MoSys, Inc. Reports Second Quarter 2017 Financial Results

World News: . []

SANTA CLARA, Calif., July 17, 2017 (GLOBE NEWSWIRE) --  (NASDAQ:MOSY), today reported financial results for the second quarter ended June 30, 2017.   

Gross margin for the second quarter of 2017 was 47 percent, compared with 50 percent for the first quarter of 2017 and 41 percent for the second quarter of 2016.

Total operating expenses on a GAAP basis for the second quarter of 2017 were $4.4 million, compared with $4.8 million for the first quarter of 2017 and $6.5 million for the second quarter of 2016. GAAP net loss for the second quarter of 2017 was $4.0 million, or ($0.60) per share, compared with a net loss of $4.4 million, or ($0.66) per share, for the previous quarter and a net loss of $6.0 million, or ($0.91) per share, for the second quarter of 2016. Non-GAAP net loss for the second quarter of 2017 was $2.8 million, or ($0.42) per share, which excludes restructuring charges, intangible asset amortization and stock-based compensation expenses. A reconciliation of GAAP results to non-GAAP results is provided in the financial statement tables following the text of this press release. In February 2017, the Company effected a 1-for-10 reverse stock split of its common stock. All share and per share amounts in this press release have been adjusted to reflect the reverse stock split for all current and prior periods.

“Also, during the quarter, we began to realize the benefits of our initial cost reduction initiatives, which we implemented early in the second quarter, resulting in non-GAAP operating expenses decreasing by 30% sequentially. We expect to implement additional cost reductions and further reduce operating expenses in the coming quarters. More recently, we successfully completed a financing that resulted in net proceeds of approximately $2.0 million, which will be used to support ongoing operations and improve our balance sheet, in combination with the reductions in costs and operating expenses.”

Investors are encouraged to review the reconciliation of these non-GAAP financial measures to the comparable GAAP results, which is provided in a table below the Condensed Consolidated Statements of Operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. For additional information regarding these non-GAAP financial measures, and management’s explanation of why it considers such measures to be useful, refer to the Form 8-K dated July 17, 2017 that the Company filed with the Securities and Exchange Commission.

other risks identified in the company’s most recent report on Form 10-K filed with the Securities and Exchange Commission, as well as other reports that MoSys files from time to time with the Securities and Exchange Commission. MoSys undertakes no obligation to update publicly any forward-looking statement for any reason, except as required by law, even as new information becomes available or other events occur in the future. There can be no assurance that MoSys’ review of strategic alternatives will result in any specific action. 

 

 

Contacts:
Jim Sullivan, CFO
MoSys, Inc.
+1 (408) 418-7500
jsullivan@mosys.com

Beverly Twing, Sr. Acct. Manager
Shelton Group, Investor Relations
+1 (214) 272-0089
btwing@sheltongroup.com

More news and information about MoSys, Inc.

Published By:

Globe Newswire: 21:05 GMT Monday 17th July 2017

Published: .

Search for other references to "mosys" on SPi News


Previous StoryNext Story

SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2017. [Admin Only]
 
Sector Publishing Intelligence Ltd.
Ground Floor Offices, Little Keep Gate, Barrack Road, Dorchester, Dorset DT1 1AH
Registered in England and Wales number 0751938.
 
Privacy Policy | Terms and Conditions | Contact Us
 

Advertising on SPi News: Information For Advertisers