TranSwitch Corporation (NASDAQ: TXCC), a leading provider of semiconductor solutions for the converging voice, data and video network, today announced financial results for the fourth quarter ended December 31, 2011.
Net revenues for the fourth quarter of 2011 were approximately $6.3 million, as compared to net revenues of $6.7 million for the third quarter of 2011 and $10.1 million for the fourth quarter of 2010. Net loss for the fourth quarter of 2011 was ($11.9) million, or ($0.39) per basic and diluted common share, as compared to a net loss of ($4.8) million, or ($0.16) per basic and diluted common share for the third quarter of 2011, and a net loss of ($1.8) million, or ($0.08) per basic and diluted common share for the fourth quarter of 2010. The Company's fourth quarter results include non-cash goodwill and intangible impairment charges aggregating $14.3 million related to an acquisition made by the Company in 2008 partially offset by a $6.9 million reversal of accrued restructuring liabilities due to an amendment to a sublease for approximately 93,000 square feet of excess office space. This amendment extends the sublease through May 2017.
The GAAP gross margin for the fourth quarter was 58%. This is compared to the Company's GAAP gross margin of 65% for the third quarter of 2011, and 64% for the fourth quarter of 2010.
Total non-GAAP operating expenses for the fourth quarter of 2011 were $7.7 million, as compared to $7.4 million in the third quarter of 2011 and $7.3 million in the fourth quarter of 2010. Non-GAAP operating expenses for the fourth quarter of 2011 exclude $0.1 million in amortization of purchase price intangibles, $0.5 million in stock-based compensation, $14.3 million in goodwill and intangible impairments, and benefits of $0.3 million and $6.9 million from the reversal of accrued royalties and restructuring liabilities, respectively. Total GAAP operating expenses for the fourth quarter of 2011 were $15.4 million, as compared to $8.8 million in the third quarter of 2011 and $8.0 million in the fourth quarter of 2010.
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