    Other assets                                           435            380
       Total assets                                    $32,457        $26,656

    Liabilities and Stockholders' Equity
    Current liabilities
      Accounts payable                                    $930           $670
      Deferred revenue                                     162             33
      Accrued expenses                                   1,416          1,356
        Total current liabilities                        2,508          2,059
      Other long term liabilities                          453            453
        Total liabilities                                2,961                    2,512


        Stockholders'  equity
            Preferred  stock,  $0.01  par  value;  10,000
              shares  authorized;  no  shares  issued
              and  outstanding                                                                              -                            -
            Common  stock,  $0.01  par  value;  90,000  shares
              authorized;  45,907  and  45,907  shares  issued
              and  outstanding  at  December  31,  2007  and
              March  31,  2008,  respectively                                                459                        459
            Additional  paid-in  capital                                              155,539                155,673
            Accumulated  deficit                                                          (126,502)            (131,895)
            Accumulated  other  comprehensive  loss                                      -                        (93)
                Total  stockholders'  equity                                            29,496                  24,144

                Total  liabilities  and  stockholders'  equity          $32,457                $26,656



                                                                MathStar,  Inc.
                              Condensed  Consolidated  Statements  of  Operations
                                                                  (Unaudited)
                                        (in  thousands,  except  per  share  data)

                                                                                                                  Three  Months  Ended
                                                                                                                              March  31,
                                                                                                                    2007                    2008

        Revenue                                                                                                $92                      $226
        Cost  of  sales                                                                                      69                        291
            Gross  profit  (loss)                                                                      23                        (65)
        Operating  expenses:
            Research  and  development                                                      3,125                    3,552
            Selling,  general  and  administrative                                2,462                    2,093
                                                                                                                  5,587                    5,645
                Operating  loss                                                                    (5,564)                (5,710)
        Interest  income                                                                                119                        280

        Other  income,  net                                                                              (2)                        37

                Net  loss                                                                              $(5,447)              $(5,393)


        Basic  and  diluted  loss  per  share                                        $(0.26)                $(0.12)
        Weighted  average  basic  and  diluted
          shares  outstanding                                                                  20,897                  45,907
 

Web site: http://www.mathstar.com/




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