Transmeta blames Japanese sales for poor Q2

Transmeta Corp. on Thursday reported a pro forma net loss of $17.8 million for its second quarter, or $0.14 per share, blaming a weak economy in Japan where the company does most of its business.

The loss was in line with forecasts made by financial analysts polled by Thomson Financial/First Call. However, those analysts had lowered their estimates since the start of the quarter. At that time they expected Transmeta to lose only $0.08 cents a share.

Revenue for the period, which ended June 29, was $10.5 million, compared to $354,000 during the same period last year, Transmeta said.

The above figures for net income exclude certain charges, including intangible assets and deferred stock compensation, purchased in-process technology, and charges to write-off excess inventory. Including those charges, Transmeta actually reported a loss of $69.3 million, or $0.54 per share, compared to $23.8 million, or $0.73 per share, during the year-ago quarter.

Last month, Transmeta slashed its revenue expectations nearly in half, blaming economic woes in Japan where most of its chips are sold. The day after the announcement, Transmeta's shares hit what was a 52-week low at the time, trading at $5.31 per share.

Ahead of Thursday's results, Transmeta's (TMTA) shares on the Nasdaq closed down 0.26 percent, to $3.80.

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Douglas F. Gray

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