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MoSys Inc. (MOSY)
Q4 2007 Earnings Call
February 12, 2008 4:30 pm ET
Beverly Twing - Shelton Group, IR
Jim Sullivan - CFO
Len Perham - President and CEO
Jamie Zimmerman - Litespeed Partners
Larry Lytton - Second Line Capital Management
Chris Chaney - Stanford Group
Tony Petria - Track Suite
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And I will now turn the call over to Ms. Beverly Twing of Shelton Group, Investor Relations. Please proceed.
Beverly Twing - Shelton Group, IR
Thank you, Michelle. I am joined on today's call by Len Perham, President and Chief Executive Officer and Jim Sullivan, Chief Financial Officer. By now, everyone should have received the press release. However, if you haven’t, it is available on the MoSys website at www.mosys.com.
Before we begin today’s discussion of the fourth quarter and fiscal year financial results, I would like to remind you that this conference call will contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which include without limitation statements about the market for the MoSys technologies, benefits and performance expected from use of the 1T-SRAM, 1T-FLASH or mixed signal technologies, licensees of 1T-SRAM technologies and their strategy, the development and production of products that use MoSys’ license technology, license fees and royalties attributable to 1T-SRAM, 1T-FLASH and analog mixed signal technologies and the Company’s anticipated or prospective financial performance.
Forward-looking statements made during this call are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Additional information concerning factors that could cause actual results to differ materially from any forward-looking statements made during this call are contained in the company’s most recent reports on Forms 10-Q and 10-K filed with the Securities and Exchange Commission, in particular in the section titled Risk Factors, and in other reports that the company files from time to time with the Securities and Exchange Commission.
MoSys undertakes no obligation to publicly update 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.
Thank you for your attendance. I will now turn the call over the Len Perham. Go ahead, sir.
Good afternoon everyone. This is Len Perham, CEO of MoSys. I'm going to give you a short talk here; a brief overview of the company and then turn it over to Jim Sullivan, our CFO, so that Jim can give some details on the numbers.
First, starting with a few comments about our most recent press release here, the fourth quarter of fiscal '07 the revenue was about $2.9 million and in the fiscal year '07, revenue was approximately $14.3 million. And in our fiscal year 2007, royalty revenue was approximately $9.1 million, a 56% increase over fiscal year 2006. License revenue for fiscal year 2007 was $5.3 million. Well short of plan, and we are expecting to do much better in fiscal year 2008.
We ended fiscal year 2007 on a strong cash position, approximately $78.7 million on hand. As I mentioned, Jim is going to give you more details on this numbers in about 10 minutes or 15 minutes, so let me just go over a few points that I think are worth mentioning regarding the company.
First, I'll just talk about what I see as my priorities. I've been here approximately one quarter now, I think I joined the company on November 9th. So, the first priority is organization; organizing the company, pulling the team together and focusing our efforts. We need to bring this company back up to full strength. In the last half of fiscal year 2007, we saw the loss of our CEO, CFO, CTO, COO and VP in sales among others, and a company cannot loose that kind of staffing without being hurt. When I got here, morale was very low and I am sure productivity was pretty much down on the floor.
Over the next short while, we are going to be adding talent in the following areas, as quickly as we can find the right people and as quickly as we can integrate them to into our team. We need increased applications in customer support engineering so that we can spend more time with our customers to understanding what its future needs are. We need to continue to look at our sales, our sales organization. We want to achieve adequate team depth and strength and we want to achieve better coverage and support across the universe occupied by our customers and the potential customers. We're going to want a strategically increase in size of our R&D staff so that we can expand product offerings and continue to innovate in our target markets.
Winning at this business or winning at a high-tech business for sure require stating organizing and deploying in such a fashion that you can achieve your strategic plan. We've now spend a quarter intensely looking that what our plan ought to be, especially for 2008. We do have a plan and we're intending to execute it successfully.
So we'll be telling you about what we're doing to get the team in place and getting the focus right in the quarters ahead. But, I look forward to that taking a back seat; there are other things more important involving customer's product and technology.
The second priority I see is sales and customers and business relationships. We need a much higher level of communication and interaction with our customers. To that end, by the beginning of the third quarter this year, my schedule will be such that I will be out of country at least one third of each subsequent 12 months period; learning what the customer needs, what his product directions are, what his relationship with us is and what he and I would like it to be.