MAY 15—MathStar (Hillsboro, OR; www.mathstar.com), maker of field-programmable object arrays (FPOAs), announced results for its first quarter, ended March 31, 2006. Revenues were $8000 compared to $15,000 for the same quarter last year. Research-and-development costs for the quarter were $2.8 million compared to $2.4 million for the same quarter last year. The increase of $400,000 was primarily the result of increased payroll and contract engineering costs and allocation of rent and other overhead costs from SG&A to R&D. Selling, general, and administrative costs were $2.2 million compared to $1.1 million for the same quarter last year. The increase of $1.1 million was primarily the result of increased payroll costs of about $1.3 million, of which approximately $700,000 was the noncash expense associated with restricted stock awards and employee options and increased costs associated with being a public company of approximately $100,000. The increase was offset by an allocation of $300,000 of rent and overhead costs to R&D.
"We remain highly optimistic about the prospects for our FPOA technology," said Douglas Pihl, CEO and president. "In particular, we have committed to first customer shipments of the production version of the FPOA and have released the alpha version of our next-generation development tools. Additionally, we have significantly expanded our sales channel with manufacturer's representatives.
MathStar is a fabless semiconductor company that designs, manufactures, and markets FPOAs. FPOAs are high-performance, reprogrammable integrated circuits based on proprietary Silicon Object technology. MathStar's reprogrammable FPOAs can process logic functions at a clock rate up to 1 GHz, faster than current commercially available programmable logic devices.
