MoSys, Inc. Reports First Quarter 2008 Financial Results

About MoSys, Inc.

Founded in 1991, MoSys (NASDAQ: MOSY), develops, markets and licenses innovative embedded memory and analog/mixed-signal intellectual property (IP) technologies for advanced SoCs used in a variety of home entertainment, mobile consumer, networking and storage applications. MoSys' patented 1T-SRAM and 1T-FLASH technologies offer a combination of high density, low power consumption, high speed and low cost unmatched by other available memory technologies. MoSys advanced analog/mixed-signal technologies include highly integrated Blu-ray DVD, Gibabit Ethernet, Serial ATA, and a range of high speed phase lock loop and analog-to-digital converter IP. MoSys' embedded memory IP has been included in more than 140 million devices demonstrating silicon-proven manufacturability in a wide range of processes and applications. MoSys is headquartered at 755 N. Mathilda Avenue, Sunnyvale, California 94085. More information is available on MoSys' website at http://www.mosys.com.

MoSys and 1T-SRAM are registered trademarks of MoSys, Inc. 1T-FLASH(TM) is a trademark of MoSys, Inc.

 
MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
   
Three Months Ended
March 31,
  2008     2007  
 
Net Revenue
Licensing 432 1,158
Royalty   2,385     1,979  
Total net revenue 2,817 3,137
 
Cost of Net Revenue
Licensing   480     564  
Total cost of net revenue 480 564
 
Gross Profit 2,337 2,573
 
Operating Expenses
Research and development 4,099 2,078
Selling, general and administrative 3,356 2,580
Amortization of acquired intangible assets   197     -  
Total operating expenses 7,652 4,658
 
Loss from operations (5,315 ) (2,085 )
 
Other income/expenses   1,074     1,064  
Loss before income taxes (4,241 ) (1,021 )
 
Benefit (provision) for income taxes   (43 )   52  
 
Net loss $ (4,284 ) $ (969 )
 
Net loss per share
Basic and diluted ($0.14 ) ($0.03 )
 
Shares used in computing net loss per share
Basic and diluted 31,673 31,689
 
MOSYS, INC.
Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share
(In thousands, except per share amounts; unaudited)
   
 
Three Months Ended
March 31,
  2008     2007  
 
GAAP net loss $ (4,284 ) $ (969 )
Stock-based compensation expense

-Cost of net revenue

80 100

-Research and development

373 250

-Selling, general and administrative

  813     412  
Total stock-based compensation expense 1,266 762
 
Amortization of acquired intangible assets   197     -  
 
Non-GAAP net loss $ (2,821 ) $ (207 )
 
GAAP net loss per share ($0.14 ) ($0.03 )
Reconciling items:

-Stock-based compensation expense

0.04 0.02

-Amortization of acquired intangible assets

  0.01     -  
 
Non-GAAP net loss per share: Basic and diluted   ($0.09 )   ($0.01 )
 
Shares used in computing non-GAAP net loss per share
Basic and diluted 31,673 31,689

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