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Transmeta Corporation last week announced financial results for its first quarter of fiscal 2003 ended March 28, 2003. As it was predicted by the executives a quarter ago, the company again declared losses, however, at this time they shrank compared to the previous quarter. Seasonal demand for computer hardware in the first quarter of calendar year is always lower than the demand in the fourth quarter; as a result, Transmeta’s sales also slumped a bit.

Net revenue for the first quarter of fiscal 2003 was $6.0 million, compared with $6.1 million reported in the fourth quarter of 2002 and $4.1 million in the first quarter of 2002. GAAP net loss for the first quarter of 2003 was $20.1 million, or a loss of $0.15 per share. This compares with a GAAP net loss of $21.7 million, or a loss of $0.16 per share in the fourth quarter of 2002 and a GAAP net loss of $30.9 million, or a loss of $0.23 per share a year ago.

The company currently expects Q2 revenue to be approximately $5.0 million, with a GAAP net loss per share of $0.16 to $0.17 and a pro forma net loss per share of $0.13 to $0.14. Operating expenses will remain flat at approximately $19 million. Cash at the end of June should be approximately $88.0 million, after a regularly scheduled payment of $7.5 million related to the acquisition of certain patents and patent rights in 2001. Transmeta hopes to become profitable in the end of the fourth quarter of the year. The further success of the company mostly depends on the success of the TM8000 aka Astro processor that is to be shipped starting from the Q3 this year.

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