MoSys, Inc. Reports Third Quarter 2011 Financial Results

MoSys, Inc. (NASDAQ: MOSY) is a leading provider of high-performance networking memory solutions and high-speed, multi-protocol serial interface intellectual property (SerDes IP). MoSys' leading edge Bandwidth Engine® ICs combine the company's patented 1T-SRAM® high-density memory with its SerDes IP and are initially targeted at providing breakthroughs in bandwidth and access performance in next generation networking systems. MoSys’ SerDes IP and DDR3 PHYs support a wide range of data rates across a variety of standards, while its 1T-SRAM memory cores provide a combination of high-density, low-power consumption, high-speed and low cost advantages for high-performance applications. MoSys is headquartered in Santa Clara, California. More information is available on MoSys' website at www.mosys.com.

MoSys, 1T-SRAM and Bandwidth Engine are registered trademarks of MoSys, Inc. in the US and/or other countries. The MoSys logo is a trademark of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.

MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
               
Three Months Ended Nine Months Ended
September 30, September 30,
2011     2010 2011     2010
 
Net Revenue
Licensing $ 756 $ 1,494 $ 3,319 $ 5,060
Royalty   1,351         2,282     5,619         6,535  
Total net revenue 2,107 3,776 8,938 11,595
 
Cost of Net Revenue
Licensing   356         735     1,515         2,058  
Total cost of net revenue 356 735 1,515 2,058
 
Gross Profit 1,751 3,041 7,423 9,537
 
Operating Expenses
Research and development 6,648 6,779 19,369 18,614
Selling, general and administrative 1,952 2,435 6,583 7,201
Acquisition-related costs   -         -     -         1,182  
Total operating expenses 8,600 9,214 25,952 26,997
 
Loss from operations (6,849 ) (6,173 ) (18,529 ) (17,460 )
 
Other income, net   10         8     44         200  
Loss before income taxes (6,839 ) (6,165 ) (18,485 ) (17,260 )
 
Income tax provision   24         33     59         91  
 
Net loss $ (6,863 )     $ (6,198 ) $ (18,544 )     $ (17,351 )
 
Net loss per share
Basic and diluted ($0.18 ) ($0.19 ) ($0.49 ) ($0.55 )
 
Shares used in computing net loss per share
Basic and diluted 38,090 31,946 37,700 31,616
 

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