MoSys, Inc. Reports First Quarter 2010 Financial Results

other risks identified in the Company’s most recent report on form 10-K filed with the Securities and Exchange Commission, as well as other reports that MoSys files from time to time with the Securities and Exchange Commission. MoSys undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future.

About MoSys, Inc.

MoSys, Inc. (NASDAQ: MOSY) develops serial chip-to-chip communications solutions that deliver unparalleled bandwidth performance for next generation networking systems and advanced system-on-chip (SoC) designs. MoSys’ IP portfolio includes DDR3 PHYs and SerDes IP that support data rates from 1 - 11 Gigabits per second (Gbps) across a variety of standards. In addition, MoSys offers its flagship, patented 1T-SRAM® and 1T-Flash® memory cores, which offer a combination of high-density, low power consumption, high-speed and low cost advantages for high-performance networking, computing, storage and consumer/graphics applications. MoSys’ IP is production-proven in more than 225 million devices. MoSys is headquartered in Sunnyvale, California. More information is available on MoSys' website at www.mosys.com.

MoSys, 1T-SRAM and 1T-Flash are registered trademarks of MoSys, Inc. The MoSys logo and Bandwidth Engine are trademarks of MoSys, Inc. All other trademarks mentioned herein are the intellectual property of their respective owners.

 
MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
   
Three Months Ended
March 31,
  2010    

2009 (1)

 

 
Net Revenue
Licensing $ 1,547 $ 524
Royalty   2,003     2,042  
Total net revenue 3,550 2,566
 
Cost of Net Revenue
Licensing   782     323  
Total cost of net revenue 782 323
 
Gross Profit 2,768 2,243
 
Operating Expenses
Research and development 5,485 3,888
Selling, general and administrative 2,584 2,485
Acquisition-related costs 502 -
Restructuring charges   -     275  
Total operating expenses 8,571 6,648
 
Loss from operations (5,803 ) (4,405 )
 
Other income, net   109     203  
Loss before income taxes (5,694 ) (4,202 )
 
Provision for income taxes   (32 )   (7 )
 
Net loss $ (5,726 ) $ (4,209 )
 
Net loss per share
Basic and diluted ($0.18 ) ($0.13 )
 
Shares used in computing net loss per share
Basic and diluted 31,262 31,322
 

(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.


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