MoSys, Inc. Reports Fourth Quarter and 2011 Financial Results

MOSYS, INC.
Reconciliation of GAAP to Non-GAAP Net Income (Loss) and Net Income (Loss) Per Share
(In thousands, except per share amounts; unaudited)
               
Three Months Ended Twelve Months Ended
December 31, December 31,
2011     2010 2011     2010
 
GAAP net income (loss) $ 29,800 $ (5,711 ) $ 11,256 $ (23,062 )
Stock-based compensation expense
- Cost of net revenue 270 63 407 309
- Research and development 586 429 1,961 1,524
- Selling, general and administrative   436       510     1,398       1,465  
Total stock-based compensation expense 1,292 1,002 3,766 3,298
 
Amortization of intangible assets (1) 654 671 2,618 2,818
Acquisition-related contingent compensation charges (2) - - - 987
Acquisition-related transaction costs (3)   -       -     -       195  
 
Non-GAAP net income (loss) $ 31,746     $ (4,038 ) $ 17,640     $ (15,764 )
 
GAAP net income (loss) per share - diluted $ 0.75 ($0.17 ) $ 0.28 ($0.72 )
Reconciling items
- Stock-based compensation expense 0.03 0.03 0.10 0.10
- Amortization of intangible assets (1) 0.02 0.02 0.06 0.09
- Acquisition-related contingent compensation charges (2) - - - 0.03
- Acquisition-related transaction costs (3) - - - 0.01
               
Non-GAAP net income (loss) per share - diluted $ 0.80       ($0.12 ) $ 0.44       ($0.49 )
 
Shares used in computing non-GAAP net income (loss) per share
Basic 38,353 33,130 37,861 31,870
Diluted 39,765 33,130 40,377 31,870

(1)

 

Non-cash charges for amortization of intangibles arising from acquired assets.

(2)

Contingent earn-out compensation charges arising from acquisitions. Amounts included in research and development (R&D) and selling, general and administrative (SG&A) expenses for the twelve months ended December 31, 2010 are $842,000 and $145,000, respectively.

(3)

Charges primarily related to legal and accounting fees incurred for the acquisition of MagnaLynx, Inc. in March 2010.

These charges are included in SG&A expenses.

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