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TranSwitch Corporation Announces
Fourth Quarter 2006 Financial Results
SHELTON, CT January 24, 2007 TranSwitch Corporation (NASDAQ: TXCC) today announced that it posted fourth quarter 2006 net revenues of approximately $9.3 million and a net loss of ($3.2) million, or ($0.03) per basic and diluted common share. This compares to 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.
In the fourth quarter, TranSwitch demonstrated further progress in transitioning to its new product portfolio as new product revenue increased by over 40% quarter-over-quarter with EtherMap® product family revenue growing from $2.4 million in the third quarter to $3.8 million, or 58%, in the fourth quarter. New product revenue in the fourth quarter, 2006 accounted for approximately 60% of total product revenue. Overall, product revenue increased from $8.2 million in the third quarter, 2006 to $8.9 million in the fourth quarter, 2006, commented Dr. Santanu Das, President and CEO of TranSwitch Corporation.
We remain confident about the long-term prospects of TranSwitch Corporation based on the continued adoption of our new products by top telecommunications manufacturers worldwide and the fact that we continue our momentum of attaining design wins in key platforms of our Tier-1 customers. Additionally, we are committed to maintaining a strong balance sheet and systematically reducing our expenses while preserving the companys vitality, continued Dr. Das.
The net loss for the fourth quarter, 2006 includes the following non-cash items:
|||Other income of approximately $0.4 million reflecting the change in the fair value of the derivative liability relating to the Companys 5.45% Convertible Plus Cash NotesSM (the Plus Cash Notes) due September 30, 2007, compared to other income of $2.6 million on the change in the fair value of the derivative liability in the fourth quarter of 2005;|
|||Interest expense of approximately $0.4 million relating to the on-going amortization of the debt discount related to the Companys Plus Cash Notes compared to such amortization of $0.9 million in the fourth quarter, 2005; and|
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The following information was filed by Transwitch Corp De (TXCCQ) on Wednesday, January 24, 2007 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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