Exhibit 99.1

 

 

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TranSwitch Corporation Announces Fourth Quarter 2005 Results

 

SHELTON, CT — January 25, 2006

TranSwitch Corporation (NASDAQ: TXCC) today announced that it posted fourth quarter, 2005 net revenues of approximately $8.6 million and a net loss of ($3.4) million, or ($0.03) per basic and diluted common share. This compares to fourth quarter, 2004 net revenues of approximately $8.4 million and a net loss of ($13.9) million, or ($0.14) per basic and diluted common share.

 

For the year ended December 31, 2005, the Company posted net revenues of approximately $32.9 million and a net loss of ($23.8) million, or ($0.23) per basic and diluted common share compared to a net loss for the year end December 31, 2004 of ($44.6) million, or ($0.47) per basic and diluted common share. For the full year 2005, operating expenses were $27.8 million below operating expenses for the year ended December 31, 2004.

 

The net loss for the fourth quarter, 2005 includes the following non-cash items:

 

    Other income of approximately $2.6 million to reflect the change in the fair value of the derivative liability relating to the Company’s 5.45% Convertible Plus Cash NotesSM due September 30, 2007 compared to other expense of $0.7 million on the change in the fair value of the derivative liability in the fourth quarter, 2004;

 

    A debt extinguishment loss of $2.5 million associated with the exchange of $25.7 million face value of the Company’s Plus Cash NotesSM and accrued interest for approximately 4.2 million shares of common stock plus approximately $19.2 million of cash. There was a comparable loss of $1.7 million in the fourth quarter, 2004, associated with the exchange of $11.5 million face value of the Company’s Plus Cash NotesSM for approximately 8.9 million shares of common stock;

 

    Interest expense of approximately $0.9 million relating to the on-going amortization of the debt discount related to the Company’s 5.45% Convertible Plus Cash NotesSM due September 30, 2007 compared to such amortization of $1.3 million in the fourth quarter, 2004; and

 

    $0.3 million of stock option expense related to the previously announced accelerated vesting of stock options held by non-officer employees with two or more years of employment with the Company.


The following information was filed by Transwitch Corp De (TXCCQ) on Wednesday, January 25, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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