MoSys, Inc. Reports Fourth Quarter and 2010 Financial Results

other risks identified in the Company’s most recent reports on Form 10-K and Form 10-Q 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) is a leading provider of serial chip-to-chip communications solutions that deliver unparalleled bandwidth performance for next generation networking systems. MoSys’ Bandwidth Engine® family of ICs combines the company’s patented 1T-SRAM® high-density memory with its high-speed interface technology. A key element of Bandwidth Engine technology is the GigaChip™ Interface, an open, short-reach, low-power serial interface developed by MoSys to enable highly efficient, high-bandwidth, low-latency performance not achievable using currently available serial protocols. MoSys' IP portfolio includes silicon proven SerDes and DDR3 PHYs that support a wide range of data rates across a variety of standards and 1T-SRAM memory cores that provide 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 is headquartered in Santa Clara, California. More information is available on MoSys' website at http://www.mosys.com.

MoSys, 1T-SRAM and 1T-Flash are registered trademarks of MoSys, Inc. The MoSys logo, Bandwidth Engine and GigaChip are trademarks of MoSys, Inc. All other marks 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 Twelve Months Ended
December 31, December 31,
  2010       2009     2010       2009  
 
Net Revenue
Licensing $ 1,408 $ 1,314 $ 6,468 $ 3,476
Royalty   2,560       2,229     9,095       7,982  
Total net revenue 3,968 3,543 15,563 11,458
 
Cost of Net Revenue
Licensing   768       720     2,826       1,993  
Total cost of net revenue 768 720 2,826 1,993
 
Gross Profit 3,200 2,823 12,737 9,465
 
Operating Expenses
Research and development 6,078 5,148 24,692 18,145
Selling, general and administrative 2,850 2,521 10,051 9,207
Acquisition-related costs - 488 1,182 1,410
Restructuring charges   -       -     -       706  
Total operating expenses 8,928 8,157 35,925 29,468
 
Loss from operations (5,728 ) (5,334 ) (23,188 ) (20,003 )
 
Other income (expense), net   (23 )     251     177       744  
Loss before income taxes (5,751 ) (5,083 ) (23,011 ) (19,259 )
 
Benefit (provision) for income taxes   40       191     (51 )     155  
 
Net loss $ (5,711 )   $ (4,892 ) $ (23,062 )   $ (19,104 )
 
Net loss per share
Basic and diluted ($0.17 ) ($0.16 ) ($0.72 ) ($0.61 )
 
Shares used in computing net loss per share
Basic and diluted 33,130 31,219 31,870 31,238

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