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TranSwitch Corporation Announces Third Quarter 2011 Financial Results

TranSwitch Corporation (NASDAQ: TXCC), a leading provider of semiconductor solutions for the converging voice, data and video network, today announced financial results for the third quarter ended September 30, 2011.

Net revenues for the third quarter of 2011 were approximately $6.7 million, as compared to net revenues of $7.1 million for the second quarter of 2011 and $12.8 million for the third quarter of 2010. Net loss for the third quarter of 2011 was ($4.8) million, or ($0.16) per basic and diluted common share, as compared to a net loss of ($3.0) million, or ($0.11) per basic and diluted common share for the second quarter of 2011, and a net loss of ($1.8) million, or ($0.08) per basic and diluted common share for the third quarter of 2010.

The GAAP gross margin for the third quarter was 65%. This is compared to the Company's GAAP gross margin of 67% for the second quarter of 2011, and 56% for the third quarter of 2010.

Total non-GAAP operating expenses for the third quarter of 2011 were $7.4 million, as compared to $7.5 million in the second quarter of 2011 and $6.6 million in the third quarter of 2010. Non-GAAP operating expenses for the third quarter of 2011 exclude $0.4 million in amortization of purchase price intangibles, $0.6 million in stock-based compensation and $0.9 million in restructuring charges along with a benefit of $0.5 million from the reversal of accrued royalties. Total GAAP operating expenses for the third quarter of 2011 were $8.8 million.

Non-GAAP operating loss for the third quarter of 2011 was ($3.1) million, compared to a non-GAAP operating loss of ($2.7) million for the second quarter of 2011 and non-GAAP operating income of $0.6 million for the third quarter of 2010. On a GAAP basis, the operating loss for the third quarter of fiscal 2011 was ($4.5) million, compared to an operating loss of ($2.9) million for the second quarter of fiscal 2011 and an operating loss of($0.4) million for the third quarter of 2010.

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