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+DJ Transmeta And Sony Group Reach Pact On Multi-Year Strategic Alliance; Accelerates LongRun2 Adoption For Cell Derivatives; Builds Technology Collaboration In Other Areas>TMTA
03/31/2005
Dow Jones News Services
(Copyright © 2005 Dow Jones & Company, Inc.)
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03-31-05 1603ET
*DJ Transmeta To Provide Engineering Services To Sony Group>TMTA
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03-31-05 1603ET
DJ Transmeta Names Licensing Exec Arthur Swift CEO >TMTA
SANTA CLARA, Calif. (Dow Jones)--Transmeta Corp. (TMTA) named Arthur L. Swift, previously in charge of the company's licensing business, as president and chief executive, replacing Matthew Perry.
The semiconductor company said in January that it planned shift its business model away from chip making and focus on intellectual property.
Earlier this week, when it posted a fourth-quarter loss of $28.1 million, Transmeta warned it would "reorganize its operations" on Thursday to help accomplish its new strategy.
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03-31-05 1635ET
DJ Transmeta Names Licensing Exec Arthur Swift CEO >TMTA -2-
Later Thursday, Transmeta said that it would cut 67 jobs under its restructuring plan, leaving the company with a headcount of 208.
The cuts will prompt the company to take a first-quarter charge of $6 million. The company also expects negative cash flow of $16 million for the quarter, including some of the reorganization-related costs, and to have cash and cash equivalents of $38 million as of Thursday.
Additionally, the company signed a follow-on deal, expanding to its LongRun2 chip-cooling technology pact with Sony Corp. (SNE) and Sony Computer Entertainment Inc.
Under the new agreement, which the company touts as part of its plan to focus on licensing, Transmeta will provide engineering services to Sony to help it adopt LongRun2 in a number of products, including cell derivatives.
Financial terms weren't disclosed, though the company said the deal involves more than 100 Transmeta engineers working on advanced projects for Sony.
Transmeta also licenses LongRun2 to NEC Electronics (6723.TO) and Fujitsu Ltd. (6702.TO)
Transmeta plans a conference call to discuss the changes, as well as fourth-quarter results, at 5 p.m. EST.
Shares of Transmeta were up 25 cents, or 17%, to $1.18 in after-hours trading. The shares closed Thursday at 93 cents, up 9.4%.
Company Web site:
http://www.transmeta.com
-Ian Salisbury; Dow Jones Newswires; 201-938-5400;
AskNewswires@dowjones.com
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