News

Trident Microsystems Reports Results for First Quarter 2010

May 06, 2010 by Jeff Shepard

Trident Microsystems, Inc. announced results for its quarter ended Mar. 31, 2010. Results for the quarter include approximately eight weeks of contribution from product lines acquired from NXP B.V., a transaction that closed on Feb. 8, 2010.

For the quarter, the company reported net revenues of $90.4 million, which compares with $31.9 million in the prior sequential quarter and $6.9 million in the quarter ended Mar. 31, 2009. The company reported a net loss for the quarter of $3.9 million, or $0.03 per share, on a generally accepted accounting principles ("GAAP") basis.

Net loss for the quarter includes a net benefit of $33.5 million related to the NXP transaction, consisting of negative goodwill of $48.5 million offset by $15.0 million of intangibles amortization and acquisition-related expenses. Net loss for the quarter also includes $8.4 million of restructuring charges related to previously announced integration plans. The net loss for the first quarter of 2010 compares with a net loss of $23.4 million, or $0.34 per share in the prior sequential quarter and a net loss of $16.6 million, or $0.27 per share, in the quarter ended Mar. 31, 2009.

Non-GAAP net loss for the quarter was $25.8 million, or $0.20 per share, which compares with a non-GAAP net loss of $15.6 million, or $0.22 per share, in the prior sequential quarter and a non-GAAP net loss of $14.4 million, or $0.23 per share, in the quarter ended Mar. 31, 2009.

Sylvia Summers, Trident’s Chief Executive Officer, said, "We accomplished the first phase of a significant integration in the first quarter, successfully closing the NXP transaction and completing approximately eight weeks of combined operations. We are on track to deliver a June quarter in line with earlier guidance and to achieve non-GAAP operating breakeven as early as the end of the year."