MoSys, Inc. Reports Third Quarter 2014 Financial Results

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' 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 www.mosys.com.

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

 
MOSYS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
                     
Three Months Ended Nine Months Ended
September 30, September 30,
2014     2013 2014     2013
 
Net Revenue
Product $ 437 $ 90 $ 1,993 $ 211
Royalty and other   716         867     2,241         3,201  
Total net revenue 1,153 957 4,234 3,412
 
Cost of Net Revenue
Product and other   447         158     2,046         254  
Total cost of net revenue 447 158 2,046 254
 
Gross Profit 706 799 2,188 3,158
 
Operating Expenses
Research and development 7,507 6,243 20,993 17,546
Selling, general and administrative 1,689 1,595 4,976 4,678
Gain on sale of assets   -         -     -         (630 )
Total operating expenses 9,196 7,838 25,969 21,594
 
Loss from operations (8,490 ) (7,039 ) (23,781 ) (18,436 )
 
Other income, net   30         122     115         166  
Loss before income taxes (8,460 ) (6,917 ) (23,666 ) (18,270 )
 
Income tax provision   23         28     65         68  
 
Net loss $ (8,483 )     $ (6,945 ) $ (23,731 )     $ (18,338 )
 
Net loss per share
Basic and diluted ($0.17 ) ($0.14 ) ($0.48 ) ($0.42 )
 
Shares used in computing net loss per share
Basic and diluted 49,634 48,164 49,441 44,173
 

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