[May 17, 2013] TranSwitch Posts 1Q 2013 Financial Results Tweet May 17, 2013 (Close-Up Media via COMTEX) -- TranSwitch Corp., a provider of semiconductor solutions for multimedia connectivity and processing, announced financial results for the first quarter ended March 31. In a release dated May 14, the Company said that net revenues for the first quarter of 2013 were approximately $4.6 million, as compared to net revenues of $5.6 million for the fourth quarter of 2012 and $3.7 million for the first quarter of 2012. Net loss for the first quarter of 2013 was ($3.1) million, or ($0.08) per basic and diluted common share, as compared to a net loss of ($3.1) million, or ($0.09) per basic and diluted common share for the fourth quarter of 2012, and a net loss of ($6.1) million, or ($0.20) per basic and diluted common share for the first quarter of 2012. The GAAP gross margin for the first quarter was 81 percent. This is compared to the Company's GAAP gross margin of 75 percent for the fourth quarter of 2012, and 59 percent for the first quarter of 2012. Total non-GAAP operating expenses for the first quarter of 2013 were $5.9 million, as compared to $5.6 million in the fourth quarter of 2012 and $7.5 million in the first quarter of 2012. Non-GAAP operating expenses for the first quarter of 2013 exclude $0.1 million in amortization of purchase price intangibles, $0.6 million in stock-based compensation and $0.2 million in restructuring charges, along with a benefit of $0.2 million from the reversal of accrued royalties. Total GAAP operating expenses for the first quarter of 2013 were $6.6 million, as compared to $7.2 million in the fourth quarter of 2012 and $8.1 million in the first quarter of 2012. Non-GAAP operating loss for the first quarter of 2013 was ($2.2) million, compared to a non-GAAP operating loss of ($1.4) million for the fourth quarter of 2012 and a non-GAAP operating loss of ($5.3) million for the first quarter of 2012. On a GAAP basis, the operating loss for the first quarter of 2013 was ($2.9) million, compared to an operating loss of ($3.0) million for the fourth quarter of 2012 and an operating loss of ($5.9) million for the first quarter of 2012. Non-GAAP net loss for the first quarter of 2013 was ($2.4) million, or ($0.07) per share, compared with a non-GAAP net loss of ($1.5) million, or ($0.04) per share, for the fourth quarter of 2012 and a non-GAAP net loss of ($5.5) million, or ($0.18) per share, for the first quarter of 2012. "Since the beginning of this year, we have successfully raised about $4.8 million to support the ramp of our video connectivity business," said Ali Khatibzadeh, President and CEO of TranSwitch Corp. "Additionally, as we have previously announced, we have signed a contract for the sale of ten of our legacy telecom patents. We have so far completed sale of five patents in the amount of $0.8 million and anticipate completing sale of the remaining five patents. On the business front, we continued to make progress in expanding our active customer list for HDplay products to nine customers so far. Our list of new customer opportunities for HDplay products is over 75 potential customers and we anticipate the list of active HDplay customers to increase throughout 2013. We have also made substantial headway in the launch of the new HDPlay products with MHL mobile connectivity feature and have begun sampling the product in the market. TranSwitch's new HDplay products are the first products to support HDMI, DisplayPort and MHL video connectivity modes making them very attractive for a number of applications such as pico projectors and digital TVs." TranSwitch Corp. provides integrated circuit and intellectual property solutions. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]