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Tundra Semiconductor Releases Q4-Fiscal 2006 Financial Results and Announces Management Change
Tundra Semiconductor Releases Q4-Fiscal 2006 Financial Results and Announces Management Change.
About this update from Tarku Resources Ltd
[{"type":"text","content":"\n\n\n\n\nOTTAWA, June 8 /CNW Telbec/ - Tundra Semiconductor Corporation (TSX:TUN),\nthe leader in System Interconnect, today reported financial results for the\nfinal quarter of fiscal 2006, which ended April 30, 2006.\n\nQ4-2006 RESULTS:\n\n- Q4-2006 revenue of $19.0M (up 1% quarter-over-quarter; up 10% compared\n to Q4-2005)\n- Pro forma earnings of $2.6M (up 15% quarter-over-quarter; up 92%\n compared to Q4-2005)\n- Pro forma diluted earnings per share were $0.13 (up from $0.11 in\n Q3-2006; up from $0.07 in Q4-2005)\n- GAAP earnings for Q4-2006 were $6.8M or $0.35 per diluted share (up\n from $1.5M or $0.08 in Q3-2006; up from $641K or $0.03 in Q4-2005)\n\nFY 2006 RESULTS:\n\n- FY 2006 revenue of $74.5M compared to $79.6M in FY 2005\n- FY 2006 pro forma earnings were $8.9M compared to $10.4M in FY 2005\n- FY 2006 pro forma diluted earnings per share were $0.45 compared to\n $0.53 for FY 2005\n- GAAP earnings for FY 2006 were $10.8M or $0.55 per diluted share\n compared to $7.5M or $0.38 for FY 2005\n\n\"I am pleased with the results we have achieved this quarter. Not only\ndid we grow the company by building on our market and product leadership, we\nalso completed three key acquisitions. I can report that our teams are working\nwell together as we integrate product roadmaps and company operations,\" said\nJim Roche, President and CEO of Tundra. \"Executing against our acquisition\nstrategy has strengthened our financial position, broadened our System\nInterconnect portfolio and increased penetration of our strategic customers.\"\n\nGUIDANCE FOR Q1-2007:\n\n- Revenue will grow to between $21.0M and $23.5M\n- Pro forma diluted earnings per share will be in the range of $0.09 to\n $0.15\n- Gross margins will be in the mid-to-high sixties\n\n\"The fourth quarter was a solid quarter for us. We built profitability\nand grew revenue while introducing new products and integrating recent\nacquisitions,\" said Norm Paquette, Chief Financial Officer of Tundra. \"Our\ndisciplined approach, leveraging strong operational controls while building on\nour increasingly diverse product portfolio, positions us well for future\ngrowth.\"\n\nMANAGEMENT CHANGE\n\nTundra has announced today that Norm Paquette has resigned as Chief\nFinancial Officer of the Company. Norm will continue in his current role until\nthe new CFO has been hired and he wil...