MoSys Inc. today announced it is reducing its Q4 2003 revenue outlook to between $3 and $3.5 million from the previously provided estimate of $5.5 to $6 million.

The memory maker attributed the shortfall to delays in the recognition of revenue from new customer projects that commenced later in the quarter than the company previously had anticipated based upon such customers' earlier projections.

"We had a strong close to the quarter with total new orders generated in the quarter exceeding $5 million in licensing fees," Fu-Chieh Hsu, president and CEO of MoSys, said in a statement. "However, the delay in the commencement of these contracts and the timing of development services does impact our revenue recognition. We were only able to recognize a small percentage of the new orders during the fourth quarter, and expect to recognize substantially all of the associated revenue in 2004."

MoSys is slated to release its December quarter and full-year results on Jan. 28.

By: DocMemory
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