MoSys, Inc. Reports Third Quarter 2012 Financial Results

SANTA CLARA, Calif. — (BUSINESS WIRE) — October 19, 2012 — MoSys, Inc., (NASDAQ: MOSY), a leader in semiconductor solutions that enable fast, intelligent data access for network and communications systems, today reported financial results for the third quarter ended September 30, 2012.

Third Quarter and Recent Highlights

  • Announced two upcoming products (MSR620 and MSR720) based on second generation Bandwidth Engine® architecture;
  • Maintained a brisk pace of design win activity across all geographic regions with an increasing number of potential customers; and
  • Ended the quarter with total cash and investments of $45 million.

Management Commentary

“MoSys enjoyed a high level of sales activity during the quarter, as we continued to engage with customers and partners in a concentrated effort to accelerate the design win process and further expand our pipeline of design wins in-progress,” commented Len Perham, MoSys’ President and Chief Executive Officer. “Additionally, we are actively working with our lead OEM customers as they finalize their system-level specifications and advance toward first prototype system builds. We anticipate these customers will achieve full system qualification and initial production releases in the second half of 2013.

“During the quarter, we completed our extensive logic verification process and have now progressed deeply into the timing verification of our second generation Bandwidth Engine IC family. We expect to tape out this month and be ready to sample by mid-to-late February 2013. The second generation Bandwidth Engine architecture will support multiple new technology enhancements aimed at optimizing performance in next generation networking systems targeted to run at speeds up to 400 Gigabits per second. In fact, we recently announced the first two products in the second generation family, which are optimized for buffering and high speed access applications. The new family of devices is expected to achieve up to 50% faster I/O speeds, substantially increased access rates and include advanced offload features to reduce memory transactions and latency. We believe the improved performance and capabilities of these second generation devices will allow us to serve a wider range of applications, and, therefore, compete for more sockets in next-generation systems,” concluded Mr. Perham.

Third Quarter Results

Total net revenue for the third quarter of 2012 was $1.3 million compared with $1.7 million reported in the second quarter of 2012 and $2.1 million in the third quarter of 2011.

Third quarter 2012 total revenue included licensing and other revenue of $0.2 million compared with $0.6 million for the previous quarter and $0.8 million for the third quarter of 2011. Third quarter 2012 royalty revenue was $1.1 million compared with $1.1 million in the previous quarter and $1.4 million for the third quarter of 2011.

Gross margin for the third quarter of 2012 was 96% compared with 90% in the second quarter of 2012 and 83% for the third quarter of 2011.

Total operating expenses on a GAAP basis for the third quarter of 2012 were $7.3 million compared with $8.1 million in the previous quarter and $8.6 million for the third quarter of 2011. Third quarter 2012 operating expenses included $0.3 million of amortization of intangible assets and $0.9 million of stock-based compensation expense.

GAAP net loss for the third quarter of 2012 was $6.1 million, or ($0.15) per share, compared with a net loss of $6.6 million, or ($0.17) per share, in the previous quarter and a net loss of $6.9 million, or ($0.18) per share, for the third quarter of 2011. The non-GAAP net loss for the third quarter of 2012 was $4.9 million, or ($0.12) per share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share for the third quarter of 2012 were computed using approximately 39.3 million 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.

As of September 30, 2012, cash and investments totaled $45.3 million.

Financial Results Webcast / Conference Call

MoSys will host a conference call and webcast with investors today at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) to discuss the third quarter 2012 financial results. Investors and other interested parties may access the call by dialing 1-866-362-4829 in the U.S. (1-617-597-5346 outside of the U.S.), and entering the pass code 92580163 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 13464425.

Use of Non-GAAP Financial Measures

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