SAN JOSE, Calif. - Troubled Trident Microsystems Inc. said that Sylvia Summers Couder has resigned as CEO and as a director to pursue other opportunities. The company also announced that Christos Lagomichos has announced his departure from Trident and resignation as its president effective Feb. 9.
It announced that Philippe Geyres has been appointed as interim CEO, effective immediately, and that the company has initiated a search for a CEO following this transition. Geyres is a candidate for the permanent CEO position.
Geyres joined Trident's board in February 2010 following the company's acquisition of certain assets of NXP Semiconductor.
Trident stormed back into the No. 1 position among television video processing chip vendors earlier this year—in part thanks to its 2009 acquisition of assets from NXP, according to market research firm iSuppli Corp.
Trident (Sunnyvale, Calif.) surpassed Taiwan's MStar Semiconductor Inc. in the first quarter to take the lead in the TV video processing chip market for the first time since the fourth quarter of 2007, according to iSuppli.
Earlier this month, however, the company said it expected to report revenues for the fourth quarter in the range of $115 million to $120 million, compared with prior guidance of $130 million to $140 million. ''The revenue shortfall is primarily attributable to order push-outs and cancellations from TV customers in the seasonally weak fourth quarter as well as slower than expected program ramp-up and a weaker retail segment for the company’s set-top box products,'' according to Trident.
The company now expects its non-GAAP operating loss for the fourth quarter to be in the range of $18 million to $22 million, compared with prior guidance of $4 million to $8 million. Accordingly, GAAP operating loss is expected to be in the range of $43 million to $47 million.
The company currently expects the factors that negatively impacted fourth quarter revenues will be even more pronounced in the seasonally weak first quarter ending Mar. 31.
In calculating non-GAAP operating loss for the fourth quarter of 2010, the company expects to exclude approximately $11 million of intangibles amortization, $10 million of restructuring expense, $3 million of stock-based compensation expense, and $1 million of in-process research and development and stock option investigation expenses. The expected results for the fourth quarter of 2010, including without limitation the estimated non-GAAP exclusions, are based on preliminary information.
For the third quarter, the company reported net revenues of $176.6 million, which compares with $171.6 million in the prior sequential quarter and $31.1 million in the quarter ended Sept. 30, 2009.
On a generally accepted accounting principles (GAAP) basis, the company reported a net loss for the quarter of $17.5 million, or $0.10 per share. This compares with a net loss of $48.8 million, or $0.28 per share in the prior sequential quarter and a net loss of $17.2 million, or $0.25 per share, in the quarter ended Sept. 30, 2009.
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