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Tundra Semiconductor Releases Q2-Fiscal 2008 Financial Results
Revenue in Line with Revised Guidance OTTAWA, Nov. 29 /CNW Telbec/ - Tundra Semiconductor Corpora...
About this update from Tarku Resources Ltd
[{"type":"text","content":"\n\n\n\nRevenue in Line with Revised Guidance\n\n\nOTTAWA, Nov. 29 /CNW Telbec/ - Tundra Semiconductor Corporation\n(TSX:TUN), a leader in System Interconnect, today reported financial results\nfor the second quarter of fiscal 2008, which ended October 28, 2007. On\nOctober 23, the Company provided updated revenue guidance for the quarter in\nthe range of $17.0 million to $18.0 million.\n\n\nQ2-2008 RESULTS:\n\n\n- Q2 Revenue: $17.9 million\n\n\n- Q2 Pro forma earnings: $0.9 million\n\n\n- Q2 Pro forma diluted earnings per share: $0.05\n\n\n- Q2 GAAP results: loss of $0.7 million or $0.04 per diluted share\n\n\nRevenue for the second quarter of fiscal year 2008 was $17.9 million, a\n19% decrease over the second quarter in fiscal year 2007, and an 11% decrease\nfrom the first quarter of fiscal year 2008. Pro forma earnings of $0.9 million\nrepresent a 61% decrease compared to the second quarter of fiscal year 2007,\nand a 52% decrease over the first quarter of fiscal year 2008. On a GAAP basis\nthe Company had a loss for the quarter of $0.7 million or $0.04 per diluted\nshare, compared to a loss of $0.2 million or $0.01 per diluted share in the\nsecond quarter of fiscal year 2007, up from a loss of $1.0 million or\n$0.05 per diluted share in the first quarter of fiscal year 2008.\n\n\n"Although our business environment has been challenging this quarter, we\nwere able to generate cash and remain profitable on a pro forma basis. Two\nfactors, however, negatively impacted our revenues; the communications\ninfrastructure market slowdown resulted in lower than expected sales of our\ncommunications products, and the continued appreciation of the Canadian dollar\nhas decreased our top line revenue by close to 15% in the last several\nquarters," said Daniel Hoste, President and Chief Executive Officer. "Our\nshort term revenue outlook continues to be challenging as the economic\nenvironment is uncertain. However, we are confident in our mid to long term\ngrowth strategy. Increased design win activity in the second quarter within\nour key product lines such as RapidIO, PCI Express, and VME, substantiates our\nexpectations for future growth", continued Hoste.\n\n\nManagement offers the following outlook for the third quarter of fiscal\nyear 2008:\n\n\n- Revenues are expected to be in the range of $14.0 million to\n $16....