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MoSys, Inc. Reports Second Quarter 2013 Financial Results

Stocks in this article: MOSY

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 second quarter ended June 30, 2013.

Second Quarter and Recent Highlights

  • Secured multiple new design wins for Bandwidth Engine® and LineSpeed™ integrated circuits (ICs);
  • Shipped prototype quantities of Bandwidth Engine 2 and initial samples of LineSpeed Gearbox ICs;
  • Announced second product in the LineSpeed family, the 100G Quad Retimer;
  • Obtained net proceeds of $27.7 million from underwritten public offering of common stock; and
  • Ended the quarter with total cash and investments of $58.9 million.

Management Commentary

“During the quarter, we continued to build sales and design win momentum, securing multiple new design wins for our Bandwidth Engine products,” commented Len Perham, MoSys’ President and Chief Executive Officer. “I was pleased with our win rate during the quarter, especially with new customers. After further testing and characterization, Bandwidth Engine 2 continues to meet or exceed specifications, and we made initial shipments to our customers.

“The addition of the LineSpeed family of single-chip PHY ICs to our product offerings complements our Bandwidth Engine products for next generation networking and communications systems and provides MoSys with a significantly expanded market opportunity. We recently achieved our first design engagements for Gearbox ICs in two high-performance line card applications. Although the majority of activity has been for our 100G Multi-Mode Gearbox, our recently released 100G Quad Retimer has also been well-received. The LineSpeed devices represent a growing percentage of our sales activity, which is a strong testament to the considerable importance of these functions to future system design requirements, the quality and capabilities of our technology, and the tireless efforts of our sales and marketing teams.

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