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Tundra Semiconductor Releases Q3-Fiscal 2008 Financial Results
Results in Line with Guidance, Positive Outlook for Q4 OTTAWA, Feb. 28 /CNW Telbec/ - Tundra Semi...
About this update from Tarku Resources Ltd
[{"type":"text","content":"\n\n\n\nResults in Line with Guidance, Positive Outlook for Q4\n\n\nOTTAWA, Feb. 28 /CNW Telbec/ - Tundra Semiconductor Corporation (TSX:TUN)\n("Tundra" or "Company"), a leader in System Interconnect, today reported\nfinancial results for the third quarter of fiscal 2008, which ended\nJanuary 27, 2008. Revenue for the quarter fell within the financial guidance\nprovided in November and management's outlook for the fourth quarter indicates\n10-20% sequential growth.\n\n\nQ3-2008 RESULTS:\n\n\n- Q3 Revenue: $14.7 million\n- Q3 Pro forma earnings: $0.3 million\n- Q3 Pro forma diluted earnings per share: $0.02\n- Q3 GAAP results: loss of $54.0 million or $2.72 per diluted share, as a\n result of goodwill impairment charges\n\nRevenue for the third quarter of fiscal year 2008 was $14.7 million,\ncomprised of $5.7 million in the Communications market segment, $7.1 million\nin the Computing/Storage market segment, and $1.9 million in Design Services.\nQuarterly revenue represents a $7.0 million decrease over the third quarter in\nfiscal year 2007, and a $3.2 million decrease from the second quarter of\nfiscal year 2008. Pro forma earnings of $0.3 million represent a $2.7 million\ndecrease compared to the third quarter of fiscal year 2007, and a $0.6 million\ndecrease over the second quarter of fiscal year 2008. On a GAAP basis the\nCompany had a loss for the quarter of $54.0 million or $2.72 per diluted\nshare, which primarily reflects goodwill impairment charges of $50.6 million,\nstemming from the current market environment and its impact on share\nvaluation. GAAP losses for the quarter compare to a gain of $1.3 million or\n$0.06 per diluted share in the third quarter of fiscal year 2007, and compare\nto a loss of $0.7 million or $0.04 per diluted share in the second quarter of\nfiscal year 2008.\n"Our Q3 results were within the guidance we provided for the quarter. On a\npro forma basis, we remained profitable, primarily as a result of the\nrestructuring activity we executed in November to offset the downturn in the\nCommunications market and the negative impact of the strong Canadian dollar,"\nsaid Daniel Hoste, President and Chief Executive Officer. "Our outlook for the\nfourth quarter indicates a 10-20% sequential growth rate and we are pleased\nwith early indicators in the quarter that show an ...