MoSys, Inc. Reports Fourth Quarter and 2011 Financial Results

SANTA CLARA, Calif. — (BUSINESS WIRE) — February 7, 2012 — MoSys, Inc., (NASDAQ: MOSY), a provider of serial chip-to-chip communications solutions that deliver unparalleled bandwidth performance for next generation networking systems and advanced system-on-chip (SoC) designs, today reported financial results for the fourth quarter and fiscal year ended December 31, 2011.

Fourth Quarter and Year 2011 Highlights

  • Reported full year 2011 revenue of $14.1 million;
  • Increased fourth quarter revenue to $5.2 million, up 30 percent over the prior year period;
  • Raised $35 million through a patent sale, ending the year with total cash and investments of $58 million;
  • Announced and demonstrated interoperability of the Bandwidth Engine® integrated circuit (IC) family with SerDes from Avago Technologies and with FPGA devices from Altera Corporation and Xilinx, Inc.;
  • Established new distribution channel partnerships for the Bandwidth Engine IC in China and Japan;
  • Achieved first design wins for the Bandwidth Engine IC; and
  • Achieved ISO 9001:2008 certification.

Management Commentary

“During the fourth quarter, we significantly strengthened our cash position through the $35 million sale of a portion of our memory technology patent portfolio. We are very pleased to have completed this transaction, which provides us with ample funding to advance the development of our Bandwidth Engine IC business,” said Len Perham, MoSys’ President and Chief Executive Officer. “We are now well positioned to focus on executing our strategy to become an IP-rich fabless semiconductor company.

“In addition to the patent sale, fourth quarter financial results reflected a strong increase in revenue driven by completion of milestones on IP licensing projects, as well as ongoing royalty revenue. In the coming quarters, our primary focus will be to drive demand and achieve additional design wins for our Bandwidth Engine IC family.

“From a technology perspective, in 2012, we will also continue to focus on R&D activities for our Bandwidth Engine product roadmap, while closely managing our operating costs. MoSys recently earned ISO 9001:2008 certification for its IC operations, which is a significant step toward achieving enterprise-grade quality and furthering its evolution as an IP-rich fabless semiconductor company,” concluded Mr. Perham.

Fourth Quarter Results

Total net revenue for the fourth quarter of 2011 was $5.2 million, compared with $2.1 million reported in the third quarter of 2011 and $4.0 million in the fourth quarter of 2010.

Fourth quarter 2011 total revenue included licensing revenue of $2.7 million, compared with $0.8 million for the previous quarter and $1.4 million for the fourth quarter of 2010. Fourth quarter 2011 royalty revenue was $2.5 million, compared with $1.4 million in the previous quarter and $2.6 million for the fourth quarter of 2010.

Gross margin for the fourth quarter of 2011 was 66 percent, compared with 83 percent in the third quarter of 2011 and 81 percent for the fourth quarter of 2010. The sequential decrease in gross margin was due to higher costs associated with the increased license revenue.

Total operating expenses on a GAAP basis for the fourth quarter of 2011 were a net gain of $26.5 million, which was attributable to a one-time gain of $35.6 million from the Company’s sale of memory technology patents. Operating expenses also included $9.1 million in R&D and SG&A expense. Total operating expenses also included $0.7 million of amortization of intangible assets and $1.0 million of stock-based compensation expense. Fourth quarter 2011 R&D and SG&A total operating expenses of $9.1 million compared with $8.6 million in the previous quarter and $8.9 million for the fourth quarter of 2010.

GAAP net income for the fourth quarter of 2011 was $29.8 million, or $0.75 per diluted share, compared with a net loss of $6.9 million, or ($0.18) per share, in the previous quarter and a net loss of $5.7 million, or ($0.17) per share, for the fourth quarter of 2010. The non-GAAP net income for the fourth quarter of 2011 was $31.7 million, or $0.80 per diluted share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share on a GAAP and non-GAAP basis for the fourth quarter of 2011 were computed using approximately 39.8 million weighted diluted shares. A reconciliation of GAAP results to non-GAAP results is provided in the financial statement tables following the text of this press release.

Cash and investments totaled $58.0 million as of December 31, 2011, which included the $35 million in cash proceeds from the Company’s December 2011 patent sale.

Full Year 2011 Results

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