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MoSys, Inc. Provides Business Update and Announces Stock Repurchase Plan
SUNNYVALE, Calif. -- Oct 14, 2008 -- MoSys, Inc., (NASDAQ: MOSY), a leading provider of high-density system-on-ship (SoC) memory and analog/mixed-signal intellectual property (IP), today announced preliminary operating results for the third quarter and nine months ended September 30, 2008 with estimated total net revenue ranging from $3.9 million to $4.2 million and an estimated net loss on a GAAP basis ranging from $3.0 million to $3.3 million for the three months ended September 30, 2008. Estimated total net revenue for the nine months ended September 30, 2008 is expected to range from $9.9 million to $10.2 million, and the estimated net loss on a GAAP basis for that same period is expected to range from $11.9 million to $12.2 million. The Company noted that these results are not final for the periods and are subject to final closing adjustments, as well as interim period review by its auditors. The Company also announced that its board of directors has authorized the Company to purchase up to $5 million of its common stock over the next 12 months. Repurchases will be conducted from time to time in the open market, subject to market conditions and other factors such as a determination that the Company believes the repurchase will be beneficial to stockholders. These repurchases may be commenced or suspended at any time or from time to time without prior notice. As of September 30, 2008, the Company had approximately 32 million shares outstanding and also had cash and investments of approximately $72 million. In addition, the Company announced it will release its full third quarter 2008 financial results on Thursday, October 30, 2008, after the market closes. Following the release, Len Perham, MoSys' President and Chief Executive Officer, and Jim Sullivan, Chief Financial Officer, will host a live audio Webcast and conference call at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). About MoSys, Inc. Founded in 1991, MoSys (NASDAQ: MOSY), develops, markets and licenses innovative embedded memory and analog/mixed-signal intellectual property (IP) technologies for advanced SoCs used in a variety of home entertainment, mobile consumer, networking and storage applications. MoSys' patented 1T-SRAM and 1T-FLASH technologies offer a combination of high density, low power consumption, high speed and low cost unmatched by other available memory technologies. MoSys' advanced analog/mixed-signal technologies include a highly integrated Blu-ray DVD front-end and Gigabit Ethernet. MoSys' embedded memory IP has been included in more than 160 million devices demonstrating silicon-proven manufacturability in a wide range of processes and applications. MoSys is headquartered at 755 N. Mathilda Avenue, Sunnyvale, California 94085. More information is available on MoSys' website at http://www.mosys.com.
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