OTTAWA, ON, June 2 /CNW Telbec/ - Tundra Semiconductor Corporation
(TSX:TUN), the leader in System Interconnect, today reported financial results
for the final quarter of fiscal 2005, which ended April 30, 2005.
Q4-2005 RESULTS:
- Q4-2005 revenue of $17.2M (slight increase quarter-over-quarter,
20% decrease as compared to Q4-2004)
- Pro forma earnings of $1.4M compared to pro forma earnings of
$3.5M in the same quarter of the previous fiscal year and
pro forma earnings of $1.5M in Q3-2005
- Pro forma diluted earnings per share were $0.07 compared to
pro forma diluted earnings per share of $0.19 in same quarter of
fiscal 2004 and pro forma diluted earnings per share of $0.07 in
Q3-2005
- GAAP earnings for Q4-2005 were $641K or $0.03 per diluted share
compared to Q3-2005 of $736K or $0.04 per diluted share
FY 2005 RESULTS:
- FY 2005 revenue: $79.6M (15% year-over-year increase over FY 2004
revenue of $69.2M)
- FY 2005 pro forma earnings were $10.4M compared to $9.6M in
FY 2004
- FY 2005 pro forma diluted earnings per share were $0.53 compared
to FY 2004 pro forma diluted earnings per share of $0.54
- GAAP earnings for FY 2005 were $7.5M or $0.38 per diluted share
compared to FY 2004 GAAP earnings of $5.9M or $0.33 per diluted
share
"Tundra's performance for the year underscores our ability to increase
sales, improve profitability and execute our product strategy in what have
been recognized as extremely challenging times for the industry," said Jim
Roche, President and CEO of Tundra. "Even with continued softness in the end
markets, our business continues to perform well. Our model has been proven to
be the right approach which bodes well for future success."
GUIDANCE FOR Q1-2006:
- Revenue will remain steady in the range of $17.0M to $17.5M
- Pro forma diluted earnings per share will be in the range of $0.06
to $0.08
- Gross margins will remain in the low-to-mid sixties
"Despite the challenging environment, Tundra's revenues, earnings and
gross margins remain stable and are in line with both our expectations and the
current industry outlook," said Norm Paquette, Chief Financial Officer of
Tundra. "This stability combined with the very positive response to our
recently launched products provides a base for future growth. It allows us to
build an increasingly diverse product portfolio, win new business, and boost
our industry leading service and support."
MOMENTUM BUILDS WITH RECORD NUMBER OF INDUSTRY LEADING PRODUCTS
During the quarter, Tundra announced the availability of the industry's
leading serial RapidIO(R) switch. The Tundra Tsi568A(TM) delivers the
performance, power and configurability that embedded designers need to build
reliable, high-speed communications systems in wireless infrastructure and
networking applications. It also supports emerging architectural standards,
such as Advanced Telecom Computing Architecture (AdvancedTCA(R)). This switch
interconnects serial RapidIO enabled processors and peripheral devices and
supports an aggregate bandwidth of 80 gigabits per second.
In addition to the Tsi568A, Tundra's RapidIO System Interconnect
portfolio also includes the Tsi500(TM), a RapidIO multi-port switch, and the
Tsi564A(TM), the second Tundra serial RapidIO switch launched in 2005. Built
on patent-pending technology, the Tsi564A with its smaller footprint offers
low power, multiple port-widths and speed configurations, making it ideally
suited for power, cost and board space sensitive applications. The Tsi564A
supports an aggregate bandwidth of 40 gigabits per second and joins the
Tsi568A as the industry's only serial RapidIO switches available now.
In March, building on a decade of PowerPC(R) investment and expertise,
Tundra announced its next-generation host bridge for PowerPC. The Tundra
Tsi108(TM) is an advanced host bridge, with patent-pending technology,
delivering industry-leading system power, cost, and performance for customers
in the wireless infrastructure, storage networking, network access, printer,
military and industrial automation markets. The Tsi108 is the industry's only
host bridge for PowerPC to feature DDR2 (Double Data Rate 2) memory support
and interconnects PowerPC processors, peripheral devices, and memory while
reducing overall system power and cost. DDR2 provides several advantages over
products with DDR memory, including ease of design and reliability.
EXPANDING GLOBAL REACH
In Q4-2005 Tundra continued to expand its global reach. Adding to last
quarter's investments in the U.S. and Japan, Tundra opened an office in Paris,
France and continues to expand the depth of resources in Asia. These
developments demonstrate Tundra's ongoing commitment to enabling customers'
success in advanced System Interconnect.
CONFERENCE CALL DETAILS
Tundra will host an analyst conference call and audio web cast on June 2,
2005 at 5:00 pm (EST) to discuss this earnings update. To listen by phone,
call 416-640-4127. Media are invited as 'listen only' participants of the
call. Replay of the call will be available two hours following the call until
June 9, 2005. To listen to the conference call replay call 416-640-1917 and
enter pass code number: 21117792(pound key).
ABOUT TUNDRA
Tundra Semiconductor Corporation delivers standards-based System
Interconnect for use by the world's leading communications, networking,
storage system, and information technology vendors. Tundra System Interconnect
allows customers to link critical system components while compressing
development cycles and maximizing performance. Applications include wireless
infrastructure, storage networking, network access, military use, industrial
automation, and information technology. For more information, please visit
www.tundra.com .
The difference between pro forma and GAAP earnings is due to stock-based
compensation expense, goodwill impairment charges and amortization of
intangibles and other assets associated with Tundra's acquisitions. Tundra
uses pro forma measures internally to evaluate and manage operating
performance as well as to forecast and plan.
Comment respecting any Forward Looking Statement in this release
Tundra Semiconductor Corporation is a public company with common shares
listed for trading on The Toronto Stock Exchange (TSX:TUN) in Canada. All
figures, unless otherwise noted, are stated in Canadian dollars in accordance
with accounting principles generally accepted in Canada. The Company cautions
that the forward-looking statements in this release are based on current
expectations that are subject to risks and uncertainties. Actual results may
differ due to factors such as customer demand, product shipping schedules,
product mix, competitive products, pricing pressure, and changes in the
embedded systems market specifically. Additional information identifying risks
and uncertainties is contained in the Company's filings with the various
provincial securities commissions.
TUNDRA is a registered trademark of Tundra Semiconductor Corporation
(Canada, U.S. and U.K.). TUNDRA, the Tundra logo, Tsi108, Tsi500, Tsi568A and
Tsi564A are trademarks of Tundra Semiconductor Corporation. Other registered
and unregistered trademarks are the property of their respective owners. The
PowerPC name and the PowerPC logotype are trademarks of International Business
Machines Corporation, and under license.
(C) Copyright 2005 Tundra Semiconductor Corporation.
All rights reserved. Information subject to change without notice.
<<
TUNDRA SEMICONDUCTOR CORPORATION
PRO FORMA CONSOLIDATED STATEMENTS OF EARNINGS
(Canadian dollars, amounts in thousands except per share data)
For the For the
fiscal quarter ended year ended
-------------------- ----------
April 30 April 30 April 30 April 30
2005 2004 2005 2004
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenue $ 17,194 $ 21,487 $ 79,614 $ 69,213
Cost of revenue 6,278 7,601 28,458 23,457
-------------------------------------------------------------------------
Gross margin 10,916 13,886 51,156 45,756
-------------------------------------------------------------------------
Expenses
Sales and marketing 2,923 2,406 10,404 8,800
General and administration 1,564 1,012 5,668 4,413
Research and development 4,847 5,863 19,749 19,245
-------------------------------------------------------------------------
9,334 9,281 35,821 32,458
Pro forma earnings from
operations 1,582 4,605 15,335 13,298
Interest and other income 427 505 703 835
-------------------------------------------------------------------------
Pro forma earnings before
income taxes 2,009 5,110 16,038 14,133
Income tax provision (656) (1,583) (5,670) (4,522)
-------------------------------------------------------------------------
PRO FORMA EARNINGS $ 1,353 $ 3,527 $ 10,368 $ 9,611
-------------------------------------------------------------------------
Pro forma earnings per share
Basic $ 0.07 $ 0.20 $ 0.53 $ 0.56
Diluted $ 0.07 $ 0.19 $ 0.53 $ 0.54
Weighted average number of
common shares outstanding
Basic 19,493 17,611 19,475 17,248
Diluted 19,659 18,199 19,745 17,738
-------------------------------------------------------------------------
TUNDRA SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS AND DEFICIT
(Canadian dollars, amounts in thousands except per share data)
For the For the
fiscal quarter ended year ended
-------------------- ----------
April 30 April 30 April 30 April 30
2005 2004 2005 2004
(Unaudited) (Unaudited) (Audited) (Audited)
(as restated) (as restated)
Revenue $ 17,194 $ 21,487 $ 79,614 $ 69,213
Cost of revenue 6,278 7,601 28,458 23,457
-------------------------------------------------------------------------
Gross margin 10,916 13,886 51,156 45,756
-------------------------------------------------------------------------
Expenses
Sales and marketing 2,923 2,406 10,404 8,800
General and administration 1,564 1,012 5,668 4,413
Research and development 4,847 5,863 19,749 19,245
Stock-based
compensation expense 355 132 1,384 495
Amortization of purchased
intangibles and backlog 549 1,441 2,313 4,723
-------------------------------------------------------------------------
10,238 10,854 39,518 37,676
Earnings from operations 678 3,032 11,638 8,080
Interest and other income 427 505 703 835
-------------------------------------------------------------------------
Earnings before income taxes 1,105 3,537 12,341 8,915
Income tax provision (464) (1,136) (4,849) (3,031)
-------------------------------------------------------------------------
NET EARNINGS 641 2,401 7,492 5,884
Deficit, beginning
of period (38,249) (47,063) (44,530) (50,909)
Adjustment for change in
accounting policy related
to stock based compensation 0 (438) (570) (75)
Deficit, beginning of
period as restated (38,249) (47,501) (45,100) (50,984)
-------------------------------------------------------------------------
DEFICIT, END
OF PERIOD $ (37,608) $ (45,100) $(37,608) $ (45,100)
-------------------------------------------------------------------------
Earnings per share
Basic $ 0.03 $ 0.14 $ 0.38 $ 0.34
Diluted $ 0.03 $ 0.13 $ 0.38 $ 0.33
Weighted average number
of common shares outstanding
Basic 19,493 17,611 19,475 17,248
Diluted 19,659 18,199 19,745 17,738
-------------------------------------------------------------------------
TUNDRA SEMICONDUCTOR CORPORATION
CONSOLIDATED BALANCE SHEETS
(Canadian dollars, amounts in thousands)
April 30 April 30
2005 2004
(Audited) (Audited)
(as
restated)
ASSETS
Current assets
Cash and cash equivalents $ 68,190 $ 70,630
Short term investments 7,167 0
Accounts receivable 6,076 8,257
Inventories 4,629 4,540
Prepaid expenses and other current assets 4,774 1,332
Future income tax asset 901 5,386
-------------------------------------------------------------------------
91,737 90,145
Future income tax asset 3,287 1,297
Capital assets 20,132 21,542
Purchased intangibles 3,249 5,434
Goodwill 37,325 37,325
-------------------------------------------------------------------------
$ 155,730 $ 155,743
-------------------------------------------------------------------------
CURRENT LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities $ 11,11 $ 18,677
Income tax payable 1,452 25
Note payable 1,404 4,479
-------------------------------------------------------------------------
13,972 23,181
Future income tax liability
0 1,198
Shareholders' equity
Share capital 177,412 175,894
Contributed Surplus 1,954 570
Deficit (37,608) (45,100)
-------------------------------------------------------------------------
141,758 131,364
-------------------------------------------------------------------------
$ 155,730 $ 155,743
-------------------------------------------------------------------------
TUNDRA SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Canadian dollars, amounts in thousands)
For the For the
fiscal quarter ended year ended
-------------------- ----------
April 30 April 30 April 30 April 30
2005 2004 2005 2004
(Unaudited) (Unaudited) (Audited) (Audited)
Operating activities
Net earnings $ 641 $ 2,401 $ 7,492 $ 5,884
Items not affecting cash:
Amortization of capital
assets and asset
impairments 1,600 1,850 7,268 5,429
Amortization of purchased
intangibles and backlog 549 1,441 2,313 4,723
Stock-based compensation 355 132 1,384 495
Future income taxes (315) (1,328) 1,297 (126)
-------------------------------------------------------------------------
2,830 4,496 19,754 16,405
Cash effect of changes in:
Accounts receivable 945 93 2,181 (3,054)
Inventories 59 (1,277) (89) (2,494)
Prepaid expenses and
other current assets (2,321) 801 (3,442) 2,009
Accounts payable and
accrued liabilities 384 1,942 (4,614) 3,161
Income tax payable (66) 674 1,427 913
-------------------------------------------------------------------------
1,831 6,729 15,217 16,940
Investing activities
Acquisition of
capital assets (1,595) (1,530) (5,670) (4,999)
Proceeds on disposal
of capital assets 0 14 201 14
Acquisition of short
term investments 0 0 (55,983) (26,121)
Proceeds on disposal of
short term investments 0 0 48,816 26,121
Acquisition of business 0 (4,855) (6,436) (25,977)
-------------------------------------------------------------------------
(1,595) (6,371) (19,072) (30,962)
Financing activities
Net proceeds on the issue
of common shares 91 47,697 1,415 51,595
-------------------------------------------------------------------------
91 47,697 1,415 51,595
Increase (decrease) in cash
and cash equivalents 327 48,055 (2,440) 37,573
Cash and cash equivalents,
beginning of period 67,863 22,575 70,630 33,057
-------------------------------------------------------------------------
Cash and cash equivalents,
end of period $ 68,190 $ 70,630 $ 68,190 $ 70,630
-------------------------------------------------------------------------
-------------------------------------------------------------------------
>>
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