Trident Microsystems Inc. (TRID, Financial) filed Quarterly Report for the period ended 2008-12-31.
Trident Microsystems Inc. designs develops and markets very large scale integrated circuit videographics and audio products for the desktop and portable personal computer market. The company's graphics video and audio controllers typically are sold with software drivers a BIOS and related system integration support. Trident Microsystems Inc. has a market cap of $114.43 million; its shares were traded at around $1.62 with a P/E ratio of 19.4 and P/S ratio of 0.44.
Research and development expenses for the six months ended December 31, 2008 compared to the six months ended December 31, 2007 increased slightly primarily due to (i) a $1.7 million increase in amortization of IP attributable to the increased expenditures for third-party IP licenses, (ii) a $1.1 million increase in salary and payroll-related expenses associated with the hiring of additional employees for the six months ended December 31, 2008 compared to the same period of prior year, (iii) a $0.8 million increase in new product development expenditures, (iv) a $0.5 million increase in training and recruiting fees, partially offset by (v) a $2.9 million decrease in stock-based compensation expense primarily due to certain options modifications and contingent liabilities associated with vested options of certain terminated employees that occurred only during the six months ended December 31, 2007.
The decrease in selling, general and administrative expenses for the three months ended December 31, 2008 compared to the three months ended December 31, 2007, resulted primarily from (i) a $3.7 million decrease in stock-based compensation expense recorded, which was related to the contingent liabilities associated with vested options of certain terminated employees recorded in the second quarter of fiscal year 2008, (ii) a $1.5 million decrease in sales commission paid to distributors representatives due to the decrease in revenues for the three months ended December 31, 2008 compared to the three months ended December 31, 2007, (iii) a $1.5 million decrease in professional fees due to the completion of the investigation into our stock option granting process in September 2007, (iv) a $0.3 million decrease in training and hiring expenses, partially offset by (v) a $0.6 million increase in payroll-related expenses associated with the hiring of additional employees and (vi) a $0.7 million increase in consulting fees.
The decrease in selling, general and administrative expenses for the six months ended December 31, 2008 compared to the six months ended December 31, 2007, resulted primarily from (i) a $9.2 million decrease in stock-based compensation expense which included $3.7 million for the extension of the option exercise period and contingent liabilities associated with vested options of certain terminated employees, which was recorded in the second quarter of fiscal year 2008, (ii) a $3.6 million decrease in sales commission paid to distributors representatives due to the decrease in revenues for the six months ended December 31, 2008 compared to the six months ended December 31, 2007, (iii) a $2.9 million decrease in professional fees due to the completion of our investigation into our stock option granting prices in September 2007, partially offset by (iv) a 1.6 million increase in consulting fees and (v) a $0.7 million increase in payroll-related expenses associated with the hiring of additional employees.
During the second quarter of fiscal year 2009, we implemented a global cost reduction plan that reduced our numbers of employees by approximately 100 employees worldwide. The plan consisted primarily of involuntary employee termination and benefit costs. We recorded a restructuring charge of $0.8 million for the three and six months ended December 31, 2008. Substantially all of the employee related charges for the second quarter of fiscal year 2009 global cost reduction plan were paid within the quarter. We expect to realize a quarterly cost savings of approximately $1.1 million as a result of the reduced employee-related expenses.
Read the The complete Report
Trident Microsystems Inc. designs develops and markets very large scale integrated circuit videographics and audio products for the desktop and portable personal computer market. The company's graphics video and audio controllers typically are sold with software drivers a BIOS and related system integration support. Trident Microsystems Inc. has a market cap of $114.43 million; its shares were traded at around $1.62 with a P/E ratio of 19.4 and P/S ratio of 0.44.
Highlight of Business Operations:
Research and development expenses for the three months ended December 31, 2008 compared to the three months ended December 31, 2007 increased slightly primarily due to (i) a $1.3 million increase in amortization of intellectual property or IP attributable to the increased expenditures for third-party IP licenses, (ii) $0.7 million increase in salary and payroll-related expenses associated with the hiring of additional employees for the three months ended December 31, 2008 compared to same period in the prior year, partially offset by (iii) a $0.8 million decrease in stock-based compensation expense and (iv) a $0.2 million decrease in engineering expenses.Research and development expenses for the six months ended December 31, 2008 compared to the six months ended December 31, 2007 increased slightly primarily due to (i) a $1.7 million increase in amortization of IP attributable to the increased expenditures for third-party IP licenses, (ii) a $1.1 million increase in salary and payroll-related expenses associated with the hiring of additional employees for the six months ended December 31, 2008 compared to the same period of prior year, (iii) a $0.8 million increase in new product development expenditures, (iv) a $0.5 million increase in training and recruiting fees, partially offset by (v) a $2.9 million decrease in stock-based compensation expense primarily due to certain options modifications and contingent liabilities associated with vested options of certain terminated employees that occurred only during the six months ended December 31, 2007.
The decrease in selling, general and administrative expenses for the three months ended December 31, 2008 compared to the three months ended December 31, 2007, resulted primarily from (i) a $3.7 million decrease in stock-based compensation expense recorded, which was related to the contingent liabilities associated with vested options of certain terminated employees recorded in the second quarter of fiscal year 2008, (ii) a $1.5 million decrease in sales commission paid to distributors representatives due to the decrease in revenues for the three months ended December 31, 2008 compared to the three months ended December 31, 2007, (iii) a $1.5 million decrease in professional fees due to the completion of the investigation into our stock option granting process in September 2007, (iv) a $0.3 million decrease in training and hiring expenses, partially offset by (v) a $0.6 million increase in payroll-related expenses associated with the hiring of additional employees and (vi) a $0.7 million increase in consulting fees.
The decrease in selling, general and administrative expenses for the six months ended December 31, 2008 compared to the six months ended December 31, 2007, resulted primarily from (i) a $9.2 million decrease in stock-based compensation expense which included $3.7 million for the extension of the option exercise period and contingent liabilities associated with vested options of certain terminated employees, which was recorded in the second quarter of fiscal year 2008, (ii) a $3.6 million decrease in sales commission paid to distributors representatives due to the decrease in revenues for the six months ended December 31, 2008 compared to the six months ended December 31, 2007, (iii) a $2.9 million decrease in professional fees due to the completion of our investigation into our stock option granting prices in September 2007, partially offset by (iv) a 1.6 million increase in consulting fees and (v) a $0.7 million increase in payroll-related expenses associated with the hiring of additional employees.
During the second quarter of fiscal year 2009, we implemented a global cost reduction plan that reduced our numbers of employees by approximately 100 employees worldwide. The plan consisted primarily of involuntary employee termination and benefit costs. We recorded a restructuring charge of $0.8 million for the three and six months ended December 31, 2008. Substantially all of the employee related charges for the second quarter of fiscal year 2009 global cost reduction plan were paid within the quarter. We expect to realize a quarterly cost savings of approximately $1.1 million as a result of the reduced employee-related expenses.
Read the The complete Report
