TranSwitch Corp. (TXCC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Transwitch Corp. has a market cap of $43.13 million; its shares were traded at around $2.1 with and P/S ratio of 0.77. TXCC is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
During the three months ended March 31, 2010 and 2009, gross profit was affected favorably in the amount of $0.1 million and $0.3 million, respectively, from the sales of products that had previously been written down. Also during the three months ended March 31, 2010 and 2009, we recorded provisions for excess and obsolete inventories in the amount of $0.3 million and $0.2 million, respectively. These charges had a negative impact on our gross profit.
During the three months ended March 31, 2010 and 2009, we recorded net restructuring charges of approximately $0.4 million and net restructuring credits of $6.2 million, respectively.
For the three months ended March 31, 2010 and 2009, income tax expense was $0.1 million and $0.2 million, respectively. The amounts that were recorded reflect income taxes on the earnings of certain of our foreign subsidiaries.
For the three months ended March 31, 2010 and 2009, other income was $0.1 million and $0.5 million, respectively. The other income was primarily due to unrealized exchange rate gains which are recorded for the translation of our intercompany loan balances with our wholly owned subsidiaries.
As of March 31, 2010 and December 31, 2009, we had total cash, cash equivalents and restricted cash balances of approximately $7.7 million and $5.1 million, respectively. This is our primary source of liquidity, as we are not currently generating any significant positive cash flow from our operations. A summary of our cash, cash equivalents, restricted cash and investments in marketable securities and future commitments are detailed as follows:
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Transwitch Corp. has a market cap of $43.13 million; its shares were traded at around $2.1 with and P/S ratio of 0.77. TXCC is in the portfolios of Jim Simons of Renaissance Technologies LLC, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
Total net revenues for the three months ended March 31, 2010 were $12.8 million as compared to $14.2 million for the three months ended March 31, 2009, a decrease of $1.4 million or 10%. Our Network Infrastructure revenues decreased approximately 5% for the three months ended March 31, 2010 as compared to the same period in 2009. This decrease was a result of lower sales of our L3M, Phast-1, E1Mx16, E1Mx21 and ASPEN Express products which were partially offset by increased sales of some of our Carrier Ethernet products (EtherMap family and TEMx28) and our ASIC products. Our CPE revenues decreased approximately 18% for the three months ended March 31, 2010 as compared to the same period in 2009. This decrease was attributable to decreased sales of our Atlanta products (VOIP communication processors) and decreased service revenues partially offset by increased sales from our Mustang (gigabit Ethernet passive optical) product line.During the three months ended March 31, 2010 and 2009, gross profit was affected favorably in the amount of $0.1 million and $0.3 million, respectively, from the sales of products that had previously been written down. Also during the three months ended March 31, 2010 and 2009, we recorded provisions for excess and obsolete inventories in the amount of $0.3 million and $0.2 million, respectively. These charges had a negative impact on our gross profit.
During the three months ended March 31, 2010 and 2009, we recorded net restructuring charges of approximately $0.4 million and net restructuring credits of $6.2 million, respectively.
For the three months ended March 31, 2010 and 2009, income tax expense was $0.1 million and $0.2 million, respectively. The amounts that were recorded reflect income taxes on the earnings of certain of our foreign subsidiaries.
For the three months ended March 31, 2010 and 2009, other income was $0.1 million and $0.5 million, respectively. The other income was primarily due to unrealized exchange rate gains which are recorded for the translation of our intercompany loan balances with our wholly owned subsidiaries.
As of March 31, 2010 and December 31, 2009, we had total cash, cash equivalents and restricted cash balances of approximately $7.7 million and $5.1 million, respectively. This is our primary source of liquidity, as we are not currently generating any significant positive cash flow from our operations. A summary of our cash, cash equivalents, restricted cash and investments in marketable securities and future commitments are detailed as follows:
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