MoSys, Inc. Reports Second Quarter 2011 Financial Results

® high-density memory with its high-speed interface technology. 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 Bandwidth Engine are registered trademarks of MoSys, Inc. in the US and/or other countries. The MoSys logo is a trademark of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.

 
 
MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
 
        Three Months Ended   Six Months Ended
June 30, June 30,
2011   2010 2011   2010
   
Net Revenue
Licensing $ 1,216 $ 2,019 $ 2,563 $ 3,566
Royalty   2,076       2,250     4,268       4,253  
Total net revenue 3,292 4,269 6,831 7,819
 
Cost of Net Revenue
Licensing   469       541     1,159       1,323  
Total cost of net revenue 469 541 1,159 1,323
 
Gross Profit 2,823 3,728 5,672 6,496
 
Operating Expenses
Research and development 6,566 6,704 12,721 12,677
Selling, general and administrative   1,917       2,508     4,631       5,106  
Total operating expenses 8,483 9,212 17,352 17,783
 
Loss from operations (5,660 ) (5,484 ) (11,680 ) (11,287 )
 
Other income, net   25       83     34       192  
Loss before income taxes (5,635 ) (5,401 ) (11,646 ) (11,095 )
 
Income tax provision   17       26     35       58  
 
Net loss $ (5,652 )   $ (5,427 ) $ (11,681 )   $ (11,153 )
 
Net loss per share
Basic and diluted ($0.15 ) ($0.17 ) ($0.31 ) ($0.35 )
 
Shares used in computing net loss per share
Basic and diluted 37,738 31,636 37,505 31,455
 
 
MOSYS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
       
June 30, December 31,
2011   2010
 
Assets
Current assets:
Cash, cash equivalents and investments $ 24,794 $ 29,351
Accounts receivable, net 546 1,079
Unbilled contract receivables 177 202
Prepaid expenses and other assets   2,991     3,377
Total current assets 28,508 34,009
 
Long-term investments 6,526 8,193
Property and equipment, net 1,898 2,160
Goodwill 23,134 23,134
Intangible assets, net 4,929 6,238
Other assets   197     232
Total assets $ 65,192   $ 73,966
 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 500 $ 839
Accrued expenses and other liabilities 2,872 2,623
Accrued acquisition-related earn-out 500 1,500
Deferred revenue   1,726     1,801
Total current liabilities 5,598 6,763
 
Long-term liabilities 55 146
 
Stockholders' equity 59,539 67,057
     
Total liabilities and stockholders’ equity $ 65,192   $ 73,966
 
 
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,
2011   2010 2011   2010
   
GAAP net loss $ (5,652 ) $ (5,427 ) $ (11,681 ) $ (11,153 )
Stock-based compensation expense
- Cost of net revenue 46 88 107 170
- Research and development 507 362 810 681
- Selling, general and administrative   291       308     636       612  
Total stock-based compensation expense 844 758 1,553 1,463
 
Amortization of intangible assets (1) 654 826 1,309 1,469
Acquisition-related contingent compensation charges (2) - 485 - 987
Acquisition-related transaction costs (3)   -       -     -       195  
 
Non-GAAP net loss $ (4,154 )   $ (3,358 ) $ (8,819 )   $ (7,039 )
 
GAAP net loss per share ($0.15 ) ($0.17 ) ($0.31 ) ($0.35 )
Reconciling items
- Stock-based compensation expense 0.02 0.02 0.04 0.04
- Amortization of intangible assets (1) 0.02 0.03 0.03 0.05
- Acquisition-related contingent compensation charges (2) - 0.01 - 0.03
- Acquisition-related transaction costs (3)   -       -     -       0.01  
 
Non-GAAP net loss per share: Basic and diluted   ($0.11 )     ($0.11 )   ($0.24 )     ($0.22 )
 
Shares used in computing non-GAAP net loss per share
Basic and diluted 37,738 31,636 37,505 31,455
 
(1) Non-cash charges for amortization of intangibles arising from acquired assets.

(2) Contingent earn-out compensation charges arising from acquisitions. Amounts included in research and development (R&D) and selling, general and administrative (SG&A) expenses for the three months ended June 30, 2010 are $354,000 and $131,000, respectively. Amounts included in R&D and SG&A expenses for the six months ended June 30, 2010 are $842,000 and $145,000, respectively.

(3) Charges primarily related to legal and accounting fees incurred for the acquisition of MagnaLynx, Inc. in March 2010.
These charges are included in SG&A expenses.

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