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TranSwitch Corporation Announces Fourth Quarter 2012 Financial Results

Stocks in this article: TXCC

TranSwitch Corporation (NASDAQ: TXCC), a leading provider of semiconductor solutions for multimedia connectivity and processing, today announced financial results for the fourth quarter ended December 31, 2012.

Net revenues for the fourth quarter of 2012 were approximately $5.6 million, as compared to net revenues of $4.8 million for the third quarter of 2012 and $6.3 million for the fourth quarter of 2011. Net loss for the fourth quarter of 2012 was ($3.1) million, or ($0.09) per basic and diluted common share, as compared to a net loss of ($3.0) million, or ($0.09) per basic and diluted common share for the third quarter of 2012, and a net loss of ($11.9) million, or ($0.39) per basic and diluted common share for the fourth quarter of 2011.

The GAAP gross margin for the fourth quarter was 75%. This is compared to the Company's GAAP gross margin of 64% for the third quarter of 2012, and 58% for the fourth quarter of 2011.

Total non-GAAP operating expenses for the fourth quarter of 2012 were $5.6 million, as compared to $5.7 million in the third quarter of 2012 and $7.7 million in the fourth quarter of 2011. Non-GAAP operating expenses for the fourth quarter of 2012 exclude $0.1 million in amortization of purchase price intangibles, $0.7 million in stock-based compensation, $0.6 million in intangible impairments and $0.4 million in restructuring charges, along with a benefit of $0.2 million from the reversal of accrued royalties. Total GAAP operating expenses for the fourth quarter of 2012 were $7.2 million, as compared to $6.0 million in the third quarter of 2012 and $15.4 million in the fourth quarter of 2011.

Non-GAAP operating loss for the fourth quarter of 2012 was ($1.4) million, compared to a non-GAAP operating loss of ($2.7) million for the third quarter of 2012 and a non-GAAP operating loss of ($4.1) million for the fourth quarter of 2011. On a GAAP basis, the operating loss for the fourth quarter of 2012 was ($3.0) million, compared to an operating loss of ($2.9) million for the third quarter of 2012 and an operating loss of ($11.8) million for the fourth quarter of 2011.

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