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| MOSYS, INC. | ||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (In thousands, except per share amounts; unaudited) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Net Revenue | ||||||||||||||||
| Licensing | $ | 306 | $ | 667 | $ | 830 | $ | 1,099 | ||||||||
| Royalty | 1,675 | 2,528 | 3,717 | 4,913 | ||||||||||||
| Total net revenue | 1,981 | 3,195 | 4,547 | 6,012 | ||||||||||||
| Cost of Net Revenue | ||||||||||||||||
| Licensing | 276 | 833 | 596 | 1,313 | ||||||||||||
|
Total cost of net revenue |
276 | 833 | 596 | 1,313 | ||||||||||||
| Gross Profit | 1,705 | 2,362 | 3,951 | 4,699 | ||||||||||||
| Operating Expenses | ||||||||||||||||
| Research and development | 4,072 | 4,541 | 7,901 | 8,837 | ||||||||||||
| Selling, general and administrative | 2,461 | 2,926 | 4,878 | 6,282 | ||||||||||||
| Restructuring charge | 431 | - | 706 | - | ||||||||||||
| Total operating expenses | 6,964 | 7,467 | 13,485 | 15,119 | ||||||||||||
| Loss from operations | (5,259 | ) | (5,105 | ) | (9,534 | ) | (10,420 | ) | ||||||||
| Other income, net | 151 | 561 | 354 | 1,635 | ||||||||||||
| Loss before income taxes | (5,108 | ) | (4,544 | ) | (9,180 | ) | (8,785 | ) | ||||||||
| Provision for income taxes | (26 | ) | (46 | ) | (33 | ) | (89 | ) | ||||||||
| Net loss | $ | (5,134 | ) | $ | (4,590 | ) | $ | (9,213 | ) | $ | (8,874 | ) | ||||
| Net loss per share | ||||||||||||||||
| Basic and diluted | ($0.16 | ) | ($0.14 | ) | ($0.29 | ) | ($0.28 | ) | ||||||||
| Shares used in computing net loss per share | ||||||||||||||||
| Basic and diluted | 31,198 | 31,703 | 31,261 | 31,690 | ||||||||||||
| 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, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| GAAP net loss | $ | (5,134 | ) | $ | (4,590 | ) | $ | (9,213 | ) | $ | (8,874 | ) | ||||
| Stock-based compensation expense | ||||||||||||||||
|
- Cost of net revenue |
40 | 151 | 72 | 231 | ||||||||||||
|
- Research and development |
279 | 356 | 453 | 729 | ||||||||||||
|
- Selling, general and administrative |
469 | 826 | 710 | 1,639 | ||||||||||||
| Total stock-based compensation expense | 788 | 1,333 | 1,235 | 2,599 | ||||||||||||
| Restructuring charge (1) | 431 | - | 706 | - | ||||||||||||
| Amortization of intangible assets (2) | 177 | 197 | 177 | 394 | ||||||||||||
| Acquisition-related transaction costs (3) | 300 | - | 300 | - | ||||||||||||
| Acquisition-related contingent compensation charges (4) | 134 | - | 134 | - | ||||||||||||
| Non-GAAP net loss | $ | (3,304 | ) | $ | (3,060 | ) | $ | (6,661 | ) | $ | (5,881 | ) | ||||
| GAAP net loss per share | ($0.16 | ) | ($0.14 | ) | ($0.29 | ) | ($0.28 | ) | ||||||||
| Reconciling items | ||||||||||||||||
|
- Stock-based compensation expense |
0.03 | 0.03 | 0.04 | 0.08 | ||||||||||||
|
- Restructuring charge (1) |
0.01 | - | 0.02 | - | ||||||||||||
|
- Amortization of intangible assets (2) |
- | 0.01 | 0.01 | 0.01 | ||||||||||||
|
- Acquisition-related transaction costs (3) |
0.01 | - | 0.01 | - | ||||||||||||
|
- Acquisition-related contingent compensation charges (4) |
- | - | - | - | ||||||||||||
| Non-GAAP net loss per share: Basic and diluted | ($0.11 | ) | ($0.10 | ) | ($0.21 | ) | ($0.19 | ) | ||||||||
| Shares used in computing non-GAAP net loss per share | ||||||||||||||||
| Basic and diluted | 31,198 | 31,703 | 31,261 | 31,690 | ||||||||||||
| (1) Q2 09 charges, included in research and development expenses, related to the closure of the Korea office and lease contract termination costs. | ||||||||||||||||
| (2) Non-cash charges for amortization of intangibles arising from acquired assets, included in research and development expenses. | ||||||||||||||||
|
(3) Charges primarily related to legal and accounting fees incurred from the acquisition of Prism Circuits, Inc. These charges are included in selling, general and administrative expenses. |
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| (4) Compensation charges, included in research and development expenses, were for contingent compensation arising from the acquisition of Prism Circuits, Inc. | ||||||||||||||||
