<SEC-DOCUMENT>0001171843-16-007811.txt : 20160210
<SEC-HEADER>0001171843-16-007811.hdr.sgml : 20160210
<ACCEPTANCE-DATETIME>20160210162011
ACCESSION NUMBER:		0001171843-16-007811
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160210
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160210
DATE AS OF CHANGE:		20160210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MoSys, Inc.
		CENTRAL INDEX KEY:			0000890394
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				770291941
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-32929
		FILM NUMBER:		161405984

	BUSINESS ADDRESS:	
		STREET 1:		3301 OLCOTT STREET
		CITY:			SANTA CLARA
		STATE:			CA
		ZIP:			95054
		BUSINESS PHONE:		408 418 7500

	MAIL ADDRESS:	
		STREET 1:		3301 OLCOTT STREET
		CITY:			SANTA CLARA
		STATE:			CA
		ZIP:			95054

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MONOLITHIC SYSTEM TECHNOLOGY INC
		DATE OF NAME CHANGE:	19960613
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_021016.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd"><html><head></head><body style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;">&#160;</div></div><p style="font-size: 14pt;" align="center"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549<br></strong>______________________</p><p style="font-size: 14pt; text-transform: uppercase;" align="center"><strong>Form 8-K<br></strong>______________________</p><p style="font-size: 12pt;" align="center"><strong>CURRENT REPORT</strong></p><p style="font-size: 12pt;" align="center"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></p><p align="center">Date of Report (Date of earliest event Reported): <!--February 10, 2016-->February 10, 2016 &#160;</p><p align="center"><strong style="font-size: 14pt;">MOSYS, INC.</strong><br>(Exact Name of Registrant as Specified in Charter)</p><p align="center"><!--000-3292--><strong>000-32929</strong><br>(Commission File Number)</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><strong>Delaware</strong></td><td align="center" width="33%"><strong>77-0291941</strong></td></tr><tr valign="top"><td align="center" width="33%">(State or Other Jurisdiction of Incorporation)</td><td align="center" width="33%">(I.R.S. Employer Identification Number)</td></tr></table><p>&#160;</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="bottom"><td align="center" width="50%"><strong>3301 Olcott Street<br>Santa Clara,&#160;California 95054<!--UNITED STATES --></strong></td></tr><tr valign="top"><td align="center" width="50%">(Address of principal executive offices, with zip code)</td></tr></table><p align="center"><strong>(408) 418-7500</strong><br>(Registrant's telephone number, including area code)</p><!--<p align="center"><strong>N/A</strong><br/>(Former name or former address, if changed since last report)</p>--><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td colspan="3">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:<br><br></td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</td></tr><tr valign="top"><td width="21">&#160;</td><td width="40">[ &#160; ]</td><td nowrap="nowrap">&#160;&#160;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</td></tr></table><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;">&#160;</div>&#160;</div><hr style="page-break-after: always;" noshade="noshade"><p>  <strong> &#160;</strong></p><p><strong>Item 2.02. Results of Operations and Financial Condition.</strong></p><p> <p>On February 10, 2016, MoSys, Inc., or the Company, issued a press release announcing its financial results for the three months and fiscal year ended December 31, 2015.&#160; A copy of this press release is furnished as Exhibit 99.1 to this report. The press release should be read in conjunction with the statements regarding forward-looking statements, which are included in the text of the release.&#160;</p>    <p>In addition to disclosing financial results calculated in accordance with U.S. generally accepted accounting principles (GAAP), management also presents information regarding the Company&#8217;s performance over comparable periods based on gross margin, operating expenses (research and development and sales, general and administrative), operating loss, net loss and net loss per share, exclusive of stock-based compensation and amortization of intangibles. Because management discloses financial measures calculated without taking into account these items, these financial measures are characterized as "non-GAAP financial measures" under Securities and Exchange Commission rules.&#160;</p>    <p>Stock-based compensation charges represent non-cash charges related to equity awards granted by the Company. Although these are recurring charges to the Company&#8217;s operations, management believes the measurement of these amounts can vary considerably from period to period and depend substantially on factors that are not a direct consequence of operating performance that is within management&#8217;s control.&#160; Thus, management believes that excluding these charges facilitates comparisons of the Company&#8217;s operational performance in different periods, as well as with similarly determined non-GAAP financial measures of comparable companies.&#160;</p>    <p>Amortization of intangible assets results from the value recorded for a license the Company retained to patents sold in 2011.&#160; The amortization does not represent operating expenses ordinarily incurred by the Company with respect to its primary business activities of selling integrated circuits.&#160; Thus, these charges are excluded from the Company&#8217;s non-GAAP financial measures to provide another basis for evaluating and comparing the Company&#8217;s performance for the three months and fiscal year ended December 31, 2015.&#160;</p>    <p>Management and the Company&#8217;s board of directors will continue to analyze the Company's historical consolidated results of operations and comprehensive loss (revenue, gross margin, research and development expenses, selling, general and administrative expenses, operating loss, net loss and net loss per share), excluding stock-based compensation and charges for amortization of intangibles described above, to assess the business and compare operating results to the Company's performance objectives. For example, the Company's budgeting and planning process utilizes these non-GAAP financial measures, along with other types of financial information.&#160;</p>    <p>The Company discloses these non-GAAP financial measures to the public as an additional means by which investors can assess the Company's performance and to identify the Company's operating results for investors on the same basis applied by management. 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. The Company has furnished reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the press release furnished as Exhibit 99.1.&#160;</p>    <p>Moreover, although these non-GAAP financial measures adjust expense, they should not be viewed as a pro forma presentation reflecting the elimination of the underlying share-based compensation programs, which are an important element of the Company's compensation structure. GAAP requires that all forms of share-based payments should be valued and included, as appropriate, in results of operations. Management believes these expenses are a material part of the Company's operating results.</p> </p><p><strong>Item 9.01. Financial Statements and Exhibits.</strong></p><p> <p>(d) Exhibits.</p>    <p>&#160;</p>  <table style="border-collapse: collapse; "><tr><td style=""><strong><u>Exhibit No.</u></strong></td><td style=""><strong>&#160; &#160; &#160;</strong></td><td style=""><strong><u>Description</u></strong></td></tr><tr><td style="">&#160;</td><td style="">&#160;</td><td style="">&#160;</td></tr><tr><td style="">99.1</td><td style="">&#160;</td><td style="">Press Release by MoSys, Inc. dated February 10, 2016.</td></tr></table></p><p><p> </p><p>&#160;</p><hr style="page-break-after: always;" noshade="noshade"><p align="center"><strong>SIGNATURE</strong></p><p>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%">&#160;</td><td style="font-size: 12pt;" colspan="2" valign="top"><strong>MOSYS, INC.</strong></td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">&#160;</td></tr><tr valign="top"><td width="49%">Date:&#160;February 10, 2016</td><td width="2%">By:&#160;</td><td style="text-decoration: underline;" width="49%">/s/ James W. Sullivan&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Name: James W. Sullivan</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%">Title: Vice President of Finance and Chief Financial Officer</td></tr><tr valign="top"><td width="49%">&#160;</td><td width="2%">&#160;</td><td width="49%"></td></tr></table><p><hr style="page-break-after: always;" noshade="noshade"><p style="text-align: center;"><strong>EXHIBIT INDEX</strong></p><p style="text-align: center;">&#160;</p><table border="0" cellspacing="0" cellpadding="0" style=""><tr><td style="text-decoration: underline;" valign="bottom"><strong>Exhibit No.</strong></td><td width="20">&#160;</td><td style="text-decoration: underline;" valign="bottom"><strong>Description</strong></td></tr><tr><td>&#160;</td><td width="20">&#160;</td><td>&#160;</td></tr><tr><td>99.1</td><td width="20">&#160;</td><td>Press Release by MoSys, Inc. dated February 10, 2016.</td></tr></table><p>&#160;</p><p>&#160;</p></p></body></html>
</TEXT>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>MoSys,&#160;Inc.&#160;Reports&#160;Fourth&#160;Quarter&#160;and&#160;Full&#160;Year&#160;2015&#160;Financial&#160;Results</strong></p><p style="text-align: center;"><p> <p align="center"><em>Design Wins Double Year-over-Year &#160;<br></em><em>IC Revenue tops $1M in Fourth Quarter</em></p>  <p align="justify">SANTA CLARA, Calif., Feb.  10, 2016  (GLOBE NEWSWIRE) -- MoSys, Inc.&#160;(NASDAQ:MOSY), a leader in semiconductor solutions that enable fast, intelligent data access for network and communications systems, today reported financial results for the fourth quarter and fiscal year ended December 31, 2015.</p>  <p align="justify"><strong>Fourth Quarter and Recent Highlights</strong></p>  <ul type="disc"><li>Increased IC revenue substantially quarter-over-quarter on accelerating Bandwidth Engine&#174; 2 production shipments;</li><li>Exceeded the goal to double design wins year-over-year, including wins with both existing and new Bandwidth Engine and LineSpeed customers;</li><li>Implemented restructuring initiative expected to result in approximately $3.2 million of annual operating expense savings; and</li><li>Ended the year with total cash and investments of $20.2 million.<br><br></li></ul>  <p align="left"><strong>Management Commentary</strong></p>  <p align="left">&#8220;We concluded 2015 with another strong quarter of design wins, more than doubling total wins year-over-year,&#8221; commented Len Perham, president and CEO of MoSys. &#8220;The continuing acceleration of design wins has enabled us to further broaden our customer base in the networking, communications and data center markets while also expanding our served available market in new applications, such as video and access. We also increased our penetration at existing customers, including additional design wins with our lead Tier-one, data center and data center security appliance customers.</p>  <p>&#8220;New product development continued to advance at a rapid pace, significantly expanding our product catalog with new Bandwidth Engine and LineSpeed devices. Most notably, we received packaged silicon for our Bandwidth Engine 3 family, and recently announced sample availability of the first 3 products, including the MSRZ30 device optimized for use with the EZchip NPS-400 network processor. We have begun efforts to complete the characterization, qualification and lengthy carrier-grade reliability certification process of this new family of products.&#8221;</p>  <p>Mr. Perham concluded, &#8220;In the second half of 2015, we began to see our earliest design win customers commence production, as evidenced by our increased IC revenue in the fourth quarter. Looking forward, we expect Bandwidth Engine production orders to continue to increase in 2016 and our growth trend to continue over the coming quarters as more of the designs go into production and prototype builds increase at both existing and new customers. With our solid base of design wins and expanding product portfolio, I believe we are well positioned to achieve material improvements in our market position and financial results in the coming year.&#8221;&#160;</p>  <p align="justify"><strong>Fourth Quarter Results</strong></p>  <p align="justify">Total net revenue for the fourth quarter of 2015 was $1.6 million, compared with $1.0 million in the previous quarter, and $1.1 million in the fourth quarter of 2014.</p>  <p align="justify">Product revenue in the fourth quarter increased to $1.1 million, compared with $0.6 million in the third quarter of 2015, and $0.3 million in the year ago period. Royalty and other revenue for the fourth quarter of 2015 was $0.5 million, consistent with the previous quarter and compared with $0.8 million in the fourth quarter of 2014.</p>  <p align="justify">Gross margin for the fourth quarter of 2015 was 45 percent, compared with 22 percent in the third quarter of 2015 and 76 percent for the fourth quarter of 2014. The sequential increase in gross margin was due primarily to increased product shipment volumes and lower manufacturing costs.</p>  <p align="justify">Total operating expenses on a GAAP basis for the fourth quarter of 2015 were $7.2 million, compared with $10.3 million in the third quarter of 2015, and $9.8 million in the year-ago period. Third quarter 2015 operating expenses included approximately $3.1 million of additional costs related to tape-out activity. The Company expects operating expenses to decrease in 2016 due to a reduction-in-force implemented in the first quarter of 2016 and reduced product development expenses. Fourth quarter 2015 operating expenses included $0.8 million in amortization of intangible assets and stock-based compensation expense.</p>  <p align="justify">GAAP net loss for the fourth quarter of 2015 was $6.5 million, or ($0.10) per share, compared with a net loss of $10.1 million, or ($0.15) per share, in the previous quarter and a net loss of $9.0 million, or ($0.18) per share, for the fourth quarter of 2014. Non-GAAP net loss for the fourth quarter of 2015 was $5.7 million, or ($0.09) per share, which excludes amortization of intangible assets and stock-based compensation expense. Earnings per share for the fourth quarter of 2015 were computed using approximately 65.5 million weighted shares on a GAAP and non-GAAP basis. A reconciliation of GAAP results to non-GAAP results is provided in the financial statement tables following the text of this press release.</p>  <p align="justify"><strong>Full Year 2015 Results</strong></p>  <p align="justify">Total revenue for 2015 was $4.4 million, compared with $5.4 million for 2014. Net loss for 2015 was $31.5 million, or ($0.50) per share, compared with a loss of $32.7 million, or ($0.66) per share, in 2014. Non-GAAP net loss for 2015 was $27.5 million, or ($0.44) per share, excluding stock-based compensation charges of $3.6 million and intangible asset amortization charges of $0.3 million, compared with a non-GAAP net loss for 2014 of $27.1 million, or ($0.55) per share. Earnings per share for the full year 2015 were computed using approximately 62.5 million weighted shares on a GAAP and non-GAAP basis.</p>  <p align="justify"><strong>Financial Results Webcast / Conference Call</strong></p>  <p align="justify">MoSys will host a conference call and webcast with investors today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the fourth quarter and full year 2015 financial results. Investors and other interested parties may access the call by dialing <strong>1-855-779-0042 </strong>in the U.S. (+1-631-485-4856 outside of the U.S.), and entering the pass code <strong>38980542</strong> at least 10 minutes prior to the start of the call. In addition, an audio webcast will be available through the MoSys Web site at http://www.mosys.com. A telephone replay will be available for two business days following the call at 1-855-859-2056 in the U.S. (+1-404-537-3406 outside of the U.S.), pass code of 38980542.</p>  <p><strong>Use of Non-GAAP Financial Measures </strong></p>  <p>To supplement MoSys&#8217; consolidated financial statements presented in accordance with GAAP, MoSys uses non-GAAP financial measures that exclude from the statement of operations the effects of stock-based compensation and amortization of recorded intangible assets. MoSys&#8217; management believes that the presentation of these non-GAAP financial measures is useful to investors and other interested persons because they are one of the primary indicators that MoSys&#8217; management uses for planning and forecasting future performance. MoSys&#8217; management believes that the presentation of non-GAAP financial measures that exclude these items is useful to investors because management does not consider these charges part of the day-to-day business or reflective of the core operational activities of the Company that are within the control of management or that would be used to evaluate management&#8217;s operating performance.</p>  <p align="justify">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&#8217;s explanation of why it considers such measures to be useful, refer to the Form 8-K dated February 10, 2016, that the company filed with the Securities and Exchange Commission.</p>  <p><strong>Forward-Looking Statements&#160;</strong></p>  <p>This press release may contain forward-looking statements about the company, including, without limitation, anticipated benefits and performance expected from our IC products and the company&#8217;s future markets and future business prospects. Forward-looking statements are based on certain assumptions and expectations of future events that are subject to risks and uncertainties. Actual results and trends may differ materially from historical results or those projected in any such forward-looking statements depending on a variety of factors. These factors include, but are not limited, to the following:</p>  <ul type="disc"><li>achieving additional IC design wins;</li><li>commencing volume shipments of Bandwidth Engine ICs;</li><li>the timing of customer orders and product shipments;</li><li>our ability to enhance our existing proprietary technologies and develop new technologies;</li><li>achieving necessary acceptance and adoption of our IC architecture and interface protocols by potential customers and their suppliers;</li><li>difficulties and delays in the development, production, testing and marketing of our ICs;</li><li>reliance on our manufacturing partners to assist successfully with the fabrication of our ICs;</li><li>availability of quantities of ICs supplied by our manufacturing partners at a competitive cost;</li><li>our lack of recent experience as a fabless semiconductor company making and selling proprietary ICs;</li><li>level of intellectual property protection provided by our patents, the expenses and other consequences of litigation, including intellectual property infringement litigation, to which we may be or may become a party from time to time;</li><li>vigor and growth of markets served by our customers and our operations; and</li><li>raising additional capital to fund our ongoing cash requirements in 2016; and<br><br></li></ul>  <p>other risks identified in the company&#8217;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.</p>  <p align="justify"><strong>About MoSys, Inc.</strong></p>  <p align="justify">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&#8217;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&#174; and LineSpeed&#153; 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&#174; Interface. MoSys is headquartered in Santa Clara, California. More information is available at www.mosys.com.</p>  <p align="justify"><em>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. 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">&#160;</td></tr></table> <p><br></p></p><p>Jim&#160;Sullivan,&#160;CFO<br>MoSys,&#160;Inc.<br>+1&#160;(408)&#160;418-7500<br>jsullivan@mosys.com<br>&#160;<br>Beverly&#160;Twing,&#160;Sr.&#160;Acct.&#160;Manager<br>Shelton&#160;Group,&#160;Investor&#160;Relations<br>+1&#160;(214)&#160;272-0089<br>btwing@sheltongroup.com</p></body></html>
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</SEC-DOCUMENT>
