The EDA & Electronics IP Almanac: Q1 2011

First Quarter 2011 Highlights

  • Reported total revenue of $3.5 million;
  • Ended the quarter with total cash and investments of approximately $34.6 million;
  • Closed first order for multi-protocol SerDes IP at 28-nanometer;
  • Continued sampling of the Bandwidth Engine(R) family of ICs with prospective customers; and
  • Achieved interoperability of the Bandwidth Engine IC with SerDes from Avago Technologies and with FPGA devices from Altera Corporation and Xilinx, Inc.

Management Commentary 

"During the first quarter, we implemented several initiatives aimed at strengthening our IP sales and marketing efforts, as we pursued an increasing number of IP opportunities in our target markets," commented Len Perham, MoSys' President and Chief Executive Officer. "As a result of these initiatives and the hard work of our team, we had a strong first quarter in the IP business, including MoSys' first order for a 28-nanometer SerDes solution. Our IP business remains the foundation for revenue growth in the near-term as we transition toward becoming an IP-rich fabless semiconductor company and bring the Bandwidth Engine family of ICs to market.


CEO Len Perham


"In addition to strengthening our IP business, we made solid advancements in the characterization and verification of our Bandwidth Engine IC platform. We expect to complete these efforts in the third quarter of this year and are targeting the second half of 2011 to begin prototype production builds. We continue to work toward an ISO 9000 certification, a necessary step in becoming a top flight preferred supplier to our customers and partners. Additionally, in close collaboration with our foundry partner, TSMC, work has begun to optimize the yield, quality and reliability of our new family of advanced networking system integrated circuits. We remain optimistic that we will achieve an enterprise grade rating for the Bandwidth Engine IC family.”

Mr. Perham concluded, "Demand for stand-alone Bandwidth Engine samples and for reference boards remains strong, and feedback from potential customers has been very positive. We are closely collaborating with potential customers in order to facilitate the early adoption of this very advanced networking system IC family. Our goal is to begin securing identifiable design wins in the fourth quarter of this year. Presently and for the remainder of the year, we will remain focused on leveraging our core IP portfolio to achieve near term revenue goals, while simultaneously making a targeted effort to accelerate the adoption of our Bandwidth Engine IC family."

First Quarter Results

Total net revenue for the first quarter of 2011 was $3.5 million, compared with $4.0 million reported in the fourth quarter of 2010 and $3.6 million in the first quarter of 2010.

First quarter 2011 total revenue included licensing revenue of $1.3 million, compared with $1.4 million for the previous quarter and $1.5 million for the first quarter of 2010. First quarter 2011 royalty revenue was $2.2 million, compared with $2.6 million in the previous quarter and $2.0 million for the first quarter of 2010. First quarter 2011 royalty revenue was driven by royalties from licensees in the gaming and networking markets.

Gross margin for the first quarter of 2011 was 81% compared with 81% for the fourth quarter of 2010 and 78% for the first quarter of 2010.

Total operating expenses on a GAAP basis for the first quarter of 2011 were $8.9 million, compared with $8.9 million in the previous quarter and $8.6 million for the first quarter of 2010. First quarter 2011 operating expenses included $0.7 million of amortization of intangible assets and $0.7 million of stock-based compensation expense.

GAAP net loss for the first quarter of 2011 was $6.0 million, or ($0.16) per share, compared with a net loss of $5.7 million, or ($0.17) per share, for the previous quarter and a net loss of $5.7 million, or ($0.18) per share, for the first quarter of 2010. Earnings per share for the first quarter of 2011 were computed using approximately 37.3 million shares on a GAAP basis.

As of March 31, 2011, cash and short and long-term investments totaled $34.6 million.

Forward-Looking Statements

This write up may contain forward-looking statements about Mosys, including, without limitation, benefits and performance expected from use of the Company's embedded memory and interface technologies, anticipated benefits and performance expected from the Bandwidth Engine product and the Company's future markets and future business prospects.

Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements.

Mosys self description

MoSys, Inc. (NASDAQ: MOSY) is a leading provider of serial chip-to-chip communications solutions that deliver unparalleled bandwidth performance for next generation networking systems. MoSys' Bandwidth Engine ® family of ICs combines the company's patented 1T-SRAM ® high-density memory with its high-speed interface technology. A key element of Bandwidth Engine technology is the GigaChip(TM) Interface, an open, short-reach, low-power serial interface developed by MoSys to enable highly efficient, high-bandwidth, low-latency performance not achievable using currently available serial protocols. MoSys' IP portfolio includes silicon proven SerDes and DDR3 PHYs that support a wide range of data rates across a variety of standards and 1T-SRAM memory cores that provide a combination of high-density, low power consumption, high-speed and low cost advantages for high-performance networking, computing, storage and consumer/graphics applications. MoSys is headquartered in Santa Clara, California. More information is available on MoSys' website at WWW.MOSYS.COM











On April 21, 2011 Rambus Inc. (NASDAQ:RMBS) reported financial results for the first quarter ended March 31, 2011.

First Quarter Fiscal 2011 Business and Financial Highlights

     Signed five-year patent license agreements with Panasonic Corporation and Toshiba Corporation.

       Demonstrated differential signaling for SoC-to-memory interfaces to 20 Gbps and extended single-ended signaling to 12.8 Gbps.

       Introduced FlexModeTM interface technology, which enables both differential and single-ended memory systems to be implemented in a single SoC package design with no extra pins.

       Revenue of $62.5 million

       GAAP diluted loss per share of $0.04.

 

GAAP Financial Results

Revenue for the first quarter of 2011 was $62.5 million, down 31% sequentially from the fourth quarter of 2010 primarily due to one-time catch up revenue from the Elpida and Renesas license agreements in the fourth quarter of 2010. As compared to the first quarter of 2010, revenue was down 61% primarily due to large amounts of revenue recognized from agreements signed with Samsung during the first quarter of 2010.

Total operating costs and expenses for the first quarter of 2011 were $54.2 million, which included general litigation expenses of $9.2 million and a credit from gain from settlement of $6.2 million. This is compared to total operating costs and expenses for the fourth quarter of 2010 of $48.0 million, which included general litigation expenses of $5.8 million and a credit from gain from settlement of $10.3 million. Total operating costs and expenses (recoveries) in the first quarter of 2010 were a recovery of $40.3 million, which included general litigation expenses of $7.0 million and a credit from gain from settlement of $95.9 million.

Net loss for the first quarter of 2011 was $4.2 million as compared to a net income of $33.1 million in the fourth quarter of 2010 and a net income of $150.9 million in the first quarter of 2010. Diluted net loss per share for the first quarter of 2011 was $0.04 as compared to a net income per share of $0.29 in the fourth quarter of 2010 and a net income per share of $1.28 in the first quarter of 2010.

Other Financial Highlights

Cash, cash equivalents, and marketable securities as of March 31, 2011 were $508.6 million, a decrease of approximately $3.4 million from December 31, 2010. The decrease was primarily due to cash used in operations and for purchases of property, plant and equipment during the quarter.

During the quarter ended March 31, 2011, the Company paid withholding taxes of approximately $4.2 million. As the Company continues to maintain a valuation allowance against its U.S. deferred tax assets, the Company's tax provision is based on a projected annual effective tax rate consisting of state, foreign and withholding taxes applied to year-to-date pretax income results for the -1687 (domestic) or (706) 645-9291 (international) with ID#58589190.

Rambus Inc. self description

Rambus is one of the world's premier technology licensing companies. Founded in 1990, the Company specializes in the invention and design of architectures focused on enriching the end-user experience of electronic systems. Additional information is available at www.rambus.com .






EDA and Electronics IP Margins & Market Caps


In this section, the table comparing early January and late March  Stock Prices and Market Caps, first presented in the EDA WEEKLY of April 04, 2011, is extended below to early June 2011. While five EDA vendors and five Electronics IP vendors are again listed, SpringSoft has replaced Altium in the above Tables 1 & 2, and in Table 5 below.

  Table 1 above provided revenue numbers for Q1 2011 and the three prior quarters, listing each of the G5 EDA vendor's revenue results for each of those quarters. Table 2 presented earnings numbers for Q1 2011 and the three prior quarters, listing each of the G5 EDA vendor's earnings results for each of those quarters.

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