rendering), Trident announced a substantial restructuring of the company in June 2003. In late 2003, XGI completed the acquisition of Trident's former graphics division, completing the transformation of the company into one focusing on DTV products. From this point on, Trident's research and development was mainly concentrated at its facilities in Shanghai, China, and a fully owned 115,000-square-foot research and development facility in Shanghai was completed in 2007. Trident quickly gained success in the LCD TV chip market in 2005, providing competitive advantages in image quality and chip integration, outcompeting incumbent flat-panel IC leader Genesis Microchip and supplying chips to leading LCD TV brands Sony and Samsung, and later Sharp and Philips. Its revenues increased from $69 million in the fiscal year ended June 30, 2005, to $270 million in fiscal year 2007, when it had net income of $30 million. This success allowed the company to increase its cash reserves to more than $200 million by 2008. After an investigation into accounting irregularities relating to stock options, in November 2006 the company's chairman and CEO resigned, which was followed by the departure of further key personnel, including its president and former vice president of engineering in early 2008. By 2008 as DTV manufacturers started integrating more functionality (such as motion compensation/estimation and MPEG decoding) into a single chip, its fortunes turned and its sales quickly declined to $76 million in fiscal year 2009, for which it posted a loss of $70 million. The primary competitors taking away market share from Trident at the time were MediaTek, MStar Semiconductor, Zoran Corporation and in-house chip design at Samsung and other LCD TV manufacturers, while ST Microelectronics (who had acquired Genesis) remained a significant player. Under new management, in May 2009 Trident completed the acquisition of selected assets of the frame rate converter (FRC), demodulator and audio product lines from TDK-Micronas. In October 2009 Trident announced a deal with NXP Semiconductors to transfer NXP's TV and STB businesses to Trident, with NXP becoming a significant shareholder. The deal was closed in February 2010. The Micronas and NXP acquisitions involved a substantial and diverse product portfolio and a large number of employees in widely dispersed operations in the U.S., Europe, Asia, and other locations. The acquisitions significantly increased the Trident's revenues to $557 million in 2010 but also greatly worsened its profitability and cash flow, resulting in a loss from operations of $173