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Tundra Semiconductor Releases Q1-Fiscal 2008 Financial Results
Tundra Semiconductor Releases Q1-Fiscal 2008 Financial Results.
About this update from Tarku Resources Ltd
[{"type":"text","content":"\n\n\n\nRevenue Increases 3% Year-Over-Year\n\n\nOTTAWA, Aug. 27 /CNW Telbec/ - Tundra Semiconductor Corporation\n(TSX:TUN), the leader in System Interconnect, today reported financial results\nfor the first quarter of fiscal 2008, which ended July 29, 2007.\n\n\nQ1-2008 RESULTS:\n\n\n- Q1 Revenue: $20.1 million\n\n\n- Q1 Pro forma earnings: $1.9 million\n\n\n- Q1 Pro forma diluted earnings per share: $0.10\n\n\n- Q1 GAAP results: loss of $1.0 million or $0.05 per diluted share\n\n\nRevenue for the first quarter of fiscal year 2008 was $20.1 million, a 3%\nincrease over the first quarter in fiscal year 2007, and a 9% decrease from\nthe fourth quarter of fiscal year 2007. Pro forma earnings of $1.9 million\nrepresent a 2% decrease compared to the first quarter of fiscal year 2007, and\na 42% decrease over the fourth quarter of fiscal year 2007. On a GAAP basis\nthe company had a loss for the quarter of $1.0 million or $0.05 per diluted\nshare, compared to a loss of $0.7 million or $0.03 per diluted share in the\nfirst quarter of fiscal year 2007, down from a gain of $1.7 million or $0.08\nper diluted share in the fourth quarter of fiscal year 2007. The loss on a\nGAAP basis reflects the one time restructuring charge of $1.7 million which\nwas announced in May, in conjunction with an organizational realignment.\n\n\n"The first quarter of 2008 concluded with 3% year-over-year revenue\ngrowth and included key customer announcements from Huawei and RadiSys, two\nexamples of the continued adoption of our industry-leading Serial RapidIO\nsolutions," said Daniel Hoste, President and Chief Executive Officer, Tundra\nSemiconductor. "Our products business remains solid and our outlook for\nQ2-2008 is steady. The Design Services business however, fell short of our\nexpectations as the transition of resources from a large project in the fourth\nquarter to a number of smaller projects in the first quarter proved to be\nchallenging," continued Hoste.\n\n\n"Performance of our products business in the first quarter, in\nUS dollars, was slightly ahead of our expectations. However, the strength of\nthe Canadian dollar had a negative impact on our results, both top and bottom\nline," said David Long, Chief Financial Officer, Tundra Semiconductor.\n\n\nManagement offers the following outlook for the second quarter of fi...