SUNNYVALE, Calif.--Feb. 12, 2008--MoSys, Inc., (NASDAQ: MOSY), a leading provider of high-density system-on-chip (SoC) memory and analog/mixed-signal intellectual property (IP), today reported financial results for its fourth quarter and fiscal year ended December 31, 2007.
- Announced Len Perham as President and CEO - Semiconductor Industry Veteran, Chairman of the Board of NetLogic Microsystems and former CEO of Integrated Device Technology
- Appointed Jim Sullivan as Vice President and CFO
- Total fiscal year revenue of $14.3 million
- Increased total royalty revenue for fiscal 2007 by 56 percent year-over-year
- Cash position of $78.7 million as of December 31, 2007
- Completed the acquisition from Atmel Corporation of the analog/mixed-signal design teams in China and Romania and their extensive and related design know-how
"Before I joined MoSys, I assessed all aspects of the Company, and as a result of this evaluation, I believe MoSys is a viable, long-term business with a very valuable IP portfolio and significant growth potential," stated Len Perham, MoSys' President and Chief Executive Officer. "In order to exploit our opportunities, my short-term focus is on reorganizing the Company and building a world-class leadership team. Filling several key positions will allow us to move quickly and efficiently to apply our IP-rich solutions to the system-level challenges our customers face as they bring next-generation solutions to the markets they serve. As part of this effort, we are focused on enhancing our sales force to have a stronger presence in all regions that have customers with applications for our IP. As we reorganize and refocus on better supporting our customers, we will be closely managing costs relative to the revenues generated in order to always bring incrementally more value to our stockholders. Both our current IP and the expertise in applying this IP lead me to believe the prospects for the Company are exciting. I am optimistic about our future business prospects and look forward to reporting on our progress."
Fourth Quarter Results
Total net revenue for the fourth quarter of 2007 was $2.9 million, compared to $4.0 million for the third quarter of 2007 and $5.0 million for the fourth quarter of 2006.
Fourth quarter total revenue included licensing revenue of $0.4 million, compared to $1.5 million for the third quarter of 2007 and $1.8 million for the fourth quarter of 2006. Royalty revenue for the fourth quarter was $2.5 million, compared to $2.4 million for the previous quarter and $3.2 million for the fourth quarter of 2006.
Gross margin for the fourth quarter of 2007, as determined in accordance with U.S. Generally Accepted Accounting Principles (GAAP) was 72 percent, compared to 83 percent for the third quarter of 2007 and 88 percent for the fourth quarter of 2006.
Total operating expenses on a GAAP basis for the fourth quarter were $7.7 million, compared to $7.3 million for the previous quarter and $4.6 million for the fourth quarter of 2006.
GAAP net loss for the quarter was $4.6 million, or ($0.14) per share, including stock-based compensation expense of $1.2 million and intangible asset amortization charges of $0.2 million. This compares to a net loss of $2.8 million, or ($0.09) per share, for the third quarter of 2007 and net income of $567,000, or $0.02 per diluted share, for the fourth quarter of 2006. Earnings per share for the quarter on a GAAP basis were computed using 32,117,000 shares.
The non-GAAP net loss for the fourth quarter was $3.2 million, or ($0.10) per share, excluding total stock-based compensation charges of $1.2 million and $0.2 million in amortization charges. Earnings per share for the quarter on a non-GAAP basis were also computed using 32,117,000 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, cash equivalents and both long and short-term investments totaled approximately $78.7 million as of December 31, 2007, compared to approximately $85.6 million as of September 30, 2007. Under its stock repurchase program, the Company used $4.4 million of cash to repurchase common stock during the quarter.
Fiscal 2007 Results
Total revenue for 2007 was $14.3 million, compared to $14.9 million for fiscal 2006. Net loss for the year, in accordance with GAAP, was $8.5 million, or ($0.27) per share, compared to a net loss of $5.3 million, or ($0.17) per share, for 2006. The non-GAAP net loss for fiscal year 2007 was $3.4 million, or a loss of ($0.11) per share, excluding total stock-based compensation charges of $3.8 million and approximately $1.4 million in intangible asset amortization and in-process research and development charges. Non-GAAP net loss for 2006 was $2.6 million, or ($0.08) per share, excluding total stock-based compensation charges of $2.7 million. Earnings per share for 2007 were computed using 31,994,000 shares on a GAAP and non-GAAP basis.
The Company's Chief Executive Officer and Chief Financial Officer will comment on the fourth quarter and fiscal year during the Company's financial results conference call today, February 12, 2008, at 1:30 p.m. (PT). Financial Tables
to read financial tables
About MoSys, Inc.
Founded in 1991, MoSys (NASDAQ: MOSY), develops, licenses and markets innovative memory and analog/mixed-signal technologies for semiconductors. 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. 1T-SRAM technologies also offer the familiar, refresh-free interface and high performance for random address access cycles associated with traditional SRAMs. In addition, these technologies can reduce operating power consumption by a factor of four compared with traditional SRAM technology, making them ideal for embedding large memories in System on Chip (SoC) designs. MoSys' licensees have shipped more than 135 million chips incorporating 1T-SRAM embedded memory technologies, demonstrating excellent manufacturability in a wide range of silicon processes and applications. MoSys' analog/mixed-signal products feature a number of industry firsts, including the first DVD front end IP to support both Blu-ray and HD DVD formats. Using MoSys IP, system vendors can achieve best-in-class price/performance in markets such as home entertainment and graphics applications; mobile consumer devices; and networking and storage equipment. MoSys is headquartered at 755 N. Mathilda Avenue, Sunnyvale, California 94085. More information is available on MoSys' website at http://www.mosys.com.