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Tundra Semiconductor Reports Q1 FY09 Financial Results
Tundra Reports Revenue and Earnings at High End of Guidance OTTAWA, Aug. 28 /CNW Telbec/ - Tundra...
About this update from Tarku Resources Ltd
[{"type":"text","content":"\n\n\n\nTundra Reports Revenue and Earnings at High End of Guidance\n\n\nOTTAWA, Aug. 28 /CNW Telbec/ - Tundra Semiconductor Corporation (Tundra,\nor "the Company") (TSX:TUN), a leader in System Interconnect, today reported\nfinancial results for the first quarter of fiscal 2009, which ended August 3,\n2008.\n\n\nQ1-2009 RESULTS:\n\n\n- Q1 Revenue: $18.0 million\n\n\n- Q1 Pro forma earnings: $1.2 million\n\n\n- Q1 Pro forma diluted earnings per share: $0.06\n\n\n- Q1 GAAP Results: earnings of $0.4 million or $0.02 per diluted share\n\n\n- Q1 Product Revenue: up 4% over previous quarter\n\n\nRevenue for the first quarter of fiscal year 2009 was $18.0 million,\ncomprised of $8.9 million in the Communications market segment, $6.8 million\nin the Computing/Storage market segment, and $2.3 million in Design Services.\nQuarterly revenue represents a 1% increase from the fourth quarter of fiscal\nyear 2008 and a 10% decrease compared to the first quarter in fiscal year\n2008. Pro forma earnings for the quarter were $1.2 million or $0.06 per share,\ncompared to earnings of $1.5 million or $0.07 per share in the fourth quarter\nof fiscal year 2008 and compared to $1.9 million or $0.10 per share in the\nfirst quarter of fiscal year 2008. GAAP earnings for the quarter were\n$0.4 million or $0.02 per diluted share, compared to a loss of $3.9 million or\n$0.20 per diluted share in the fourth quarter of fiscal year 2008, and a loss\nof $1.0 million or $0.05 per diluted share in the first quarter fiscal year\n2008.\n\n\n"We are pleased with the financial results of the first quarter of fiscal\n2009. Revenue and pro forma earnings were at the high end of the guidance we\nprovided at the close of the fourth quarter, and we also achieved more than 4%\ngrowth in product revenue as projected. Our cash position remains strong at\nmore than $58 million and our cash generated from operations was once again\npositive," said Daniel Hoste, President and Chief Executive Officer, Tundra\nSemiconductor. "In the first quarter we adapted our growth strategy to focus\non maintaining our leadership position in RapidIO and on addressing new,\nbroader, larger markets by expanding our PCI Express portfolio. We are excited\nabout this strategy, setting up Tundra for steady growth from both product\nlines, while we continue to carefully mana...