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TranSwitch Announces Q1

SHELTON, Conn. — TranSwitch Corporation (NASDAQ: TXCC), a leading provider of semiconductor solutions for the converging voice, data and video network, today announced financial results for the first quarter ended March 31, 2011.

Net revenues for the first quarter of 2011 were approximately $8.2 million, as compared to net revenues of $10.1 million for the fourth quarter of 2010 and $12.8 million for the first quarter of 2010. Net loss for the first quarter of 2011 was ($3.1) million, or ($0.13) per basic and diluted common share as compared to a net loss of ($1.8) million, or ($0.08) per basic and diluted common share for the fourth quarter of 2010, and a net loss of ($1.5) million, or ($0.07) per basic and diluted common share for the first quarter of 2010.

The GAAP gross margin for the first quarter was 64%. This is compared to the Company's GAAP gross margin of 64% for the fourth quarter of 2010, and 53% for the first quarter of 2010.

Total non-GAAP operating expenses for the first quarter of 2011 were $7.4 million, as compared to $7.3 million in the fourth quarter of 2010 and $6.9 million in the first quarter of 2010. Non-GAAP operating expenses for the first quarter of 2011 exclude $0.4 million in amortization of purchase price intangibles, $0.7 million in stock-based compensation and $0.4 million in restructuring charges along with a benefit of $0.8 million from the reversal of accrued royalties. Total GAAP operating expenses for the first quarter of 2011 were $8.1 million.

Non-GAAP operating loss for the first quarter of 2011 was ($2.1) million, compared to non-GAAP operating loss of ($0.9) million for the fourth quarter of 2010 and a non-GAAP operating loss of ($0.1) million for the first quarter of 2010. On a GAAP basis, the operating loss for the first quarter of fiscal 2011 was ($2.8) million, compared to an operating loss of ($1.6) million for the fourth quarter of fiscal 2010 and an operating loss of ($1.4) million for the first quarter of 2010.

Non-GAAP net loss for the first quarter of 2011 was ($2.4) million, or ($0.10) per share compared with a non-GAAP net loss of ($1.1) million, or ($0.05) per share, for the fourth quarter of 2010 and a non-GAAP net loss of ($0.2) million, or ($0.01) per share, for the first quarter of 2010.

Further information about non-GAAP measures and reconciliation to the GAAP results is provided after the financial statements attached to this release.

“As part of our strategy to create a new growth engine in the consumer video interconnect market, we introduced our first HDplay™ products in March,” stated Dr. Ali Khatibzadeh, President and CEO of TranSwitch Corporation. “These products, which are based on our patented HDP™ technology, enable reception of high definition video from both HDMI as well as DisplayPort sources, offer the highest 3-D resolution, and incorporate internet connectivity for smart TVs. We have begun to actively demonstrate and sample these products to potential customers as well as reference design partners.”

Additional details on TranSwitch’s first quarter 2011 financial results will be discussed during a conference call regarding this announcement today at 5:30 pm Eastern time. To listen to the live call, investors can dial 719-325-2235 and reference confirmation code: 2865790. The call will be recorded and a replay will be available two hours after the conclusion of the live broadcast through May 17, 2011. To access the replay, dial 719-457-0820 and enter confirmation code: 2865790. Investors can also access an audio webcast which will be broadcast through Vcall’s Investor Calendar at www.investorcalendar.com or the Company’s website at www.transwitch.com. This audio webcast will also be available on a replay basis for 10 business days.

{complink 5835|TranSwitch Corp.}

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