17.01.03

17.1.2003: Meldung: Transmeta: Financial Results for Q4 and Fiscal 2002

Transmeta Corp. Reports Financial Results for Q4 and Fiscal 2002
Thursday January 16, 4:06 pm ET

TM8000 Sampled in Q4 and Is On Plan for Volume Shipments in Q3

SANTA CLARA, Calif.--Jan. 16, 2003--Transmeta Corporation (Nasdaq:TMTA - News), designer and supplier of the energy-efficient Crusoe processor, today announced financial results for its fourth quarter and fiscal year ended Dec. 27, 2002.

Net revenue for the fourth quarter of fiscal 2002 was $6.1 million, compared with $6.4 million reported in the third quarter of 2002 and $1.5 million in the fourth quarter of 2001. GAAP net loss for the fourth quarter of 2002 was $21.7 million, or a loss of $0.16 per share. This compares with a GAAP net loss of $21.8 million, or a loss of $0.16 per share in the third quarter and a GAAP net loss of $49.7 million, or a loss of $0.38 per share in the fourth quarter of 2001.

On a pro forma basis, excluding the effects of non-cash charges of $4.1 million, the net loss for the quarter was $17.6 million, or a loss of $0.13 per share. This compares with a pro forma net loss of $17.8 million or a loss of $0.13 per share in the third quarter and a pro forma net loss of $23.0 million or a loss of $0.18 per share in the fourth quarter of 2001.

Net revenue for fiscal 2002 was $24.2 million, compared with $35.6 million for fiscal 2001. GAAP net loss for fiscal 2002 was $110.0 million, or a loss of $0.82 per share. This compares with a GAAP net loss of $171.3 million, or a loss of $1.33 per share in 2001.

Pro forma net loss for fiscal 2002 was $83.9 million, or a loss of $0.62 per share, which excludes non-cash charges totaling $13.2 million, charges related to the company"s restructuring totaling $14.7 million and the benefit of previously recorded inventory-related charges of $1.9 million. This compares with a pro forma net loss of $77.0 million, or a loss of $0.60 per share for fiscal 2001, which excludes the effects of non-cash charges, in-process research and development charges and net excess inventory charges.

"In the fourth quarter we sampled our next-generation processor, the TM8000, to several customers and the feedback has been very encouraging," said Dr. Matthew R. Perry, president and CEO of Transmeta. "Customers tell us that the TM8000 provides the necessary balance of high performance, long battery life, low cost and low power consumption to fit their requirements. We believe this next-generation processor will allow us to substantially increase our target markets to include laptops with 12- and 14-inch displays, in addition to our existing markets. Volume production of the TM8000 remains on plan for the third quarter of this year.

"Design win activity was strong across many geographies and product applications in the fourth quarter. We won many TM5800 designs in Q4, especially in Taiwan, and interest in our next-generation Crusoe TM8000 processor continued to gain momentum," said Dr. Perry.

On Jan. 6, 2003 Transmeta announced its new energy-efficient Crusoe(TM) Special Embedded (SE) processors, which target a wide range of x86 embedded applications including industrial automation, scientific instrumentation, retail kiosks, point-of-sale terminals, automotive infotainment, process control and home automation systems. "There is a growing need for processors that combine x86-compatibility, high performance, power efficiency, low heat dissipation and chipset integration to help create compact, passively cooled embedded systems. Transmeta is the only company that offers this solution," said Dr. Perry.

On Jan. 14, 2003 the company announced that it had received first silicon for a Crusoe(TM) TM5800 processor with new, proprietary technologies that enable its current and future microprocessors to increase security for wireless computing, protect sensitive data, deter intellectual property theft and deliver tamper-resistant x86 storage environments. "As more and more people transmit and store digital data such as personal passwords, financial records, proprietary business data and national security secrets it is becoming even more important to secure these operations," said Dr. Perry. "Our new embedded security capabilities, which are unmatched by any other x86 processor, allow our customers to secure hidden storage of confidential information and accelerate encryption within a flexible processor architecture that can easily be extended to support new features and industry standards.

"We expect to achieve growth in the second half of 2003 as we begin volume shipments of our Crusoe TM8000 processor, as Tablet PCs become more mainstream, embedded products using our new Crusoe SE processors begin to sell in volume and several of our Ultra-Personal Computer customers worldwide begin to ship in volume. Our goal remains to be profitable by the fourth quarter of this year," said Dr. Perry.

Highlights:

North America

HP began shipping its Compaq Tablet PC TC1000, which has been widely recognized as the most innovative Tablet PC design to date. The TC1000 was the first computer to use Transmeta"s new 1 GHz Crusoe TM5800 processor and is currently selling worldwide.
Fujitsu launched a new version of its LifeBook(TM) P Series in the U.S. The LifeBook P Series features a Transmeta Crusoe TM5800 processor and is the world"s smallest mini-notebook with a modular DVD/CD-RW combo drive as part of the standard configuration.
StepUp Computing, LLC announced the DocuNote B1660, a 2.5-pound, $1,000 tablet computer that is powered by a Transmeta Crusoe TM5600 processor and runs on Microsoft"s Windows 2000 and Windows XP. The DocuNote B1660 is available in the U.S. and in Asia.
RLX Technologies(TM), Inc. is using Transmeta"s Crusoe TM5800 processor in an updated 1000T model of its RLX ServerBlade(TM). The 1000T offers customers improved speed through faster processor performance, increased memory and expanded storage capacity in a high-density offering.
Tri-M Engineering selected Transmeta"s Crusoe TM5500 SE processor for its TMZ104, a PC/104 form-factor x86 single-board computer (SBC). The Canadian provider of hardware and turnkey solutions for embedded systems has launched the SBC for companies that want to embed x86 technology in hostile, mobile, industrial, military, medical or telecom environments where low power, small board size and fanless operations are key design factors.

Japan

Sharp recently introduced in Japan a corporate model of its 950-gram, 13.7 mm ultra-thin Mebius Muramasa mobile computer. The PC-MM1-1 model uses Transmeta"s Crusoe TM5800 processor.
IBM demonstrated its new MPP501 embedded PC in Japan. The MPP501 uses a Transmeta Crusoe TM5800 processor.
NEC introduced its Mate Eco MA10W/FE to the Japanese market. The MA10W/FE is an upgraded model of the PowerMate Eco that was launched in the U.S. in Q3 and in Japan in Q2. The computer features a 1 GHz Transmeta Crusoe TM5800 processor.
NEC also upgraded its compact, fanless NetBrain CS58 server series that is powered by Transmeta"s Crusoe TM5800 processor. NEC uses the Crusoe processor for its CS58 series because of the low power consumption and low thermal characteristics it offers.

Taiwan

First International Computer (FIC), a leading Taiwanese computer company, incorporated Transmeta"s Crusoe TM5800 processor into its Slatevision T700 Tablet PC. FIC"s Tablet PC is currently available in the U.S., Japan and Taiwan.
PaceBlade introduced the new PaceBook Tablet PC, which is driven by Transmeta"s Crusoe TM5800 processor. This innovative Tablet PC version of its convertible 3-in-1 PaceBook notebook PC is now available in Taiwan, the U.S., Japan and Europe.

China

Elitegroup Computer Systems (ECS) launched the i-Buddy A907, a new DeskNote model that is powered by the Transmeta Crusoe TM5600 processor. ECS, a major manufacturer of new and innovative PC products, is Transmeta"s first tier-one customer in China.
Tsinghua Unisplendour Group, China"s second largest notebook supplier, has selected Transmeta"s Crusoe TM5800 processor for its "Lilly" thin and light notebook computer, targeted at women in the Chinese market.

Europe

KraftCom, a German supplier of wireless multimedia terminals and network management software, announced its GoTablet Tablet PC, which runs on Windows 2000 and Windows XP. The company also introduced a new version of its GoFree PenPC that has a 1 GB microdrive and runs Windows 2000. Both computers are powered by Transmeta"s Crusoe TM5800 processors and are targeted at the European hospitality and medical markets.

Corporate

Transmeta"s Crusoe processors were the first to support Microsoft"s new Windows XP Embedded with Service Pack 1 operating system, increasing the company"s opportunities in a wide range of embedded applications such as thin clients, kiosks, ATMs, gaming platforms, residential gateways, advanced set-top boxes as well as network, industrial automation and point-of-sale devices.
MontaVista Software and Transmeta announced a collaboration that enables new and existing Crusoe- based reference platforms to utilize the MontaVista Linux Professional embedded operating system. With the two companies" combined technologies, customers can develop unique applications for portable audio, multimedia and personal entertainment devices with a shorter time-to-market and greater operating efficiencies.

Proposed settlements of shareholder litigation to be covered entirely by insurance

In December 2002, Transmeta entered into two agreements to settle related shareholder class and derivative actions that were initiated against the company and certain individual defendants in June 2001. The first agreement provides for the settlement of the consolidated class action pending in the United States District Court for the Northern District of California. Transmeta has also entered into a memorandum of understanding with plaintiffs" counsel to settle the consolidated shareholder derivative action pending in the Superior Court for Santa Clara County, California. Both settlements are subject to final judicial approval. Transmeta and the individual defendants continue to dispute all claims alleged in both actions and to deny any liability, but have agreed to the proposed settlements in order to avoid the expense, burden and risk of continued litigation. Both settlements will be covered entirely by insurance and will have no effect on Transmeta"s business or financial position.

Current Financial Outlook for First Quarter 2003

The following outlook statements are based upon current expectations. These statements are forward looking, and actual results could differ materially.

Looking ahead, the company currently expects Q1 revenue to be about the same as Q4; although it has a design win opportunity that could result in upside in Q1, depending on the timing of the customer"s order.

The company expects pro forma net loss per share to be $0.12 to $0.13. Operating expenses will remain flat at approximately $20 million. Gross margins are expected to be about 25 percent. Cash at the end of March should be approximately $110 million after a regularly scheduled payment of $1.5 million related to the acquisition of certain patents and patent rights in 2001.

Conference Call

The company will hold a conference call at 1:30 p.m. Pacific Time today, Jan. 16, 2002, to discuss the fourth quarter and fiscal 2002 financial results. To participate, please dial 719/457-2679 at approximately 1:20 p.m. A live webcast of the conference call will be available via the company"s website at www.transmeta.com. A replay of the call will be available one hour after the completion of the call for one week. To access the recording, please dial 888/203- 1112, passcode 620724. For callers outside the U.S., please dial 719/457-0820, with the same passcode.

About Transmeta Corporation

Transmeta develops and sells software-based microprocessors and develops additional hardware and software technologies that enable computer manufacturers to build computers that simultaneously offer long battery life, high performance and x86 compatibility. Transmeta"s family of Crusoe microprocessors is targeted at the notebook, Tablet PC and Internet appliance segments of the mobile Internet computer market, as well as a range of embedded applications.

To learn more about Transmeta visit www.transmeta.com.


TRANSMETA CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)


Three Months Ended Fiscal Year Ended
------------------- ---------------------
Dec. 27, Dec. 28, Dec. 27, Dec. 28,
2002 2001 2002 2001
--------- --------- ---------- ----------

Net revenue $6,118 $1,462 $24,247 $35,590
Cost of sales 4,680 1,451 17,127 48,694
--------- --------- ---------- ----------
Gross margin 1,438 11 7,120 (13,104)
Operating expenses
Research and
development 12,632 16,251 63,603 67,639
In-process research
and development - - - 13,600
Selling, general
and administrative 6,991 8,835 29,917 35,460
Restructuring charges - - 14,726 -
Amortization of
deferred charges
and intangible assets 2,848 21,608 11,392 34,120
Stock compensation 1,214 5,131 1,809 20,954
--------- --------- ---------- ----------
Total operating
expenses 23,685 51,825 121,447 171,773
--------- --------- ---------- ----------
Operating loss (22,247) (51,814) (114,327) (184,877)
Interest and other, net 559 2,106 4,382 13,648
--------- --------- ---------- ----------
Loss before provision
(benefit) for income
taxes (21,688) (49,708) (109,945) (171,229)
Provision (benefit) for
income taxes (2) - 21 22
--------- --------- ---------- ----------
Net loss $(21,686) $(49,708) $(109,966) $(171,251)
========= ========= ========== ==========

Net loss per share--basic
and diluted $(0.16) $(0.38) $(0.82) $(1.33)

Weighted average shares
outstanding--basic and
diluted 136,850 130,874 134,719 129,002


TRANSMETA CORPORATION
PRO FORMA CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)

The following pro forma supplemental information excludes the
amortization of deferred charges and intangible assets, non-cash stock
compensation awards, in-process research and development, inventory
related charges, restructuring charges, and effects of previously
recorded inventory purchase commitments.


Three Months Ended Fiscal Year Ended
------------------- ---------------------
Dec. 27, Dec. 28, Dec. 27, Dec. 28,
2002 2001 2002 2001
--------- --------- ---------- ----------

Net revenue $6,118 $1,462 $24,247 $35,590
Cost of sales 4,680 1,451 19,012 23,139
--------- --------- ---------- ----------
Gross margin 1,438 11 5,235 12,451
Operating expenses
Research and
development 12,632 16,251 63,603 67,639
Selling, general
and administrative 6,991 8,835 29,917 35,460
--------- --------- ---------- ----------
Total operating
expenses 19,623 25,086 93,520 103,099
--------- --------- ---------- ----------
Operating loss (18,185) (25,075) (88,285) (90,648)
Interest and other, net 559 2,106 4,382 13,648
--------- --------- ---------- ----------
Loss before provision
(benefit) for income taxes (17,626) (22,969) (83,903) (77,000)
Provision (benefit) for
income taxes (2) - 21 22
--------- --------- ---------- ----------
Net loss $(17,624) $(22,969) $(83,924) $(77,022)
========= ========= ========== ==========

Net loss per share--basic
and diluted $(0.13) $(0.18) $(0.62) $(0.60)

Weighted average shares
outstanding--basic and
diluted 136,850 130,874 134,719 129,002


The pro forma amounts have been adjusted to
eliminate the following:

Stock compensation $1,214 $5,131 $1,809 $20,954
Amortization of deferred
charges and intangible
assets 2,848 21,608 11,392 34,120
Restructuring charges - - 14,726 -
In-process research and
development - - - 13,600
Excess inventory and purchase
commitment charge - - (1,885) 25,555

Net loss in accordance with
U.S. GAAP $(21,686) $(49,708) $(109,966) $(171,251)



TRANSMETA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)


Dec. 27, Dec. 28,
2002 2001
--------- ---------
Assets
Current assets
Cash and short-term investments $129,450 $241,688
Accounts receivable, net 4,060 1,749
Inventories 10,937 1,388
Prepaid and other current assets 4,722 7,091
--------- ---------
Total current assets 149,169 251,916
Property and equipment, net 9,574 11,622
Other assets 38,812 45,486
--------- ---------
Total assets $197,555 $309,024
========= =========

Liabilities and Stockholders" Equity
Current liabilities
Accounts payable and other current liabilities $13,722 $17,103
Current portion of accrued restructuring costs 2,549 -
Current portion of long-term obligations 16,865 17,661
--------- ---------
Total current liabilities 33,136 34,764
Long-term accrued restructuring costs 5,456 -
Long-term payables 18,116 29,295
Stockholders" equity 140,847 244,965
--------- ---------
Total liabilities and stockholders"
equity $197,555 $309,024
========= =========



Contact:

Transmeta Corporation
S. Olav Carlsen, 408/919-3000
or
Stapleton Communications Inc.
Deborah Stapleton, 650/470-0200




Source: Transmeta Corporation
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