MoSys, Inc. Reports Fourth Quarter and Full Year 2009 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) 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 is a trademark 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 Twelve Months Ended
December 31, December 31,
  2009    

2008 (1)

  2009    

2008 (1)

 
Net Revenue
Licensing $ 1,314 $ 859 $ 3,476 $ 3,156
Royalty   2,229     3,101     7,982     10,870  
Total net revenue 3,543 3,960 11,458 14,026
 
Cost of Net Revenue
Licensing   720     641     1,993     2,797  
Total cost of net revenue 720 641 1,993 2,797
 
Gross Profit 2,823 3,319 9,465 11,229
 
Operating Expenses
Research and development 5,148 4,156 18,145 17,206
Selling, general and administrative 2,521 3,058 9,207 12,006
Acquisition-related costs 488 - 1,410 -
Impairment of intangible assets - 1,379 - 1,379
Restructuring charges   -     1,334     706     1,334  
Total operating expenses 8,157 9,927 29,468 31,925
 
Loss from operations (5,334 ) (6,608 ) (20,003 ) (20,696 )
 
Other income, net   251     217     744     2,243  
Loss before income taxes (5,083 ) (6,391 ) (19,259 ) (18,453 )
 
Provision for income taxes   191     (21 )   155     (132 )
 
Net loss $ (4,892 ) $ (6,412 ) $ (19,104 ) $ (18,585 )
 
Net loss per share
Basic and diluted ($0.16 ) ($0.20 ) ($0.61 ) ($0.59 )
 
Shares used in computing 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.


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