TranSwitch Corporation Announces Second Quarter 2013 Financial Results

TranSwitch Corporation (NASDAQ: TXCC), a leading provider of semiconductor solutions for multimedia connectivity and processing, today announced financial results for the second quarter ended June 30, 2013.

Net revenues for the second quarter of 2013 were approximately $2.8 million, as compared to net revenues of $4.6 million for the first quarter of 2013 and $3.8 million for the second quarter of 2012. Net loss for the second quarter of 2013 was ($3.8) million, or ($0.08) per basic and diluted common share, as compared to a net loss of ($3.1) million, or ($0.08) per basic and diluted common share for the first quarter of 2013, and a net loss of ($6.0) million, or ($0.19) per basic and diluted common share for the second quarter of 2012.

The GAAP gross margin for the second quarter was 73%. This is compared to the Company's GAAP gross margin of 81% for the first quarter of 2013, and 67% for the second quarter of 2012.

Total non-GAAP operating expenses for the second quarter of 2013 were $5.2 million, as compared to $5.9 million in the first quarter of 2013 and $7.4 million in the second quarter of 2012. Non-GAAP operating expenses for the second quarter of 2013 exclude $0.1 million in amortization of purchase price intangibles, $0.4 million in stock-based compensation and $0.6 million in restructuring charges, along with a benefit of $0.4 million from the reversal of accrued royalties. Total GAAP operating expenses for the second quarter of 2013 were $5.9 million, as compared to $6.6 million in the first quarter of 2013 and $8.5 million in the second quarter of 2012.

Non-GAAP operating loss for the second quarter of 2013 was ($3.1) million, compared to a non-GAAP operating loss of ($2.2) million for the first quarter of 2013 and a non-GAAP operating loss of ($4.9) million for the second quarter of 2012. On a GAAP basis, the operating loss for the second quarter of 2013 was ($3.8) million, compared to an operating loss of ($2.9) million for the first quarter of 2013 and an operating loss of ($5.9) million for the second quarter of 2012.

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