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Wow, read what they do in Ukraina, when there are election irregularities. That's what I call a working opposition with balls.
DJ Ukraine Parliament Called For Emergency Session Over Vote
11/23/2004
Dow Jones News Services
(Copyright © 2004 Dow Jones & Company, Inc.)
KIEV (AP)--With tens of thousands of demonstrators flooding the center of the Ukrainian capital to protest alleged fraud in the presidential elections, the opposition called an emergency parliament session Tuesday to demand the annulment of official results already rejected by several municipal governments.
The Ukrainian Election Commission's announcement that Kremlin-backed Prime Minister Viktor Yanukovych was ahead of Western-leaning candidate Viktor Yushchenko with nearly all the votes counted galvanized dismay and anger Monday among many of the former Soviet republic's 48 million people.
During Tuesday's emergency session of the national parliament, Yushchenko's supporters aim to vote no-confidence in the election commission and annul the official results.
If the parliament doesn't take action to solve the crisis, "we will have no choice but to block roads, airports, seize city halls," said Yuliya Tymoshenko, a Yushchenko ally.
As protesters milled outside Kiev's city council building Monday, its members inside passed the resolution calling on the national parliament not to recognize the election results.
Although official results, with more than 99% of precincts counted, showed Yanukovych leading with 49.42% to his challenger's 46.70 percent, several exit polls had found Yushchenko the winner, one by a margin of 11 percentage points.
Observers working with the Organization for Security and Cooperation in Europe said extensive indications of voting fraud were found, including people apparently voting multiple times and voters being forced to turn over their absentee ballots to state employers.
Well, some people say that GLD will increase the Gold price "artificially" since it is letting more people participate easily.
I am not worried about every share being covered with gold bullions, since I don't expect many people to actually turn their shares into real gold and letting them deliver it. That is also why I would trade GLD instead of actually buying Gold. I don't have to take care of securing the metal. Anyway, I read somewhere, that they will sell or buy additional bullions depending on the demand for the ETF. So I guess everything is covered somehow.
I might actually look into their prospectus.
I am not so interested in Gold as an investment. It's more of a hedge or arbitrage play...
s.
ok, I believe the 0.4% is annualized, isn't it. So how is it done? Do they deduct their expenses on a daily basis or will this happen once a year?
Also, are the expenses covered by issuing more share or..?
Let's kick off this board.
Hey,
since this traded now a couple of days, does somebody know:
how many seconds/minutes is this ETF behind the real gold price and how many ticks is GLD circling around the real price? Also, does it lead the real gold price or is it following? (Taking into accound it's 1/10th of the gold price)
thx
S.
First post.
The market feels like a small USD correction this week. I wouldn't be surprised to see EUR-USD down to between 1.2750-1.2800 until the buck resumes it's downtrend. But what do I know...
OT.: Long but good read:
New Booz Allen Report Reveals Causes for Shareholder Value Destruction; Companies Are Focused on Compliance, but Strategy and Operational Mistakes Destroy More Shareholder Value
Business Wire - November 18, 2004 12:03
Effective Risk Governance the Key to Preserving Value and Encouraging Growth
NEW YORK, Nov 18, 2004 (BUSINESS WIRE) -- Is compliance the biggest issue for business today? In recent years, corporate missteps have wiped out hundreds of billions of dollars in shareholder value, in industries ranging from telecom to energy to healthcare. The result has been a compliance backlash, with an onerous wave of regulatory reform that threatens to hinder growth and innovation. However, a new report from management consulting firm Booz Allen Hamilton found that more shareholder value has been destroyed in the past five years as a result of strategic mismanagement and poor execution than was lost in all of the recent compliance scandals combined.
Booz Allen analyzed approximately 1,200 firms with market capitalizations over $1 billion as of 12/31/1998 for the five-year period from 1999 through 2003 and identified the poorest performers - the 356 companies that trailed the lowest-performing index for that period, the S&P 500. The companies lost more than 2 percent a year in shareholder value on a Compound Annual Growth Rate basis over the five-year period.
The results were startling - only 13 percent of the decrease in shareholder value in these companies resulted from compliance failures. Sixty percent of the value destruction was attributable to strategic mistakes, such as misjudging customer demand or competitive pressure, or management ineffectiveness. An additional 27 percent was due to operational blunders, such as cost overruns or poorly managed integration during mergers and acquisitions.
"The problem runs deeper than a few bad apples, and compliance is not the main culprit in the destruction of shareholder value," notes Booz Allen Senior Vice President Paul Kocourek. "Risk governance is the key to finding the balance between control and innovation. Companies need to develop a process that both protects shareholder value, by eliminating earnings surprises, and also enhances it, by fostering growth."
Booz Allen identified five imperatives for developing a risk governance program that fosters growth while managing risk:
-- Define what constitutes risk and develop early-sensing
mechanisms - expand the definition of risk beyond the
traditional; consider threats to earnings drivers such as
customer churn, as well as cultural risks, such as misaligned
incentives or communications breakdowns.
-- Determine the risk agenda - establish priorities and build the
capabilities that ensure a company is able to handle risks
when they occur.
-- Build or adapt the risk management architecture - identify the
processes, organization, information and cultural tools needed
to manage risk.
-- Make risk management part of strategic planning - help the
company drive growth, as well as deliver compliance.
-- Adapt to changes in the risk environment - stay flexible and
responsive enough to adjust quickly to changing market
dynamics.
Industry findings
The study revealed significant industry differences in its examination of shareholder value destruction. Strategic losses were the most common cause in the telecom, media, tech and manufacturing industries, at 70 percent of the total. By contrast, strategic losses made up only 30 percent of the total in energy, and 42 percent in the transportation industry.
Operational losses were highest in the transportation (50 percent) and energy (48 percent) industries. Energy (22 percent) and financial services (21 percent) had the greatest compliance-related losses, but compliance was consistently the smallest factor overall in shareholder value destruction. International results were relatively consistent, with one exception - in Latin America, strategic losses were lower than the global average, (50 percent vs. 60 percent), but compliance losses averaged 25 percent of overall decline in shareholder value, nearly double the global average of 13 percent.
"Risk management needs to be about more than compliance with regulatory mandates - it should be a tool to position a company for uninterrupted growth," said Booz Allen Principal Jim Newfrock. "Companies that take a narrow and defensive approach and reduce risk management to a 'box-checking' activity will have a harder time innovating and growing in today's networked, global economy."
To obtain a copy of the Booz Allen report, "Too Much SOX Can Kill You; Resolving the Compliance Paradox," contact Karen Guterl at guterl_karen@bah.com.
About Booz Allen Hamilton
Booz Allen Hamilton has been at the forefront of management consulting for businesses and governments for 90 years. Booz Allen, a global strategy and technology consulting firm, works with clients to deliver results that endure.
With more than 15,000 employees on six continents, the firm generates annual sales of $2.7 billion. Booz Allen provides services in strategy, organization, operations, systems, and technology to the world's leading corporations, government and other public agencies, emerging growth companies, and institutions.
Booz Allen has been recognized as a consultant and employer of choice. In a 2003 independent study by Kennedy Information, Booz Allen was rated the industry leader in performance and favorable client perceptions among general management consulting firms. Additionally, Working Mother has twice ranked the firm among the top 10 in its "100 Best Companies for Working Mothers" list.
To learn more about the firm, visit the Booz Allen Web site at www.boozallen.com. To learn more about the best ideas in business, visit www.strategy-business.com, the Web site for strategy+business, a quarterly journal sponsored by Booz Allen.
SOURCE: Booz Allen Hamilton
We are going down the tubes not just because of ignorance of the majority but also the extreme stupidity of our leaders that they have supported.
there are people who say every nation/people deservers their leaders, even more so when they elected them (twice).
imho, the problem goes deeper. of course they want to get reelected, but will you change something by sending letters directly to your senators trashcan? no way.
it's how I see it. the mental state of most americans never advanced to a state that should be required when a nation becomes a superpower. many in the US share the religious believe their ancestors had when they left europe hundreds of years ago just to name one problem. apparently that believe only survived in the US en masse. "elect kerry so god will" and "pray for him"? C'mon that is sad, very sad.
Oh, and that goes for any political site.
ready to be alienated.
@Laird Cregar
just a news item from today since we talked about:
Tokyo, Nov18. Today"s Nikkei reports that Russia will move from an USD-peg to a EUR-USD basket system where the Euro will take a 70% share and the U.S. dollar a 30% share. The new basket will come into effect at the beginning of 2005 according to the Nikkei. The move is expected to better reflect Russia"s trade situation, where trade with the U.S. only accounts for 5% of the total compared to Europe"s 50%. Recent USD weakness is seen to have played a part in expected move, and will likely make it easier for the Russian central bank to carry out its interventions to stabilize the currency. With the switch to this basket, Russian reserves estimated at around US$100 mln [i think it should read US$100 bln here]currently will have to be shifted around to reflect EUR"s prominence. Currently, USD maintains a 65% share of Russian foreign reserves and EUR 25%. Of Russian exports, 70% is denominated in USD. About 50% of imports, in contrast, are being paid out in EUR. --
Haruya.Ida@thomson.com
Will see how much it drops. I can imagine a few surprises along the way.
The status as the only reserve currency is gone since a few years already imho, but it takes times until the perceptions are turned into practice, many years that is.
That wouldn't be an attack. It's simply the world voting against Bush by withdrawing their USD holdings. No surprise if the USD will loose another 40-80% during the next 4 years. Who wants to loose money by buying usdollars?
Well, in the west there is the pacific in the east the atlantic in the north canada and in the south mexiko. So the US can happilly bomb almost the entire world without the fear of a major reprisal. It is still seen as an advantage.
I hope there will be a draft in the US soon. I want to see all republican voters standing in the first line when you guys go into Iran.
It is time we all did something about this, for a start, send this article to your ministers, to your rabbis, to your friends and most of all to your senators and congressmen and to George W. Bush himself so that he may hopefully wake-up from the narcotic of war and return to the words of Jesus, "Mercy, " and "Blessed are the peacemakers," not those who make war or kill women and children.
This clearly shows that the author of this article is a big idiot and moron. Send complains to Bush himself or the senator? Hahahahaha, c'mon.
Don't you get it? As long as the protest stays on the net it is merely a way to rid yourself of your natural aversion of the current dictatorship in the US. Nothing more, once you turn off your PC and sit back in your TV chair with a full bottle of Coke/Bud in one hand and a Burger/Pizza in the other, the world looks ok again, doesn't it? And the new US nazi elite goes on with doing what it wants.
What a shame, hardly anybody is doing anything in REAL life.
The only question I am really curious about: Will there be another presidential election in the US? Guess yes, now those people found a way to easily win any election.
Happy cyberlife!
Any comments on the new man?:
DJ Bush To Name Alberto Gonzales Attorney General - Reports
NEW YORK (Dow Jones)--President George W. Bush has chosen White House counsel Alberto Gonzales to succeed Attorney General John Ashcroft, according to news reports Wednesday.
According to MSNBC, which cited Republican sources, there is discussion about making the announcement as early as Wednesday. The Cable News Network said it learned of the upcoming appointment from congressional as well as administrative sources.
Q3 Results:
Wyndham Intl 3Q Losses $15.6M Vs $89.1M
Wyndham Intl 3Q Rev $204.4M Vs $181.8M, +12%
Wyndham Intl 3Q Losses 35c A Shr Vs 76c
Wyndham Intl Sees Realignment Cutting Costs $10M-$12M/Yr
Wyndham Intl Backs Outlook
Wyndham Intl Still Sees Year Adjusted EBITDA $265M-$275M
Q3 Results out. Looks very good on the first look.
I found the extended version:
Four centuries later, London was lending to the new United States. "London saw it as a very unreliable developing country, with a black record of embezzlement, fraudulent prospectuses and default," notes Sampson. But the bankers made loans in any case. In 1842, 11 states including Maryland, Pennsylvania, Mississippi and Louisiana defaulted. Setting a precedent that would be used often in later years, Barings bank simply intervened in local politics. In Maryland Barings helped to finance candidates in the next election who were willing to repay. "In the elections in 1846 the `resumptionists' narrowly won, and soon afterwards Maryland raised new taxes which enabled it to repay its debts. The campaign had cost Barings about $15,000; it was worth it," notes Sampson.
Mississippi held out. By 1929 the unpaid debt was estimated at $32 million, and as recently as 1980 London banks were still trying to get Mississippi to repay on the loans it defaulted on 138 years earlier.
it would be still interesting to find out more about the economic data back at that time and compare it to nowadays.
By the way the entire article it worthwhile reading!
The first link states this at the bottom:
?? Mississippi debts to UK, 1842 default
that could mean a US state default, but it seems the author is unsure.
Would be an interesting topic to do more research about, if it really happenend and why.
Anybody here knows about the Bush or Republican position regarding government defaulting on its dept? Maybe they don't think it's immoral?
Argentine did it too.
Did the US ever in its history default its dept?
thx
I didn't.
May I ask how many employees your company has?
s.
Lol, so how many times did YOU vote?
Russian Observer Shocked by U.S. Election Procedures
Created: 03.11.2004 11:11 MSK (GMT +3), Updated: 13:06 MSK, 15 hours 26 minutes ago
MosNews
A Russian parliamentarian taking part in international monitoring of the U.S. presidential elections has said that the elections were held in violation of U.S. law and that that he was shocked after seeing how the elections were held.
The Interfax news agency cited State Duma deputy Aleksei Ostrovsky of the Liberal Democratic Party as saying that he was shocked by the way the elections were held in the U.S.
"In my opinion there are possibilities to forge the elections results and these possibilities are caused by serious, as we see it, violations of the electoral law," the MP said in a telephone interview.
The parliamentarian noted that primarily he was shocked by the fact that U.S. citizens do not produce any ID as they come to polling stations. "It is enough to say 'I am Mr. Smith,' and he is allowed to vote; the same person can exit one polling station and go to another and vote again using the same procedure," the Russian MP said.
Ostrovsky also noted that all Americans who he talked to had said they did not like voting by computer. "Often people simply do not understand how to vote and nobody really tries to explain it to them," the observer said.
Apart from Aleksei Ostrovsky two more Russian parliamentarians are observing the U.S. presidential elections under the aegis of the OSCE. They are the deputy chief of State Duma's International Affairs Committee Aleksandr Kozlovsky of the United Russia faction and a member of the Committee for Affairs of Federation and Regional Policy, Leonid Ivanchenko of the
Communist Party of the Russian Federation.
http://www.mosnews.com/news/2004/11/03/russianobserver.shtml
A question. If somebody has a deeper analysis, i would appreciate to read it.
I don't understand why the percentage of voters is that low around 60%? Here in Europe if the percentage is that low everybody starts to prognose the end of democracy.
I mean 40% of people that had the right to vote did not. That is how much? 70 MILLION PEOPLE DIDN'T VOTE.
Why don't they vote? I don't get it.
don't think computer voting really mattered. I mean Bush won by 3.5 million public votes advantage. Even if a few votes were forged, that is a impressive lead.
I found this on the ihub nothing but politics board. Kind of funny.
Republicans will wake up today to a world in which Osama bin Laden may be the last fiscally conservative Republican left standing. "As for the size of the economic deficit," scolded bin Laden in his latest communique to America, "it has reached record astronomical numbers estimated to total more than a trillion dollars. And even more dangerous and bitter for America is that the mujaheddin recently forced Bush to resort to emergency funds to continue the fight in Afghanistan and Iraq, which is evidence of the success of the bleed-until-bankruptcy plan -- with Allah's permission."
Anyway, and whatever bin Laden said, the dollar will probably loose another 40-80% of it's value under Bush the next 4 years. Luckily I got most of my money out of the US some time ago, and I am sure I won't put it back in now.
yeah, one can tell you saw a political comedy lately. I am myself watching one right now: The electoral vote system, one that the entire world laughs about...
(sorry)
from /.
NobodyButMe writes "Transmetazone.com has posted a link to a 'world-exclusive' IBASE MB860 review on EpiaCenter.com. This appears to be the first review of a Mini-ITX board built around Transmeta's efficeon technology. Transmeta has also approved this board to be the official reference platform for the TM8600 processor and if you take a look at the benchmark results in the review (page 4) then you'll understand why as VIA's EPIA-M10K board looks quite pale in comparison. The review also adresses issues such as power consumption, temperatures and thermal throttling - three very interesting points when looking at the Efficeon processors. If the MB860 weren't so expensive (~500$ or something as it's aimed at the 'industrial market') then this could easily beat the EPIA boards (IMHO).
http://slashdot.org/article.pl?sid=04/10/25/2229220
from the review
"One of the strong selling points is certainly that this board is fanless while offering good performance at very low-power consumption levels. It is quite impressive to see that the difference in total power consumption between idle (at ~18w) and full load (~30w) is very low. It's even more impressive if you realize that the CPU itself is only using a maximum of ~2w when playing a DVD. At the same time the temperature remains at an acceptable level while you are always sure that the system won't be damaged thanks to the thermal throttling. I think that the MB860 could be a great choice for CarPCs as these systems are especially sensitive as far as power consumption and heat are concerned."
Nice,
I just discovered the last villain in the 3rd season of "24" uses an OQO. Too cool, however he gets captured nevertheless by Jack Bauer.
S.
not yet posted here I think:
Transmeta said the Efficeon 3 will also run on the 90-nanometer process but that Efficeon 4 and 5 will run on a 65-nanometer process that can accommodate more circuitry on a single chip.
http://marketwatch-cnet.com.com/Via+to+throw+hat+in+64-bit+x86+chip+ring/2100-1006_3-5397646.html?ty...
Since the EURUSD blasted through 1.22 to 1.21 it now feels like we might see the EURUSD gravitate towards the 1.10 level or even "stampede" right through it during the coming months.
Well, I haven't seen the movie. Unfortunately "withdrawing the case" in our situation means "Game over" for Transmeta in its current form. Their is just not enough money earned in the future.
The good side is, "rather an end with horror, then a horror without ending".
I really expected $15 Mill for Q3. Sad, sad, sad...
There's nothing that pleases me when one of the little guys drops out of the race. If TMTA declares bankruptcy tomorrow,
Ch11 won't happen.
Moreover, TMTA inspired Intel to design a more competitive solution for the low power market, and that has helped them competitively a great deal.
Indeed, in the past 2-3 years, I often had to think about the purpose of Transmeta. Often I ended up seeing the only purpose of Transmeta being the creator and tester of new products and markets, upon success the bigger sharks would enter.
I still remember Microprocessor Forum 2001, in which Dave Ditzel totally slammed the Pentium III-M with misleading graphs and data in order to make the Crusoe seem much better than it really was. His attitude during his presentation and the Q&A must have inspired something fierce from Intel, because Banias came out a year and a half later. Needless to say, at Microprocessor Forum 2003, he was a lot more humble.
Now I also dislike misconduct, but here I have to defend Ditzel with a bit of history. Before their IPO Transmeta was a pure research company with a lot of time on their side. Crusoe at that time was a try, a test, an experiment. Somehow there happened to be a bubble and Wall Street told Transmeta, if you don't go public now, even with an unfinished product, the window of opportunity will be closed for many years. So they did their IPO, too prematurely and without decent revenue and future.
Now after it happened and they made a lot of money, they actually had to get serious with their biz while being to young and too small and lacking the marketing and experience to be successful. So, how to get enough attention to survive? Yub, go against Intel, bash them, make noise so everybody gets interested. The problem only was, they drumed too loud and it became their death bell.
Sure, it came across arrogant and cocky, but what other chance did they have? I am not trying to defend cockiness as such(but I think Transmeta should be allowed to be since what they developed is incredible).
It was necessary for the Crusoe product to do that and find OEMs who would buy it. However the Efficion is a very good product that should stand on its own, not so much drum beating needed. But Intel is a bit too paranoid.
Even from the beginning, I found the concept of a VLIW core with x86 emulation a little ambitious. A product of this complexity is almost sure to suffer from launch delays, and sure enough, these have plagued TMTA through most of their business. Even this year, in which they were supposed to ramp Efficeon, it seems that they have made very little headway. There are still barely any laptop designs out there with an Efficeon processor, and those that exist are in such low volume mobile markets that they couldn't possibly find enough end-users to make themselves profitable.
Well, it is ambitious, but they handled it well considering what resources they had. Actually one has to really respect them for what they pulled of being so limited compared to Intel. You sure are right speaking about Crusoe, it was unfinished, it was their first product, naturally everybody makes many mistakes with the first product etc.
HOWEVER, you are wrong when it comes to Efficion. The reason why Efficion is not seen anywhere is purely coming from Intels pressure. They are making it very sure that we hardly seen any Efficion product in shops. It is not because mistakes on the execution side of Transmeta. How can an ant stem an elephant?
Investors in TMTA should realize this, instead of hoping for speculative swings because of fluffy product announcements or marketing spin. Each person makes their own decision on how to invest, and I respect your opinions, even if I disagree. I still wish you good luck in your other endeavors, and hopefully you've diversified.
Don't you worry about me, I am just an anonymous figure on a stock board. And I tell you for sure, you can even make a lot of money with bankrupt stocks being long. Furthermore, sure, I am well diversified and even a total loss in TMTA won't kill me. However, I still like to see more from this stock, not for money reasons, but because only with this stock I feel sympathetic strangely.
I am pretty sure of one thing. In Q3 or Q4 latest, we will see a buyout or merger of some kind. And the technology of our little company will be in more powerful hands. I am sure it won't be Intel, or would you sell to the company that stacked the dagger into your heart? And then, this could create a worse situation for Intel compared to the former scenario of letting Transmeta survive on its own, cooking on a small flame.
s.
To get into an IP company alone they also have to pick up license deals faster. That problems seems to repeat itself (compared the non existing or too slow chip sales).
I really only see a way out if Perry picks up the phone tomorrow and calls MSFT, Apple, VIA or whoever and starts talking about a buyout. I like MSFT best, and them getting serious into the chip biz with their marketing muscle.
I can't really blame Transmeta or their execution. They did some great enginering and products. Imho they have done everything right except going against Intel. After discovering that TMTA had some great stuff, Intel did everything to extinguish and to hunt them down. Hardly seen them so fiercly on any another company. What caused them to go so strongly on such a little company?
It's time for them to give up the proudness of being a little innovative chip company. It just didn't work and IP ALONE won't work either at the moment.
By the way I am keeping my shares (after I lost all the hope with the Q3 forecast on Transmeta as it is existing at the moment), since I don't think Perry or any new CEO will let this company go Ch11. They sell it before, they have to sell it before or change the management. ...And since I value the buyout price above the current market price.
Last but not least, funny is that the price at the moment is again at the same level I bought my first shares years ago, although the company has evolved tremendously imho.
s.
Well, if you were able to read quaterly reports you would know that the Q2 revenue was solely chip sales. The first LR2 License revenue will be included in Q3.
Anyway, it looks like you Intel guys won and can make another cross on your "killed" list. Happy now?
Well, revenue was what I expected for Q2. The outlook for Q3 is too low for my taste. However, it's good to know that one LR2 License pays $3Mill per Q. ($3.5Mill in Q3)
Results Q204:
SANTA CLARA, Calif., Jul 22, 2004 (BUSINESS WIRE) -- Transmeta Corporation (Nasdaq:TMTA), the leader in efficient computing, today announced financial results for its second quarter of fiscal 2004 ended June 25, 2004.
Net revenue for the second quarter of fiscal 2004 was $6.0 million, up 15 percent from $5.2 million in the first quarter of 2004 and up 18 percent from $5.1 million in the second quarter of 2003. GAAP net loss for the second quarter of 2004 was $25.5 million, or a loss of $0.15 per share. This compares with a GAAP net loss of $23.4 million, or a loss of $0.14 per share in the first quarter of 2004 and a GAAP net loss of $22.0 million, or a loss of $0.16 per share in the second quarter of 2003.
Excluding the net effects of non-cash charges and credits of $2.6 million, the non-GAAP net loss for the second quarter of 2004 was $22.9 million, or a net loss of $0.13 per share. This compares with a non-GAAP net loss of $19.6 million, which excludes the net effects of non-cash charges and credits of $3.8 million, or a net loss of $0.11 per share in the first quarter of 2004, and a non-GAAP net loss of $18.3 million, which excludes net non-cash charges of $3.7 million, or a net loss of $0.13 per share in the second quarter of 2003.
"In the second quarter, we grew revenues by 18 percent year-over-year, increased unit shipments of our Efficeon processors by about 130 percent sequentially and made significant progress on our 90-nanometer Efficeon processors," said Dr. Matthew R. Perry, president and CEO of Transmeta. "The majority of our second quarter revenue came from the thin client and notebook markets, and the overall revenue was spread over a broader base of customers than in the past few quarters."
"We are pleased with the significant progress we are making on our 90-nanometer Efficeon processors. Our demonstration of 1.6 GHz 90-nanometer Efficeon processors at Computex in June was well received by existing as well as potential customers and partners. In fact, our first 90-nanometer customer plans to launch its product late in the third quarter. We also sampled our first 1.7 GHz 90-nanometer Efficeon during the second quarter. We expect some additional Efficeon systems to ship in 2004; however, due to market dynamics and customer resource constraints, the majority of the Efficeon designs are expected to ship in 2005," said Dr. Perry.
"During the quarter, we formed a licensing group within Transmeta to focus on servicing our first LongRun2 licensee and pursuing additional opportunities. In July, we met our planned delivery commitments to our first licensing partner and received $3.0 million in cash as the first installment of our technology transfer fee for our LongRun2 technologies," said Dr. Perry.
Highlights
-- Sharp introduced its Mebius Muramasa MobilePC in Japan. The
MobilePC, which is the first UPC-like product to use
Transmeta's Efficeon(TM) processor, weighs less than two
pounds and is 1.2 inches thin.
-- Hewlett-Packard announced the availability of its HP Blade PC
bc1000 as part of the HP Consolidated Client Infrastructure
(CCI) solution. The CCI solution consists of an HP thin
client, which is powered by Transmeta's Crusoe(R) processor,
and the Blade PC, which is powered by a Transmeta Efficeon
processor.
-- Fujitsu Siemens recently announced that its new FUTRO S thin
client series will utilize Transmeta's Crusoe processors.
-- iBase announced that it is using Transmeta's Efficeon
processors in its Mini-ITX small board computer, reducing time
to market for Efficeon in the embedded and consumer
marketplace.
-- Transmeta announced that its new 90-nanometer Efficeon
processors will include "No Execute" (commonly known as "NX")
support as a standard feature. Efficeon processors, in
conjunction with the Execution Protection feature in
Microsoft's Windows XP Service Pack 2, will offer increased
protection against many of the most common types of virus and
worm attacks.
-- Additional highlights include seven new Tablet PCs and other
mobile computers, including those from Elitegroup Computer
Systems, JLT Computers and Microstar International. Several
European customers also introduced new embedded products in
the second quarter, including a single circuit board system
from KWS Computersysteme, an embedded industrial PC from MEN
Mikro and a compact PCI-CPU from SMA Regelsysteme. All these
new products are powered by Transmeta's Crusoe processors.
Current Financial Outlook for Third Quarter 2004
The following outlook statements are based upon current expectations. These statements are forward looking, and actual results could differ materially.
The company currently expects its third quarter revenue to be between $8.0 million and $8.7 million, about $3.5 million of which is expected to be revenue from its first LongRun2(TM) licensing partner for the transfer of LongRun2 technologies. GAAP net loss per share for the third quarter is expected to be in the range of $0.11 to $0.13 and a non-GAAP net loss per share in the range of $0.10 to $0.12. The expected non-GAAP net loss per share excludes the effect of non-cash amortization and deferred compensation charges, which are expected to be approximately $2.3 million for the third quarter. Operating expenses are expected to be around $22.0 million. Cash and equivalents at the end of September is expected to be approximately $65.0 million.
Conference Call
The company will hold a conference call at 2:00 p.m. Pacific Time today, July 22, 2004, to discuss the second quarter fiscal 2004 financial results. To participate, please dial 719-457-2617 at approximately 1:50 p.m. PT. A live webcast of the conference call will be available via the investor relations page of the company's website at www.transmeta.com. A replay of the call will be available one hour after the completion of the call. To access the recording, please dial 888-203-1112, passcode 763758. For callers outside the U.S., please dial 719-457-0820, with the same passcode.
About Transmeta Corporation
Founded in 1995, Transmeta Corporation designs, develops and sells highly efficient x86-compatible software-based microprocessors that deliver a compelling balance of low power consumption, high performance, low cost and small size. Our products are valuable for diverse computing platforms demanding energy efficiency, low heat and x86 software compatibility. We also develop advanced power management technologies for controlling leakage and increasing power efficiency in semiconductor and computing devices. To learn more about Transmeta, visit www.transmeta.com.
Safe Harbor Statement
This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements speak only as of the date of this release, and we will not necessarily provide updates of our projections or other forward-looking statements. Investors are cautioned that such forward-looking statements are subject to many risks and uncertainties, and may differ materially or adversely from our actual results or future events. Important risk factors that could have material or adverse effects on our results include general economic and political conditions and specific conditions and volatility in the markets that we address, the rescheduling or cancellation of significant customer orders, market acceptance and adoption of our new products by our present and future customers and end users, difficulties in developing or manufacturing new and existing products in a timely and cost effective manner, our dependence on third parties for sourcing materials and providing manufacturing services, intense competition and competitive pressures, patents and other intellectual property rights, and other risk factors. We urge investors to review our filings with the Securities and Exchange Commission, including our most recent reports on Forms 10-K and 10-Q, which describe these and other important risk factors that could have an adverse effect on our results. We undertake no obligation to revise or update publicly any forward-looking statement for any reason.
Transmeta, Efficeon, LongRun2 and Crusoe are trademarks of Transmeta Corporation. All other product or service names mentioned herein are the trademarks of their respective owners.
TRANSMETA CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
-----------------------------------------
June 25, June 27, June 25, June 27,
2004 2003 2004 2003
--------- --------- --------- ---------
(unaudited) (unaudited)
Net revenue $6,000 $5,054 $11,202 $11,071
Cost of revenue 8,011 4,998 13,625 9,450
--------- --------- --------- ---------
Gross profit (loss) (2,011) 56 (2,423) 1,621
Operating expenses
Research and development 13,719 12,190 26,436 24,669
Selling, general and
administrative 7,418 6,347 14,139 12,981
Amortization of
deferred charges
and intangible assets 2,347 2,634 4,751 5,274
Stock compensation 230 1,095 1,580 1,531
--------- --------- --------- ---------
Total operating
expenses 23,714 22,266 46,906 44,455
--------- --------- --------- ---------
Operating loss (25,725) (22,210) (49,329) (42,834)
Interest and other, net 223 189 454 772
--------- --------- --------- ---------
Net loss $(25,502) $(22,021) $(48,875) $(42,062)
========= ========= ========= =========
Net loss per share -- basic
and diluted $(0.15) $(0.16) $(0.28) $(0.30)
Weighted average shares
outstanding -- basic and
diluted 174,006 138,678 172,938 138,089
TRANSMETA CORPORATION
NON-GAAP CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
The following non-GAAP supplemental information excludes the
amortization of deferred charges and intangible assets and non-cash
stock compensation awards
Three Months Ended Six Months Ended
-----------------------------------------
June 25, June 27, June 25, June 27,
2004 2003 2004 2003
--------- --------- --------- ---------
(unaudited) (unaudited)
Net revenue $6,000 $5,054 $11,202 $11,071
Cost of revenue 8,011 4,998 13,625 9,450
--------- --------- --------- ---------
Gross profit (loss) (2,011) 56 (2,423) 1,621
Operating expenses
Research and development 13,719 12,190 26,436 24,669
Selling, general and
administrative 7,418 6,347 14,139 12,981
--------- --------- --------- ---------
Total operating
expenses 21,137 18,537 40,575 37,650
--------- --------- --------- ---------
Operating loss (23,148) (18,481) (42,998) (36,029)
Interest and other, net 223 189 454 772
--------- --------- --------- ---------
Net loss $(22,925) $(18,292) $(42,544) $(35,257)
========= ========= ========= =========
Net loss per share -- basic
and diluted $(0.13) $(0.13) $(0.25) $(0.26)
Weighted average shares
outstanding -- basic and
diluted 174,006 138,678 172,938 138,089
The non-GAAP amounts have been adjusted to
eliminate the following:
Amortization of deferred
charges and intangible
assets $2,347 $2,634 $4,751 $5,274
Stock compensation 230 1,095 1,580 1,531
Net loss in accordance with
U.S. GAAP $(25,502) $(22,021) $(48,875) $(42,062)
TRANSMETA CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 25, 2004 Dec. 26, 2003
------------- -------------
(unaudited)
Assets
Current assets
Cash and short-term investments $84,689 $120,765
Accounts receivable, net 3,492 1,719
Inventories 12,025 8,796
Prepaid and other current assets 3,888 3,671
--------- ---------
Total current assets 104,094 134,951
Property and equipment, net 5,119 5,305
Other assets 28,322 31,334
--------- ---------
Total assets $137,535 $171,590
========= =========
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable and other current
liabilities $18,822 $12,246
Current portion of accrued
restructuring costs 1,668 1,916
Current portion of long-term
obligations 15,303 21,499
--------- ---------
Total current liabilities 35,793 35,661
Long-term accrued restructuring costs 3,496 4,155
Long-term payables 181 356
Stockholders' equity 98,065 131,418
--------- ---------
Total liabilities and stockholders'
equity $137,535 $171,590
========= =========
I am still sticking with what I posted 3 months ago:
http://www.investorshub.com/boards/read_msg.asp?message_id=2790090
2H04 is important to me, if they can't fulfill my expectations, I at least hope for some decent guidance in terms of how they think to stir this company through troubled waters in the future...
It's seems pretty recent that ViA uses a 1 GHz Crusoe, isn't it?
Lately I just reflected back a bit on the past, 3-4 years ago. It seem Transmeta has come a long way, just comparing the products back then and today. Alone the OQO is amazing, and best of all, they didn't forget to put a wireless chip in it. So this thingie is not only sexy, but actually extremely usefull...