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Trident Microsystems Reports Results for Fourth Quarter Ended Dec. 31, 2010

SUNNYVALE, Calif. Feb. 3, 2011 Dec. 31, 2010

$118.6 million $176.6 million $31.9 million Dec. 31, 2009 $53.8 million $0.31 $17.5 million $0.10 $23.4 million $0.34 Dec. 31, 2009

Non-GAAP Results

$25.4 million $0.15 $0.0 million $0.00 $15.6 million $0.22 Dec. 31, 2009

Philippe Geyres, Trident’s interim chief executive officer and board member, said, "The disappointing results for the quarter reflected the industry-wide inventory correction in LCD TV, which particularly impacted the mid-range and high-end of our product line, as well as softness in our legacy standard definition retail set-top box products and delayed customer ramps of certain new set-top box programs.  These same factors are expected to negatively impact our revenues in the first quarter of 2011, which is seasonally our weakest period."

Mr. Geyres continued, "In the near term, we are focused on serving customers, securing designs for 2012 revenues, and continuing our integration activities to lower the breakeven point.  At the same time, we are assessing how best to leverage Trident’s technology assets and market presence for profitable growth.  The first half of 2011 will be very challenging.  We expect to ramp new products and customer programs in the second half and continue ongoing cost reductions, with the goal of positioning the company for cash flow positive operations in the second half of the year and greater success in 2012."

Outlook

Mar. 31, 2011

  • $75 million to $85 million
  • Non-GAAP gross margins are expected to be in the range of 27% to 28%.
  • $50 million to $54 million $34 million to $37 million $16 million to $17 million
  • $27 million to $32 million
  • $1 million
  • $20 million to $23 million $6 million to $8 million
  • $55 million to $65 million

Investor Conference Call

Date:   Thursday, Feb. 3, 2011

Time:   2:00 p.m. Pacific Time (5:00 p.m. Eastern Time)

Domestic Dial-In:   866-788-0547

International Dial-In:   857-350-1685

Passcode: 70497357

http://www.tridentmicro.com www.fulldisclosure.com www.streetevents.com

Use of Non-GAAP Financial Information

To supplement the consolidated financial results prepared under GAAP, Trident uses a non-GAAP conforming, or non-GAAP, measure of net income (loss) that is GAAP net income (loss) adjusted to exclude certain costs, expenses and gains.  Non-GAAP net loss, non-GAAP gross margin and non-GAAP expenses give an indication of Trident’s baseline performance before gains, losses or other charges that are considered by management to be outside the company’s core operating results. In addition, these non-GAAP measures as a percentage of net revenues are used to identify key trends in performance and measure key results against objectives.  These non-GAAP measures are among the primary indicators management uses as a basis for planning and forecasting future periods. These measures are not in accordance with, or an alternative for, GAAP and may be materially different from non-GAAP measures used by other companies. Trident computes non-GAAP net income (loss) by adjusting GAAP net income (loss) for acquisition-related expenses, stock-based compensation expense, expenses related to the stock option investigation and related matters, legal settlements, restructuring charges, expenses related to software license fees, amortization and impairment of intangible assets from acquisitions, impairment loss, backlog amortization, capital gains and losses and dividend income.  A detailed reconciliation between net loss on a GAAP basis and non-GAAP net income (loss) is provided in an attached table.

Forward-Looking Information  

http://www.sec.gov

About Trident Microsystems, Inc.

Sunnyvale, California www.tridentmicro.com

NOTE: Trident is a trademark of Trident Microsystems, Inc. All other company and product names are trademarks and/or registered trademarks of their respective owners. Features, pricing, availability and specifications are subject to change without notice.

TRID-IR

TRIDENT MICROSYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

September 30,

December 31,

December  31,

December  31,

(In thousands, except per share data)

2010

2010

2009

2010

2009

Net revenues

$118,578

$176,568

$31,918

$557,198

$84,775

Cost of revenues

95,872

128,398

26,673

439,635

63,946

Gross profit

22,706

48,170

5,245

117,563

20,829

% of net revenues

19.1%

27.3%

16.4%

21.1%

24.6%

Research and development expenses

43,575

44,709

16,162

175,001

59,748

% of net revenues

36.7%

25.3%

50.6%

31.4%

70.5%

Selling, general and administrative expenses

17,278

19,459

11,143

79,161

31,027

% of net revenues

14.6%

11.0%

34.9%

14.2%

36.6%

In-process research and development

697

% of net revenues

0.0%

0.0%

0.0%

0.0%

0.8%

Goodwill impairment

7,851

1,432

% of net revenues

0.0%

0.0%

0.0%

1.4%

1.7%

Restructuring charges

13,095

2,301

50

28,261

1,607

% of net revenues

11.0%

1.3%

0.2%

5.1%

1.9%

Operating loss

(51,242)

(18,299)

(22,110)

(172,711)

(73,682)

% of net revenues

(43.2)%

(10.4)%

(69.3)%

(31.0)%

(86.9)%

Loss on investment

(94)

(303)

Gain on acquisition

43,402

Interest and other income (expense), net

(1,660)

2,628

(561)

1,819

(613)

Loss before income taxes

(52,902)

(15,765)

(22,671)

(127,793)

(74,295)

% of net revenues

(44.6)%

(8.9)%

(71.0)%

(22.9)%

(87.6)%

Provision for (benefit from) income taxes

877

1,749

700

1,096

3,911

% of net revenues

0.7%

1.0%

2.2%

0.2%

4.6%

Net loss

($53,779)

($17,514)

($23,371)

($128,889)

($78,206)

% of net revenues

(45.4)%

(9.9)%

(73.2)%

(23.1)%

(92.3)%

Basic and diluted net loss per share

($0.31)

($0.10)

($0.34)

($0.79)

($1.18)

Shares used in basic and diluted per share computation

174,772

174,553

69,506

163,438

66,482

TRIDENT MICROSYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

December 31,

September 30,

December 31,

(In thousands)

2010

2010

2009

ASSETS

Current assets

Cash and cash equivalents

$  93,224

$  102,711

$  147,995

Accounts receivable, net

62,328

96,106

4,582

Accounts receivable from related parties

7,337

9,085

Inventories

23,025

26,998

14,536

Note receivable from related party

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