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MoSys, Inc. Reports Fourth Quarter And 2011 Financial Results

Stocks in this article: MOSY

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.

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