UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 30, 2007
MoSys, Inc.
(Exact name of registrant as specified in its charter)
000-32929
(Commission File Number)
Delaware 77-0291941
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification No.)
755 N. Mathilda Avenue
Sunnyvale, California 94085
(Address of principal executive offices, with zip code)
(408) 731-1800
(Registrant's telephone number, including area code)
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 (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On October 30, 2007, MoSys, Inc. issued a press release announcing its financial
results for the third fiscal quarter ended September 30, 2007. 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.
In addition to disclosing financial results calculated in accordance with U.S.
generally accepted accounting principles (GAAP), the Company's earnings release
contains non-GAAP financial measures that exclude the statement of operation
effects of stock-based compensation and charges for in-process research and
development and amortization of intangibles in connection with the Company's
purchase of certain intellectual property assets during the period. Management
of the Company primarily reviews gross margin, operating expenses (research and
development and sales, general and administrative), operating income (loss), net
income (loss) and net income (loss) per share exclusive of share-based
compensation and non-recurring charges such as those related to in-process
research and development and amortization of intangibles in connection with the
acquisition of assets or other businesses for planning and forecasting future
periods. Because management reviews these financial measures calculated without
taking into account these items, these financial measures are treated as
"non-GAAP financial measures" under Securities and Exchange Commission rules.
Management uses the non-GAAP financial measures for internal managerial
purposes, to evaluate the Company's performance over comparable periods, and to
compare the Company's results to those of other companies in its sector. In
addition, management cites these measures when publicly disclosing
forward-looking statements about expected future results of operations.
Management and the Board of Directors will continue to compare the Company's
historical consolidated results of operations (revenue, gross margin, research
and development, selling, general and administrative expenses, operating loss as
well as net income (loss) and net income (loss) per share), excluding
share-based compensation to assess the business and the charges for in-process
research and development and amortization of intangibles described above 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. Also,
profit-dependent cash incentive pay to eligible employees, including senior
management, is calculated with reference to operating results excluding all
share-based compensation. 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 provided reconciliations of the non-GAAP financial measures to the
most directly comparable GAAP financial measures in the press release attached
as Exhibit 99.1
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, as those programs are an important
element of the Company's compensation structure and generally accepted
accounting principles indicate 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.
The information contained in this report and the exhibit attached hereto is
furnished solely pursuant to Item 2.02 of Form 8-K and shall not be deemed
"filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of that section. The
information contained herein and the exhibit attached hereto shall not be
incorporated by reference into any filing with the Securities and Exchange
Commission made by MoSys, Inc., whether made before or after the date hereof,
except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description
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99.1 Press Release titled "MoSys, Inc. Reports Third Quarter 2007 Financial
Results" dated October 30, 2007.
SIGNATURES
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.
MOSYS, INC.
Date: October 30, 2007 By: /s/ James R. Pekarsky
------------------------
James R. Pekarsky
Vice President of Finance and Administration
Chief Financial Officer
EXHIBIT INDEX
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Exhibit No. Description
--------------------------------------------------------
99.1 Press Release titled "MoSys, Inc. Reports Third Quarter 2007 Financial
Results" dated October 30, 2007.