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TranSwitch Corporation Announces Third Quarter 2012 Financial Results

TranSwitch Corporation (NASDAQ: TXCC), a leading provider of semiconductor solutions for multimedia connectivity and processing today announced financial results for the third quarter ended September 30, 2012.

Net revenues for the third quarter of 2012 were approximately $4.8 million, as compared to net revenues of $3.8 million for the second quarter of 2012 and $6.7 million for the third quarter of 2011. Net loss for the third quarter of 2012 was ($3.0) million, or ($0.09) per basic and diluted common share, as compared to a net loss of ($6.0) million, or ($0.19) per basic and diluted common share for the second quarter of 2012, and a net loss of ($4.8) million, or ($0.16) per basic and diluted common share for the third quarter of 2011.

The GAAP gross margin for the third quarter was 64%. This is compared to the Company's GAAP gross margin of 67% for the second quarter of 2012, and 65% for the third quarter of 2011.

Total non-GAAP operating expenses for the third quarter of 2012 were $5.7 million, as compared to $7.4 million in the second quarter of 2012 and $7.4 million in the third quarter of 2011. Non-GAAP operating expenses for the third quarter of 2012 exclude $0.1 million in amortization of purchase price intangibles and $0.5 million in stock-based compensation along with a benefit of $0.3 million from the reversal of accrued royalties. Total GAAP operating expenses for the third quarter of 2012 were $6.0 million, as compared to $8.5 million in the second quarter of 2012 and $8.8 million in the third quarter of 2011.

Non-GAAP operating loss for the third quarter of 2012 was ($2.7) million, compared to a non-GAAP operating loss of ($4.9) million for the second quarter of 2012 and a non-GAAP operating loss of ($3.1) million for the third quarter of 2011. On a GAAP basis, the operating loss for the third quarter of 2012 was ($2.9) million, compared to an operating loss of ($5.9) million for the second quarter of 2012 and an operating loss of ($4.5) million for the third quarter of 2011.

Non-GAAP net loss for the third quarter of 2012 was ($2.7) million, or ($0.08) per share, compared with a non-GAAP net loss of ($5.0) million, or ($0.16) per share, for the second quarter of 2012 and a non-GAAP net loss of ($3.3) million, or ($0.11) per share, for the third quarter of 2011.

Further information about non-GAAP measures is provided below and a reconciliation of the non-GAAP measures to the comparable GAAP results is provided after the financial statements attached to this release.

“We made meaningful progress in the third quarter toward our business objectives,” stated Dr. M. Ali Khatibzadeh, President and CEO of TranSwitch Corporation. “In addition to 24% quarterly sequential revenue growth driven by IP licensing opportunities and increased royalty revenue, we achieved significant on-going reductions in expenses due to the restructuring plan we initiated earlier in the quarter. On the new video connectivity business front, we passed an important milestone of initial production shipments of HDplay™ product for our first customer who also plans to incorporate HDplay™ in new products. In addition, we are making progress securing new customers from an expanding list of opportunities and anticipate additional customers reaching production ramp in the fourth quarter and as we move into 2013. Overall, through the combination of an increased backlog of telecom products, IP licensing opportunities, royalty revenue and ramp of HDplay™ product, we are targeting further sequential growth in the fourth quarter. With regard to improving our balance sheet, as we have previously announced, our primary plan is the sale of telecom patents. We are making tangible progress towards the sale of our patents and anticipate completing a transaction by the end of the year.”

Additional details on TranSwitch’s third quarter 2012 financial results will be discussed during a conference call regarding this announcement today at 5:30 pm Eastern time. To listen to the live call, investors can dial 719-325-2484 and reference confirmation code: 2054387. The call will be recorded and a replay will be available two hours after the conclusion of the live broadcast through November 18, 2012. To access the replay, dial 719-457-0820 and enter confirmation code: 2054387. Investors can also access an audio webcast which will be broadcast through Vcall’s Investor Calendar at www.investorcalendar.com or the Company’s website at www.transwitch.com. This audio webcast will also be available on a replay basis for 10 business days.

About TranSwitch Corporation

TranSwitch Corporation (Nasdaq:TXCC) provides innovative integrated circuit (IC) and intellectual property (IP) solutions that deliver core functionality for video, voice, and data communications equipment for the customer premises and network infrastructure markets. For the customer-premises market, we offer multi-standard, high-speed interconnect solutions enabling the distribution and presentation of high-definition (HD) video and data content for consumer electronics applications. We also provide a family of best-in-class communications processors. For the network infrastructure market we provide integrated multi-core network processor System-on-a-Chip (SoC) solutions for Fixed, 3G and 4G Mobile, VoIP and Multimedia applications. TranSwitch’s customers are leading consumer electronics and telecom equipment companies around the globe. For more information, please visit www.transwitch.com or follow us at Facebook or Twitter.

Forward-looking statements in this release, including statements regarding management's expectations for future financial results and the markets for TranSwitch's products, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that these forward-looking statements regarding TranSwitch, its operations and its financial results, involve risks and uncertainties that could cause actual results to differ materially from those contained in the forward-looking statements, including without limitation the risks associated with downturns in economic conditions generally and in the telecommunications and data communications markets and the semiconductor industry specifically; risks in product development and market acceptance of and demand for TranSwitch’s products and products developed by TranSwitch’s customers; risks associated with foreign sales and high customer concentration; risks associated with competition and competitive pricing pressures; risks in technology development and commercialization; risks of failing to attract and retain key managerial and technical personnel; risks relating to TranSwitch’s available cash; risks associated with acquiring new businesses; risks of dependence on third-party VLSI fabrication facilities; risks related to intellectual property rights and litigation; and other risks detailed in TranSwitch's filings with the Securities and Exchange Commission.

TranSwitch expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in expectations or any change in events, conditions or circumstances on which any such statement is based.

TranSwitch is a registered trademark of TranSwitch Corporation.

Reconciliation of Non-GAAP Financial Measures to Comparable U.S. GAAP Measures (Unaudited)

Pursuant to the requirements of Regulation G, the Company has provided a reconciliation of each non-GAAP financial measure used in this earnings release and related conference call or webcast to the most directly comparable financial measure prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The reconciliation for historic non-GAAP measures is provided herein on a quantitative basis and for non-GAAP measures that are forward-looking is provided herein on a qualitative basis.

The non-GAAP measures used in this earnings release and related conference call differ from GAAP in that they exclude expenses related to stock-based compensation, amortization of intangible assets, the effects of special charges such as asset impairments, restructuring charges and benefits from the reversal of accrued royalties. The Company’s basis for these adjustments is described below. Management uses these non-GAAP measures for internal reporting and forecasting purposes. The Company has provided these non-GAAP financial measures in addition to GAAP financial results because it believes that these non-GAAP financial measures provide useful information to certain investors and financial analysts for comparison across accounting periods not influenced by certain non-cash items that are not used by management when evaluating the Company’s historical and prospective financial performance.

Management uses these non-GAAP financial measures when evaluating the Company’s operating performance and believes that such measures are useful to investors and financial analysts in assessing the Company’s operating performance as the Company believes that the presentation of non-GAAP measures that adjust for the impact of stock-based compensation expenses, amortization of intangible assets, the effects of special charges such as asset impairments and restructuring charges and benefits from the reversal of accrued royalties provides investors and financial analysts with a consistent basis for comparison across accounting periods and, therefore, are useful to investors and financial analysts in helping them to better understand the Company’s operating results and underlying operational trends.

We do not provide forward-looking GAAP measures or a reconciliation of the forward-looking non-GAAP measures to GAAP measures because of our inability to project special charges, asset impairments, employee separation costs and stock-based compensation related expenses.

The non-GAAP financial measures we provide have certain limitations because they do not reflect all of the costs associated with the operation of our business as determined in accordance with GAAP. The non-GAAP measures are in addition to, and not a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. We endeavor to compensate for the limitations of these non-GAAP measures by providing GAAP financial statements, descriptions of the reconciling items and a reconciliation of the non-GAAP measures to the most directly comparable GAAP measures so that investors can appropriately incorporate the non-GAAP measures and their limitations into their analyses. Please see our financial statements and "Management's Discussion and Analysis of Results of Operations and Financial Condition" that will be included in the periodic report we expect to file with the SEC with respect to the financial periods discussed herein.

       

TranSwitch Corporation

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except for per share amounts)

 
Three Months Ended Nine Months Ended
Sep 30,

2012

 

June 30,
2012

Sep 30,

2011

Sep 30,

2012

  Sep 30,

2011

Net revenues:
Product revenues $ 1,631 $ 2,374 $ 4,855 $ 7,167 $ 14,682
Intellectual property and service revenues 3,121 1,451 1,810 5,091 7,263
Total net revenues 4,752 3,825 6,665 12,258 21,945
 
Cost of revenues:
Cost of product revenues 694 866 1,425 2,679 4,510
Provision for excess and obsolete inventories 154 220 26 605 186
Cost of service revenues 844 175 917 1,180 2,955
Total cost of revenues 1,692 1,261 2,368 4,464 7,651
Gross profit 3,060 2,564 4,297 7,794 14,294
 
Operating expenses:
Research and development 3,325 4,678 4,672 12,339 13,727
Marketing and sales 1,144 1,317 1,772 4,103 5,836
General and administrative 1,851 1,930 1,925 5,913 5,699
Restructuring charges 1,001 924 1,001 1.391
Reversal of accrued royalties (332 ) (442 ) (455 ) (832 ) (2,030 )
Total operating expenses 5,988 8,484 8,838 22,524 24,623
Operating loss (Note 1) (2,928 ) (5,920 ) (4,541 ) (14,730 ) (10,329 )
 
Other (expense) income:
Other income (expense) 41 57 23 (3 ) 10
Interest income (expense):
Interest income 32 17 8 72 100
Interest expense (37 ) (32 ) (44 ) (78 ) (237 )
Interest (expense) income, net (5 ) (15 ) (36 ) (6 ) (137 )
Total other income (expense), net 36 42 (13 ) (9 ) (127 )
 
Loss before income taxes (2,892 ) (5,878 ) (4,554 ) (14,739 ) (10,456 )
Income tax expense 108 119 233 341 479
Net loss $ (3,000 ) $ (5,997 ) $ (4,787 ) $ (15,080 ) $ (10,935 )
 
Net loss per common share – basic and diluted $ (0.09 ) $ (0.19 ) $ (0.16 ) $ (0.47 ) $ (0.40 )
 
Weighted average common shares outstanding – basic and diluted 34,269 31,617 30,475 32,198 27,019
 
 

Note 1: Stock-based compensation expense included in cost of
revenues and operating expenses is as follows:

Cost of revenues $ 8 $ (14 ) $ 11 $ $ 48
Research and development 147 78 195 345 624
Marketing and sales 93 39 111 243 361
General and administrative 259 283 286 837 903
Total $ 507 $ 386 $ 603 $ 1,425 $ 1,936
 
         

TranSwitch Corporation

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

 

September 30,

2012

December 31,

2011

ASSETS
Current assets:
Cash, cash equivalents, restricted cash and short-term investments $ 1,607 $ 7,554
Accounts receivable, net 4,295 6,375
Inventories 1,383 1,988
Prepaid expenses and other current assets   1,808     1,876
 
Total current assets 9,093 17,793
 
Property and equipment, net 1,153 1,355
Goodwill 5,271 5,271
Other intangible assets, net 1,228 1,461
Other assets   1,928     1,738
 
Total assets $ 18,673   $ 27,618
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Bank debt $ 942 $
Accounts payable, accrued expenses and other current liabilities 10,170 10,932
Current portion of restructuring liabilities   2,093     1,995

 

Total current liabilities 13,205 12,927
 
Restructuring liabilities   1,776     2,485
 
Total liabilities   14,981     15,412
 
Total stockholders’ equity   3,692     12,206
 
Total liabilities and stockholders’ equity $ 18,673   $ 27,618
               
TRANSWITCH CORPORATION
Supplemental Reconciliation of GAAP Results to Non-GAAP
(Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
Sep 30, Jun 30, Sep 30, Sep 30, Sep 30,
2012   2012   2011 2012   2011
GAAP gross profit $ 3,060 $ 2,564 $ 4,297 $ 7,794 $ 14,294
Add:
Stock-based compensation 8 (14) 11 - 48
Non-GAAP gross profit $ 3,068 $ 2,550 $ 4,308 $ 7,794 $ 14,342
 
GAAP gross margin 64.4% 67.0% 64.5% 63.6% 65.1%
Stock-based compensation 0.2% -0.4% 0.2% 0.0% 0.2%
Non-GAAP gross margin 64.6% 66.7% 64.6% 63.6% 65.4%
 
GAAP research and development expenses $ 3,325 $ 4,678 $ 4,672 $ 12,339 $ 13,727
Less:
Amortization of purchase accounting intangibles 38 42 114 115 340
Stock-based compensation 147 78 195 345 624
Non-GAAP research and development expenses $ 3,140 $ 4,558 $ 4,363 $ 11,879 $ 12,763
 
GAAP selling, general, and administrative expenses $ 2,995 $ 3,247 $ 3,697 $ 10,016 $ 11,535
Less:
Amortization of purchase accounting intangibles 39 36 283 118 849
Stock-based compensation 352 322 397 1,080 1,264
Non-GAAP selling, general, and administrative expenses $ 2,604 $ 2,889 $ 3,017 $ 8,818 $ 9,422
 
GAAP operating expenses $ 5,988 $ 8,484 $ 8,838 $ 22,524 $ 24,623
Less:
Amortization of purchase accounting intangibles 77 78 397 233 1,189
Stock-based compensation 499 400 592 1,425 1,888
Reversal of accrued royalties and other (332) (442) (455) (832) (2,030)
Restructuring charges - 1,001 924 1,001 1,391
Non-GAAP operating expenses $ 5,744 $ 7,447 $ 7,380 $ 20,697 $ 22,185
Non-GAAP operating loss $ (2,676) $ (4,897) $ (3,072) $ (12,903) $ (7,843)
 
GAAP net loss $ (3,000) $ (5,997) $ (4,787) $ (15,080) $ (10,935)
Add:
Amortization of purchase accounting intangibles 77 78 397 233 1,189
Stock-based compensation 507 386 603 1,425 1,936
Reversal of accrued royalties and other (332) (442) (455) (832) (2,030)
Restructuring charges - 1,001 924 1,001 1,391
Non-GAAP net loss $ (2,748) $ (4,974) $ (3,318) $ (13,253) $ (8,449)
 
Non-GAAP basic net loss per share $ (0.08) $ (0.16) $ (0.11) $ (0.41) $ (0.31)
Basic shares used to calculate non-GAAP net loss per share 34,269 31,617 30,475 32,198 27,019

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