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Meldungen 30.03.2005

30.3.2005: Meldung: Transmeta Corp. Reports Q4 and Year End 2004 Results

Transmeta Corporation, the leader in efficient computing, today announced financial results for the fourth quarter and twelve months ended December 31, 2004. Concurrently, the Company has filed its Form 10-K for the year ended December 31, 2004, with the Securities and Exchange Commission (SEC).

 

Net revenue for the fourth quarter of 2004 was $11.2 million compared to $7.0 million in the third quarter of 2004. Revenue in the fourth quarter comprised of $4.8 million in product revenue and $6.4 million of licensing and service revenue. This compares with $3.3 million in product revenue and $3.7 million of licensing and service revenue in the third quarter of 2004 and $3.3 million and $0.2 million respectively in the fourth quarter of 2003.

 

The Company"s net loss for the fourth quarter of 2004 was $28.1 million, or a loss of $0.15 per share. This compares with a net loss of $28.6 million, or a loss of $0.16 per share in the third quarter of 2004, and a net loss of $21.9 million, or a loss of $0.15 per share in the fourth quarter of 2003.

 

The Company"s net revenue for fiscal 2004 was $29.4 million, compared with $17.3 million for fiscal 2003. The Company"s net loss for fiscal 2004 was $106.8 million, or a loss of $0.61 per share, compared with a net loss of $87.6 million, or a loss of $0.63 per share in 2003. The Company"s revenue in the 2004 fiscal year comprised of $18.8 million in product revenue and $10.7 million of licensing and service revenue. This compares with $16.2 million in product revenue and $1.1 million of licensing and service revenue in the 2003 fiscal year.

 

The Company"s cash, cash equivalents and short term investments totaled $53.7 million at year end.

 

Internal Control Over Financial Reporting

 

The Company is in the process of completing its evaluation and testing of internal control over financial reporting as required by Section 404 of The Sarbanes-Oxley Act and Item 308(a) of Regulation S-K. The Company will use the 45 day extension period allowed by the SEC and expects to complete the evaluation for the year ended December 31, 2004, and publish its internal control report prior to April 30, 2005. In connection with this evaluation and with the audit of its financial statements, the Company identified a number of deficiencies in the Company"s internal control over financial reporting. A number of these deficiencies, individually or in the aggregate constitute a "material weakness." The Company"s material weaknesses have been disclosed in the Company"s Form 10-K for the year ended December 31, 2004.

 

Conference Call

 

Transmeta plans to reorganize its operations on March 31, 2005, as part of an overall restructuring plan to align the Company with the business prospects that it has firmly identified. The Company will hold a conference call at 2:00 p.m. Pacific Time on Thursday, March 31, 2005, to discuss these plans and provide a business and financial update. To participate, please dial 913-981-5542 at approximately 1:50 p.m. PT. A live webcast of the conference call will be available via the investor relations page of the company"s website at www.transmeta.com. A replay of the call will be available one hour after the completion of the call. To access the recording, please dial 888-203-1112 from within the U.S. or 719-457-0820 internationally, using the passcode 8916747.

 

About Transmeta Corporation

 

Founded in 1995, Transmeta Corporation designs, develops and sells highly efficient x86-compatible software-based microprocessors that deliver a compelling balance of low power consumption, high performance, low cost and small size. Our products are valuable for diverse computing platforms demanding energy efficiency, low heat and x86 software compatibility. We also develop advanced power management technologies for controlling leakage and increasing power efficiency in semiconductor and computing devices. To learn more about Transmeta, visit www.transmeta.com.

 

Safe Harbor Statement

 

This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date of this release, and we will not necessarily provide updates of our projections or other forward-looking statements. Investors are cautioned that such forward-looking statements are subject to many risks and uncertainties, and may differ materially or adversely from our actual results or future events. Important risk factors that could have material or adverse effects on our results include general economic and political conditions and specific conditions and volatility in the markets that we address, the rescheduling or cancellation of significant customer orders, market acceptance and adoption of our new products by our present and future customers and end users, difficulties in developing or manufacturing new and existing products in a timely and cost effective manner, our dependence on third parties for sourcing materials and providing manufacturing services, intense competition and competitive pressures, the ability to enter strategic collaborations or raise financing on satisfactory terms, reaching agreement upon a definitive agreement after signing a non-binding letter of intent, patents and other intellectual property rights, and other risk factors. We urge investors to review our filings with the Securities and Exchange Commission, including our most recent reports on Forms 10-K and 10-Q, which describe these and other important risk factors that could have an adverse effect on our results. We undertake no obligation to revise or update publicly any forward-looking statement for any reason.

 

Transmeta, Efficeon, LongRun2 and Crusoe are trademarks of Transmeta Corporation. All other product or service names mentioned herein are the trademarks of their respective owners.

TRANSMETA CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except share data)

 

 

Three Months Ended Fiscal Year Ended

----------------------------------------

Dec 31, Dec 31, Dec 31, Dec 31,

2004 2003 2004 2003

--------- --------- ---------- ---------

 

Revenue:

Product $4,799 $3,316 $18,776 $16,225

License and service 6,448 240 10,668 1,090

--------- --------- ---------- ---------

Total revenue 11,247 3,556 29,444 17,315

--------- --------- ---------- ---------

 

Cost of revenue:

Cost of revenue 10,843 3,801 37,065 16,324

Impairment charge on long-

lived assets 1,943 - 1,943 -

--------- --------- ---------- ---------

Total cost of revenue 12,786 3,801 39,008 16,324

--------- --------- ---------- ---------

 

Gross profit (loss) (1,539) (245) (9,564) 991

 

Operating expenses:

Research and development 12,578 11,404 52,765 48,525

Selling, general and

administrative 9,292 7,240 30,855 26,199

Restructuring charges

(recovery) - (244) 904 (244)

Amortization of intangible

assets 2,233 2,628 9,217 10,530

Impairment charge on long-

lived and other assets 2,544 - 2,544 -

Stock compensation 29 696 1,665 4,529

--------- --------- ---------- ---------

Total operating expenses 26,676 21,724 97,950 89,539

--------- --------- ---------- ---------

Operating loss (28,215) (21,969) (107,514) (88,548)

Interest and other, net 150 167 827 1,389

Interest expense (50) (114) (111) (477)

--------- --------- ---------- ---------

Net loss $(28,115) $(21,916) $(106,798) $(87,636)

========= ========= ========== =========

 

Net loss per share -- basic

and diluted $(0.15) $(0.15) $(0.61) $(0.63)

 

Weighted average shares

outstanding -- basic and

diluted 182,104 142,747 175,989 139,692

 

 

 

TRANSMETA CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share data)

 

 

Dec. 31, Dec. 31,

2004 2003

---------- ----------

Assets

Current assets

Cash and short-term investments $53,668 $120,765

Accounts receivable, net 2,290 1,719

Inventories 5,410 8,796

Prepaid and other current assets 2,218 3,671

---------- ----------

Total current assets 63,586 134,951

Property and equipment, net 2,187 5,305

Other assets 23,840 31,334

---------- ----------

Total assets $89,613 $171,590

========== ==========

 

Liabilities and Stockholders" Equity

Current liabilities

Accounts payable and other current liabilities $21,012 $12,246

Current portion of accrued restructuring costs 1,557 1,916

Current portion of long-term obligations 356 21,499

---------- ----------

Total current liabilities 22,925 35,661

Long-term accrued restructuring costs 3,688 4,155

Long-term payables 5,000 356

Stockholders" equity 58,000 131,418

---------- ----------

Total liabilities and stockholders" equity $89,613 $171,590

 

 

Contact:

 

Transmeta Corporation

Mark R. Kent, 408-919-3000

or

Mozes Communications

Kristine Mozes, 781-652-8875

Kristine@mozescommunications.com

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