SUNNYVALE, Calif.--(BUSINESS WIRE)--Jan. 22, 2004--MoSys, Inc. (NASDAQ:MOSY) today announced it is reducing its revenue outlook for the fourth quarter of fiscal year 2003 ranging between $3.0 to $3.5 million, from the previously provided estimate of $5.5 to $6.0 million for the quarter. The shortfall occurred due to delays in the recognition of revenue from new customer projects that commenced later in the quarter than the company previously had anticipated based upon such customers' earlier projections.
"We had a strong close to the quarter with total new orders generated in the quarter exceeding $5 million in licensing fees. However, the delay in the commencement of these contracts and the timing of development services does impact our revenue recognition. We were only able to recognize a small percentage of the new orders during the fourth quarter, and expect to recognize substantially all of the associated revenue in 2004," commented Dr. Fu-Chieh Hsu, President and Chief Executive Officer of MoSys. "We are disappointed in the reduction of our revenue estimate for the quarter. We are confident, however, that the strength of our contract pipeline and the increased market acceptance of our technology will translate into future revenue growth for the Company."
MoSys will release its fourth quarter and fiscal year 2003 results for the period ending December 31, 2003 on Wednesday, January 28, after the market closes. Following the release, the Company will host a live audio Web cast and conference call at 5:15 p.m. Eastern Time.
Dr. Hsu and Chief Financial Officer Mark Voll will discuss the company's earnings and operations on the call. Investors and other interested parties may listen to the live Web cast by visiting the investor relations section of the MoSys website at www.mosys.com. A Web cast replay will also be available on the company's Website.
Founded in 1991, MoSys (NASDAQ: MOSY), develops, licenses and markets innovative memory technologies for semiconductors. MoSys' patented 1T-SRAM technologies offer a combination of high density, low power consumption, high speed and low cost unmatched by other available memory technologies. The single transistor bit cell used in 1T-SRAM memory results in the technology achieving much higher density than traditional four or six transistor SRAMs while using the same standard logic manufacturing processes. 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, contributing to making them ideal for embedding large memories in System on Chip (SoC) designs. MoSys' licensees have shipped more than 65 million chips incorporating 1T-SRAM embedded memory technologies, demonstrating excellent manufacturability in a wide range of silicon processes and applications. MoSys is headquartered at 1020 Stewart Drive, Sunnyvale, California 94085. More information is available on MoSys' website at http://www.mosys.com.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking statements about the Company including, without limitation, benefits and performance expected from use of the Company's 1T-SRAM technologies.
Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include but are not limited to, customer acceptance of our 1T-SRAM technologies, the timing and nature of customer request for services under existing license agreements, the timing of customer acceptance of our work under such agreements, the level of commercial success of licensees' products such as the Nintendo GAMECUBE and cell phone hand sets, ease of integration of our 1T-SRAM technologies with other semiconductor functions, ease of manufacturing and yields of devices incorporating our 1T-SRAM technologies, our ability to enhance our 1T-SRAM technologies or develop new technologies, the level of intellectual property protection provided by our patents, the vigor and growth of markets served by our licensees and customers, the impact of the Company's recent acquisition of ATMOS Corporation on future operating results and operations of the Company and other risks identified in the Company's most recent annual report on Form 10-K 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.
1T-SRAM(R) is a MoSys trademark registered in the U.S. Patent and Trademark Office. All other trade, product, or service names referenced in this release may be trademarks or registered trademarks of their respective holders.
SOURCE: MoSys, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding MoSys, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.