MoSys, Inc. Reports Third Quarter 2012 Financial Results

MoSys, Inc., (NASDAQ:MOSY), a leader in semiconductor solutions that enable fast, intelligent data access for network and communications systems, today reported financial results for the third quarter ended September 30, 2012.

Third Quarter and Recent Highlights

• Announced two upcoming products (MSR620 and MSR720) based on second generation Bandwidth Engine® architecture;
• Maintained a brisk pace of design win activity across all geographic regions with an increasing number of potential customers; and
• Ended the quarter with total cash and investments of $45 million.

Management Commentary

“MoSys enjoyed a high level of sales activity during the quarter, as we continued to engage with customers and partners in a concentrated effort to accelerate the design win process and further expand our pipeline of design wins in-progress,” commented Len Perham, MoSys’ President and Chief Executive Officer. “Additionally, we are actively working with our lead OEM customers as they finalize their system-level specifications and advance toward first prototype system builds. We anticipate these customers will achieve full system qualification and initial production releases in the second half of 2013.

“During the quarter, we completed our extensive logic verification process and have now progressed deeply into the timing verification of our second generation Bandwidth Engine IC family. We expect to tape out this month and be ready to sample by mid-to-late February 2013. The second generation Bandwidth Engine architecture will support multiple new technology enhancements aimed at optimizing performance in next generation networking systems targeted to run at speeds up to 400 Gigabits per second. In fact, we recently announced the first two products in the second generation family, which are optimized for buffering and high speed access applications. The new family of devices is expected to achieve up to 50% faster I/O speeds, substantially increased access rates and include advanced offload features to reduce memory transactions and latency. We believe the improved performance and capabilities of these second generation devices will allow us to serve a wider range of applications, and, therefore, compete for more sockets in next-generation systems,” concluded Mr. Perham.

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