MoSys, Inc. Reports Fourth Quarter and Full Year 2008 Financial Results

About MoSys, Inc.

Founded in 1991, MoSys (NASDAQ: MOSY), develops, markets and licenses innovative embedded memory intellectual property (IP) technologies for advanced systems-on-chips (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' embedded memory IP has been included in more than 160 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 Twelve Months Ended
December 31, December 31,
  2008     2007     2008     2007  
 
Net Revenue
Licensing $ 859 $ 388 $ 3,156 $ 5,253
Royalty   3,101     2,511     10,870     9,081  
Total net revenue 3,960 2,899 14,026 14,334
 
Cost of Net Revenue
Licensing   642     825     2,800     2,737  
Total cost of net revenue 642 825 2,800 2,737
 
Gross Profit 3,318 2,074 11,226 11,597
 
Operating Expenses
Research and development 4,005 4,174 16,426 11,594
Selling, general and administrative 2,952 3,309 11,875 11,659
In-process research and development - - - 966
Amortization of intangible assets 151 197 742 394
Impairment of intangible assets 1,379 - 1,379 -
Restructuring charge   1,334     -     1,334     -  
Total operating expenses 9,821 7,680 31,756 24,613
 
Loss from operations (6,503 ) (5,606 ) (20,530 ) (13,016 )
 
Other income, net   217     1,015     2,243     4,520  
Loss before income taxes (6,286 ) (4,591 ) (18,287 ) (8,496 )
 
Benefit (provision) for income taxes   (21 )   8     (132 )   (25 )
 
Net loss $ (6,307 ) $ (4,583 ) $ (18,419 ) $ (8,521 )
 
Net loss per share
Basic and diluted ($0.20 ) ($0.14 ) ($0.58 ) ($0.27 )
 
Shares used in computing net loss per share
Basic and diluted 31,623 32,117 31,698 31,994

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