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MoSys (MOSY) posts Q1 Results and Operations Achievements

MoSys Inc., a leading provider of serial chip-to-chip communications solutions, today reported financial results for the first quarter ended March 31, 2011.

The company reported total net revenue for the first quarter of 2011 at $3.5 million compared with $3.6 million in the first quarter of 2010.

Gross margin for the first quarter of 2011 was 81 percent, compared with 78 percent for the first quarter of the year prior.

Total operating expenses on a GAAP basis for the first quarter of 2011 were $8.9 million, compared with $8.9 million in the previous quarter and $8.6 million for the first quarter of 2010.

MoSys reported a first-quarter net loss of $6.0 million, or ($0.16) per share, compared with a net loss of $5.7 million, or ($0.18) per share, for the first quarter of 2010.

As of March 31, 2011, the company had cash and short and long-term investments of $34.6 million.

“During the first quarter, we implemented several initiatives aimed at strengthening our IP sales and marketing efforts, as we pursued an increasing number of IP opportunities in our target markets,” Len Perham, MoSys’ president and CEO, stated in the press release. “As a result of these initiatives and the hard work of our team, we had a strong first quarter in the IP business …”

The company also advanced the characterization and verification of its Bandwidth Engine IC platform, and said that it expects to complete these efforts in the third quarter of this year with prototype production builds slated for the second half of 2011.

“Demand for stand-alone Bandwidth Engine samples and for reference boards remains strong, and feedback from potential customers has been very positive.  …”  Perham stated. “Our goal is to begin securing identifiable design wins in the fourth quarter of this year. Presently and for the remainder of the year, we will remain focused on leveraging our core IP portfolio to achieve near term revenue goals, while simultaneously making a targeted effort to accelerate the adoption of our Bandwidth Engine IC family.”

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