About MoSys, Inc.
Founded in 1991, MoSys (NASDAQ: MOSY), develops, markets and licenses differentiated embedded memory and high speed parallel and serial interface IP for advanced SoC designs. MoSys’ patented 1T-SRAM and 1T-FLASH memory technologies offer a combination of high density, low power consumption, high speed and low cost advantages that are unmatched by other available memory technologies for a variety of home entertainment, mobile consumer, networking and storage applications. MoSys’ silicon-proven interface IP portfolio includes DDR3/2 Combo PHYs, as well as SerDes IP that support data rates from 1 Gigabit per second (Gbps) to 10 Gbps, across a wide range of standards, including PCI-Express, XAUI, SATA, USB and 10G KR. 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 ™ is a trademark of MoSys, Inc.
| MOSYS, INC. | |||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
| (In thousands, except per share amounts; unaudited) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||||||
| Net Revenue | |||||||||||||||||||
| Licensing | $ | 1,332 | $ | 1,198 | $ | 2,162 | $ | 2,297 | |||||||||||
| Royalty | 2,036 | 2,856 | 5,753 | 7,769 | |||||||||||||||
| Total net revenue | 3,368 | 4,054 | 7,915 | 10,066 | |||||||||||||||
| Cost of Net Revenue | |||||||||||||||||||
| Licensing | 682 | 845 | 1,278 | 2,158 | |||||||||||||||
| Total cost of net revenue | 682 | 845 | 1,278 | 2,158 | |||||||||||||||
| Gross Profit | 2,686 | 3,209 | 6,637 | 7,908 | |||||||||||||||
| Operating Expenses | |||||||||||||||||||
| Research and development | 5,180 | 4,175 | 12,947 | 13,012 | |||||||||||||||
| Selling, general and administrative | 2,202 | 2,641 | 6,780 | 8,923 | |||||||||||||||
| Acquisition-related costs | 488 | - | 922 | - | |||||||||||||||
| Restructuring charges | - | - | 706 | - | |||||||||||||||
| Total operating expenses | 7,870 | 6,816 | 21,355 | 21,935 | |||||||||||||||
| Loss from operations | (5,184 | ) | (3,607 | ) | (14,718 | ) | (14,027 | ) | |||||||||||
| Other income, net | 139 | 391 | 493 | 2,026 | |||||||||||||||
| Loss before income taxes | (5,045 | ) | (3,216 | ) | (14,225 | ) | (12,001 | ) | |||||||||||
| Provision for income taxes | (3 | ) | (22 | ) | (36 | ) | (111 | ) | |||||||||||
| Net loss | $ | (5,048 | ) | $ | (3,238 | ) | $ | (14,261 | ) | $ | (12,112 | ) | |||||||
| Net loss per share | |||||||||||||||||||
| Basic and diluted | ($0.16 | ) | ($0.10 | ) | ($0.46 | ) | ($0.38 | ) | |||||||||||
| Shares used in computing net loss per share | |||||||||||||||||||
| Basic and diluted | 31,205 | 31,777 | 31,239 | 31,719 | |||||||||||||||
| 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 | Nine Months Ended | |||||||||||||||||
| September 30, | September 30, | |||||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||||
| GAAP net loss | $ | (5,048 | ) | $ | (3,238 | ) | $ | (14,261 | ) | $ | (12,112 | ) | ||||||
| Stock-based compensation expense | ||||||||||||||||||
|
-Cost of net revenue |
90 | 111 | 162 | 342 | ||||||||||||||
| -Research and development | 332 | 207 | 785 | 936 | ||||||||||||||
| -Selling, general and administrative | 503 | 660 | 1,213 | 2,299 | ||||||||||||||
| Total stock-based compensation expense | 925 | 978 | 2,160 | 3,577 | ||||||||||||||
| Restructuring charges (1) | - | - | 706 | - | ||||||||||||||
| Amortization of intangible assets (2) | 643 | 197 | 820 | 591 | ||||||||||||||
| Acquisition-related transaction costs (3) | - | - | 300 | - | ||||||||||||||
| Acquisition-related contingent compensation charges (4) | 488 | - | 622 | - | ||||||||||||||
| Non-GAAP net loss | $ | (2,992 | ) | $ | (2,063 | ) | $ | (9,653 | ) | $ | (7,944 | ) | ||||||
| GAAP net loss per share | ($0.16 | ) | ($0.10 | ) | ($0.46 | ) | ($0.38 | ) | ||||||||||
| Reconciling items | ||||||||||||||||||
| -Stock-based compensation expense | 0.03 | 0.03 | 0.07 | 0.11 | ||||||||||||||
| -Restructuring charges (1) | - | - | 0.02 | - | ||||||||||||||
| -Amortization of intangible assets (2) | 0.02 | 0.01 | 0.03 | 0.02 | ||||||||||||||
| -Acquisition-related transaction costs (3) | - | - | 0.01 | - | ||||||||||||||
| -Acquisition-related contingent compensation charges (4) | 0.01 | - | 0.02 | - | ||||||||||||||
| Non-GAAP net loss per share: Basic and diluted | ($0.10 | ) | ($0.06 | ) | ($0.31 | ) | ($0.25 | ) | ||||||||||
| Shares used in computing non-GAAP net loss per share | ||||||||||||||||||
| Basic and diluted | 31,205 | 31,777 | 31,239 | 31,719 | ||||||||||||||
