Wow, is this real?:
Transmeta Expects to Report Positive Operating Cash Flow for the 2005 Second Quarter
Business Wire - July 08, 2005 07:00
SANTA CLARA, Calif., Jul 08, 2005 (BUSINESS WIRE) -- Transmeta Corporation (Nasdaq:TMTA), the leader in efficient computing technologies, today announced that it now anticipates reporting positive operating cash flow for the second quarter ended June 30, 2005. On May 13, 2005, Transmeta had stated that it expected to reduce its negative cash flow to less than $5 million a quarter by the end of the second quarter.
"We have surpassed our first goal of substantially reducing our cash burn, and in fact I am now able to comfortably say that we will report positive operating cash flow for the 2005 second quarter," stated Mark R. Kent, chief financial officer. "We are encouraged by the positive financial and operational progress across our business."
Transmeta also announced that Ernst & Young LLP has indicated that it will resign as the Company's independent registered public accounting firm following the earlier of the completion of services related to the review of the Company's interim financial statements for the quarter ended September 30, 2005 or the filing due date of that quarterly report.
"I would like to thank E&Y for its many contributions and commend the firm for its professionalism," said Kent. The Company and its Audit Committee have initiated the process of selecting a new independent registered public accounting firm. "We expect to announce a new audit firm during the third quarter," concluded Kent.
The Company anticipates reporting its second quarter 2005 financial results in the first half of August 2005.
