MoSys, Inc. Reports Fourth Quarter and Full Year 2009 Financial

MoSys, Inc. Reports Fourth Quarter and Full Year 2009 Financial Results


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						Twelve Months Ended
	December 31,						December 31,
		2009			2008 (1)			2009			2008 (1)

GAAP net loss	$	(4,892	)	$	(6,412	)	$	(19,104	)	$	(18,585	)
Stock-based compensation expense
-Cost of net revenue		94			65			250			405
-Research and development		320			261			1,153			1,235
-Selling, general and administrative		532			779			1,651			3,103
Total stock-based compensation expense		946			1,105			3,054			4,743

Restructuring charges (2)		-			1,334			706			1,334
Impairment of intangible assets		-			1,379			-			1,379
Amortization of intangible assets (3)		643			151			1,463			742
Acquisition-related contingent compensation charges (4)		488			-			1,110			-
Acquisition-related transaction costs (5)		-			-			300			-

Non-GAAP net loss	$	(2,815	)	$	(2,443	)	$	(12,471	)	$	(10,387	)

GAAP net loss per share		($0.16	)		($0.20	)		($0.61	)		($0.59	)
Reconciling items
-Stock-based compensation expense		0.03			0.03			0.10			0.16
-Restructuring charges (2)		-			0.04			0.02			0.04
-Impairment of intangible assets		-			0.04			-			0.04
-Amortization of intangible assets (3)		0.02			0.01			0.05			0.02
-Acquisition-related contingent compensation charges (4)		0.02			-			0.03			-
-Acquisition-related transaction costs (5)		-			-			0.01			-

Non-GAAP net loss per share: Basic and diluted		($0.09	)		($0.08	)		($0.40	)		($0.33	)

Shares used in computing non-GAAP net loss per share
Basic and diluted		31,219			31,623			31,238			31,698

(1) Financial statements have been revised to reflect immaterial increases in stock-based compensation resulting from calculation errors in the third-party stock administration software used by the Company.
(2) Charges related to the exit of the analog/mixed-signal product lines and closure of the Korea office.
(3) Non-cash charges for amortization of intangibles arising from acquired assets. These charges are included in research and development expenses.
(4) Contingent earn-out compensation charges arising from the acquisition of Prism Circuits, Inc.
(5) 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.

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