MoSys, Inc. Reports Second Quarter 2009 Financial Results

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


MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
		2009			2008			2009			2008

Net Revenue
Licensing	$	306		$	667		$	830		$	1,099
Royalty		1,675			2,528			3,717			4,913
Total net revenue		1,981			3,195			4,547			6,012

Cost of Net Revenue
Licensing		276			833			596			1,313
Total cost of net revenue		276			833			596			1,313

Gross Profit		1,705			2,362			3,951			4,699

Operating Expenses
Research and development		4,072			4,541			7,901			8,837
Selling, general and administrative		2,461			2,926			4,878			6,282
Restructuring charge		431			-			706			-
Total operating expenses		6,964			7,467			13,485			15,119

Loss from operations		(5,259	)		(5,105	)		(9,534	)		(10,420	)

Other income, net		151			561			354			1,635
Loss before income taxes		(5,108	)		(4,544	)		(9,180	)		(8,785	)

Provision for income taxes		(26	)		(46	)		(33	)		(89	)

Net loss	$	(5,134	)	$	(4,590	)	$	(9,213	)	$	(8,874	)

Net loss per share
Basic and diluted		($0.16	)		($0.14	)		($0.29	)		($0.28	)

Shares used in computing net loss per share
Basic and diluted		31,198			31,703			31,261			31,690


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						Six Months Ended
	June 30,						June 30,
		2009			2008			2009			2008

GAAP net loss	$	(5,134	)	$	(4,590	)	$	(9,213	)	$	(8,874	)
Stock-based compensation expense
- Cost of net revenue		40			151			72			231
- Research and development		279			356			453			729
- Selling, general and administrative		469			826			710			1,639
Total stock-based compensation expense		788			1,333			1,235			2,599

Restructuring charge (1)		431			-			706			-
Amortization of intangible assets (2)		177			197			177			394
Acquisition-related transaction costs (3)		300			-			300			-
Acquisition-related contingent compensation charges (4)		134			-			134			-

Non-GAAP net loss	$	(3,304	)	$	(3,060	)	$	(6,661	)	$	(5,881	)

GAAP net loss per share		($0.16	)		($0.14	)		($0.29	)		($0.28	)
Reconciling items
- Stock-based compensation expense		0.03			0.03			0.04			0.08
- Restructuring charge (1)		0.01			-			0.02			-
- Amortization of intangible assets (2)		-			0.01			0.01			0.01
- Acquisition-related transaction costs (3)		0.01			-			0.01			-
- Acquisition-related contingent compensation charges (4)		-			-			-			-

Non-GAAP net loss per share: Basic and diluted		($0.11	)		($0.10	)		($0.21	)		($0.19	)

Shares used in computing non-GAAP net loss per share
Basic and diluted		31,198			31,703			31,261			31,690

(1) Q2 09 charges, included in research and development expenses, related to the closure of the Korea office and lease contract termination costs.
(2) Non-cash charges for amortization of intangibles arising from acquired assets, included in research and development expenses.
(3) Charges primarily related to legal and accounting fees incurred from the acquisition of Prism Circuits, Inc. These charges are included in selling, general and administrative expenses.
(4) Compensation charges, included in research and development expenses, were for contingent compensation arising from the acquisition of Prism Circuits, Inc.

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