News from: MoSys
Edited by: Electronicstalk Editorial Team on 30 January 2002
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MoSys has reported financial results for its fourth quarter and year ended 31st December 2001.
Net revenue for the quarter was $6.7 million, an increase of 27% over the fourth quarter of 2000.
Product revenue in the quarter declined to $3.1 million from $4.7 million in the fourth quarter of 2000.
Revenue from intellectual property licensing, which consists of licensing revenue and royalty revenue, exceeded revenue from the sale of stand-alone memory products.
Licensing revenue for the quarter was $1.7 million, or 25% of total revenue, compared with $638,000 in the fourth quarter of 2000.
Royalty revenue in the fourth quarter was $1.9 million or 28% of total revenue.
Net income in the fourth quarter of 2001 was $2.8 million, up 186% from net income of $971,000 in the fourth quarter of 2000.
Net income in the quarter was equal to 41% of total revenue.
Fully diluted earnings per share in the quarter were $0.09 compared with $0.04 in the prior year fourth quarter.
Fully diluted fourth quarter 2001 earnings per share were computed using 31,550,000 shares.
Net revenue for 2001 was $22.5 million, an increase of 57% from the $14.3 million recorded in the year 2000.
The revenue growth resulted from the successful emergence of the intellectual property licensing.
Net income in 2001 was $7.0 million, up 426% from net income of $1.3 million reported in 2000.
Net income in the year was equal to 31% of net revenue.
Fully diluted earnings per share in the year were $0.25 compared to $0.05 in the prior year.
Fully diluted 2001 earnings per share were computed using 28,390,000 shares.
In 2001, the company generated net cash of $8.4 million from its operating activities and received net proceeds of $51.6 million from its IPO.
Cash, cash equivalents and short-term investments totalled $84.3 million at the end of the year 2001.
Dr Fu-Chieh Hsu, CEO of MoSys stated: "We are very pleased that our fourth quarter and year 2001 results met analysts and our expectations, in spite of the continuing difficult economic conditions for electronics manufacturers.
Our 1T-SRAM technology is proving to be very successful for our licensees who are producing high volume, high profile products that require high density embedded memories.
Evidence of the success of 1T-SRAM technology is our royalty revenue, which represented 28% of total revenue, and our net income, which was equal to 41% of revenue in the fourth quarter".
Dr Hsu further stated, "Over the last 2 years, MoSys has demonstrated the many fundamental advantages of our 1T-SRAM technology over traditional 6T SRAM.
Our licensees' products embedding 1T-SRAM have been developed successfully, achieving better manufacturing yield and time-to-volume than traditional technologies.
We are not resting on these past accomplishments, but continue to make advancements in the 1T-SRAM technology.
For instance, in the fourth quarter we announced the development of a second-generation 1T-SRAM-M technology, which operates on very low standby power.
This is in addition to the low active power operation, which was already available.
We believe the 1T-SRAM-M technology is now suitable for the low standby power requirements of cellphone handsets.