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Meldungen 07.08.2008

Transmeta Corporation: Second Quarter 2008 Results

Transmeta Corporation today announced financial results for the second quarter ended June 30, 2008.


Revenue for the second quarter of 2008 was $366,000, all of which was derived from licensing activities. This compared with $661,000 for the first quarter of 2008, comprised of $240,000 of license revenue, $168,000 of services revenue, and $253,000 of end-of-life product revenue.


Total operating expenses for the second quarter of 2008 were $1.9 million, compared with $3.1 million in the first quarter of 2008. Second quarter operating expenses included $5.9 million of income from the settlement and licensing agreement with Intel, net restructuring charges of $455,000, non-cash charges of $908,000 for amortization of intangible assets, and non-cash stock compensation charges of $1.3 million.


In the second quarter, the Company recorded interest income of $1.8 million, including $1.1 million of imputed interest income from the settlement and licensing agreement with Intel. Net income was $214,000, or $0.02 per share, compared with a net loss of $41,000, or $0.00 per share, in the first quarter of 2008.


The Company’s cash, cash equivalents and short term investments at June 30, 2008 totaled $141.8 million. Transmeta continues to be debt free.


As announced today in a separate press release, Transmeta has entered into an agreement with NVIDIA Corporation granting NVIDIA a non-exclusive license to Transmeta’s Long Run and LongRun2 power management technologies and other intellectual property for use in connection with NVIDIA products. Under the agreement, NVIDIA agrees to pay Transmeta a one-time, non-refundable license fee of $25.0 million. The Company expects to receive this cash payment of $25.0 million during the third quarter of 2008.


In the third quarter, the Company expects to recognize $5.9 million of operating income and $1.2 million of imputed interest income from the settlement and licensing agreement with Intel. Transmeta expects to be profitable on a GAAP net income basis in the third quarter of 2008 and continues to expect to be profitable for fiscal year 2008.


“We are very pleased to add NVIDIA to our list of licensees,” said Les Crudele, president and CEO. “We believe the licensing agreement creates significant value for our stockholders. In addition, we continue to actively explore a full range of strategic alternatives and continue to be engaged in discussions with other companies about potential ways to increase value for all of our shareholders.”


Conference Call


Transmeta’s management will host a conference call today at 5:00 p.m. Eastern time / 2:00 p.m. Pacific time to discuss the operating performance for the quarter. The conference call will be available live over the Internet at the investor relations section of Transmeta's website at www.transmeta.com. To listen to the conference call, please dial (913) 312-9304. A recording of the conference call will be available for one week, starting one hour after the completion of the call, until 11:59 p.m. Pacific time on August 13, 2008. The phone number to access the recording is (719) 457-0820, and the passcode is 3504365.


About Transmeta Corporation


Transmeta Corporation develops and licenses innovative computing, microprocessor and semiconductor technologies and related intellectual property. Founded in 1995, we first became known for designing, developing and selling our highly efficient x86-compatible software-based microprocessors, which deliver a balance of low power consumption, high performance, low cost and small size suited for diverse computing platforms. We are presently focused on developing and licensing our advanced power management technologies for controlling leakage and increasing power efficiency in semiconductor and computing devices, and in licensing our computing and microprocessor technologies to other companies. To learn more about Transmeta, visitwww.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 practical operational challenges following our recent restructuring and change of business model, the potential loss of key technical and business personnel, uncertainty about the adoption and market acceptance of our technology offerings by current and potential customers and licensees, our inability to predict or ensure that third parties will license our technologies or use our technologies to generate royalties, difficulties in developing our technologies in a timely and cost effective manner, 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, 10-Q and 8-K, 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 and LongRun2 are trademarks of Transmeta Corporation. All other product or service names mentioned herein are the trademarks of their respective owners.

Transmeta Corporation
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)


June 30, 2008     December 31, 2007      June 30, 2007

ASSETS                         
Current assets:
Cash and cash equivalents    $ 96,919              $  15,607                  $   4,267
Short-term investments            44,840                    2,968                     10,984     
Accounts receivable                         44                        163                         224     
Other receivables, current         19,393                149,400                         ---     
Prepaid expenses and other
current assets                              2,064                    2,476                     1,935     
Total current assets                 163,260                170,614                   17,410     
                        
Other receivables, long-term             68,089                 85,200                 -     
Property and equipment, net             231                 284                 487     
Patents and patent rights, net             -                 2,388                 5,811     
Other assets               400                     800                     2,015     
TOTAL ASSETS         $     231,980               $     259,286               $     25,723   


LIABILITIES AND STOCKHOLDERS' EQUITY                         
Current Liabilities:                         
Accounts payable         $     593             $     341             $     1,406     
Accrued compensation             934                 15,351                 1,183     
Income taxes payable             15                 3,306                 9     
Accrued restructuring costs             511                 1,592                 3,771     
Other accrued liabilities             882                 1,028                 2,455     
Current portion of deferred income from settlement and licensing             23,460                 23,460                 -     
Current portion of long-term payable               800                     667                     533     
Total current liabilities             27,195                 45,745                 9,357    

Long-term deferred income from settlement and licensing, net of current portion             199,410                 211,140                 -     
Long-term payable, net of current portion               400                     800                     1,200     
Total liabilities               227,005                     257,685                     10,557     


Stockholders' equity:                         
Convertible preferred stock             6,966                 6,966                 -     
Common stock             742,441                 739,268                 726,823     
Treasury stock             (2,439     )             (2,439     )             (2,439     )
Accumulated other comprehensive gain (loss)             57                 29                 7     
Accumulated deficit               (742,050     )               (742,223     )               (709,225     )
Total stockholders' equity               4,975                     1,601                    15,166 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY         $     231,980               $     259,286               $     25,723     
Transmeta Corporation
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

        Three Months Ended         Six Months Ended
        June 30, 2008         March 31, 2008         June 30, 2007         June 30, 2008         June 30, 2007

Revenue:                                         
Product         $     -             $     253             $     25             $     253             $     167     
License             366                 240                 -                 606                 -     
Service               -                     168                     146                     168                     2,143    

Total revenue       366                     661                     171                     1,027                    2,310

Cost of revenue                                         
Product             -                 3                 -                 3                 80     
Service (1)             -                 163                 80                 163                 1,218   Impairment charge on inventories               -                     -                     -                     -                     364   
Total cost of revenue          -                     166                     80                     166                     1,662     
Gross profit (loss)               366                     495                     91                     861                     648     
Gross margin %             100.0     %             74.9     %             53.2     %             83.8     %             28.1     %

Operating expenses:                                         
Income from settlement
and licensing             (5,865     )        (5,865     )        -          (11,730     )          -     
Research and
development (1)         2,315               2,850            2,537        5,165          7,473  
Selling, general and
administrative (1)        4,108              4,342             5,644        8,450        11,750 
Restructuring charges,
net                                  455                 342             1,978           797         8,701 

Amortization of patents
and patent rights            908              1,480             1,711        2,388         3,423 
Impairment charge on
long-lived and other assets  -                     -                    8             -              302  

Total operating
expenses                       1,921             3,149           11,878        5,070      31,649 
Operating loss              (1,555)           (2,654)        (11,787)      (4,209)   (31,001)
Interest income
and other, net                 ,769              2,615               350         4,384          859  

Interest (expense)            -                        (2)              (28)              (2)         (38)
Income (loss) before
income taxes                     214                 (41)        (11,465)           173   (30,180)
Provision for income
taxes                                  -                     -                    (15)             -                4  

Net income (loss)           $  214           $   (41)       $ (11,450)    $   173  $(30,184)
Net income (loss)
per share - basic           $  0.02           $   (0.00)    $     (1.15)    $  0.01  $    (3.02)
Net income (loss)
per share - fully diluted  $ 0.02           $    (0.00)    $    (1.15)    $  0.01  $    (3.02)

Weighted average shares outstanding - basic             12,152                 12,113                 9,997                 12,133                 9,979     
Weighted average shares outstanding - diluted             13,242                 12,113                 9,997                 13,197                 9,979     

(1) Includes stock-based compensation:                                         
Cost of service revenue   $     -            $     82        $     14         $     82    $    17     
Research and
development                       596                847             364           1,443         282 

Selling, general and
administrative                   $     684       $     632      $     315     $  1,316    $  697     


Contact:

Transmeta Corporation
Sujan Jain, 408-919-3000
or
Mozes Communications LLC
Kristine Mozes, 781-652-8875 (Investors)


Source: Transmeta Corporation

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