About MoSys, Inc.

MoSys, Inc. (NASDAQ: MOSY) is a fabless semiconductor company enabling leading equipment manufacturers in the networking and communications systems markets to address the continual increase in Internet users, data and services. The company’s solutions deliver data path connectivity, speed and intelligence while eliminating data access bottlenecks on line cards and systems scaling from 100G to multi-terabits per second. Engineered and built for high-reliability carrier and enterprise applications, MoSys’s Bandwidth Engine® and LineSpeed™ IC product families are based on the company’s patented high-performance, high-density intelligent access and high-speed serial interface technology, and utilize the company’s highly efficient GigaChip™ Interface. MoSys is headquartered in Santa Clara, California. More information is available at http://www.mosys.com.

MoSys, 1T-SRAM and Bandwidth Engine are registered trademarks of MoSys, Inc. in the US and/or other countries. Breaking Bandwidth Barriers, GigaChip, LineSpeed and the MoSys logo are trademarks of MoSys, Inc. All other marks mentioned herein are the property of their respective owners.

(Financial Tables to Follow)
         
MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
 
Three Months Ended Six Months Ended
June 30, June 30,
2013   2012 2013   2012
 
Net Revenue
Licensing and other $ 160 $ 644 $ 409 $ 865
Royalty   960       1,092     2,046       2,295  
Total net revenue 1,120 1,736 2,455 3,160
 
Cost of Net Revenue
Licensing and other   77       179     96       236  
Total cost of net revenue 77 179 96 236
 
Gross Profit 1,043 1,557 2,359 2,924
 
Operating Expenses
Research and development 5,983 6,688 11,303 14,194
Selling, general and administrative 1,460 1,428 3,083 4,354
Gain on sale of assets   -       -     (630 )     (1,856 )
Total operating expenses 7,443 8,116 13,756 16,692
 
Loss from operations (6,400 ) (6,559 ) (11,397 ) (13,768 )
 
Other income, net   24       36     44       60  
Loss before income taxes (6,376 ) (6,523 ) (11,353 ) (13,708 )
 
Income tax provision   20       30     40       60  
 
Net loss $ (6,396 )   $ (6,553 ) $ (11,393 )   $ (13,768 )
 
Net loss per share
Basic and diluted ($0.15 ) ($0.17 ) ($0.27 ) ($0.36 )
 
Shares used in computing net loss per share
Basic and diluted 43,892 38,880 42,078 38,723

 
 
MOSYS, INC.
Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share
(In thousands, except per share amounts; unaudited)
         
Three Months Ended Six Months Ended
June 30, June 30,
2013   2012 2013   2012
 
GAAP net loss $ (6,396 ) $ (6,553 ) $ (11,393 ) $ (13,768 )
Stock-based compensation expense

- Cost of net revenue
5 38 7 46

- Research and development
720 730 1,310 1,496

- Selling, general and administrative
  236       252     532       521  
Total stock-based compensation expense 961 1,020 1,849 2,063
 
Amortization of intangible assets   250       563     500       1,246  
 
Non-GAAP net loss $ (5,185 )   $ (4,970 ) $ (9,044 )   $ (10,459 )
 
GAAP net loss per share $ (0.15 ) $ (0.17 ) $ (0.27 ) $ (0.36 )
Reconciling items

- Stock-based compensation expense
0.02 0.03 0.05 0.06

- Amortization of intangible assets
0.01 0.01 0.01 0.03
           
Non-GAAP net loss per share: basic and diluted $ (0.12 )   $ (0.13 ) $ (0.21 )   $ (0.27 )
 
Shares used in computing non-GAAP net loss per share
Basic and diluted 43,892 38,880 42,078 38,723

   
 
MOSYS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
 
June 30, December 31,
2013   2012
 
Assets
Current assets:
Cash, cash equivalents and investments $ 39,985 $ 33,327
Accounts receivable, net 81 287
Prepaid expenses and other assets   1,623     1,362
Total current assets 41,689 34,976
 
Long-term investments 18,951 7,383
Property and equipment, net 915 1,238
Goodwill 23,134 23,134
Intangible assets, net 2,154 2,654
Other assets   139     149
Total assets $ 86,982   $ 69,534
 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 445 $ 393
Accrued expenses and other liabilities 2,105 3,947
Deferred revenue   241     481

Total current liabilities
2,791 4,821
 
Long-term liabilities 197 171
 
Stockholders' equity 83,994 64,542
     
Total liabilities and stockholders’ equity $ 86,982   $ 69,534

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