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Tundra Semiconductor Reports Q2 FY09 Financial Results
Tundra Delivers Solid Quarter in Difficult Economic Environment OTTAWA, Dec. 3 /CNW Telbec/ - Tun...
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[{"type":"text","content":"\n\n\n\nTundra Delivers Solid Quarter in Difficult Economic Environment\n\n\nOTTAWA, Dec. 3 /CNW Telbec/ - Tundra Semiconductor Corporation (Tundra,\nor "the Company") (TSX:TUN), a leader in System Interconnect, today reported\nfinancial results for the second quarter of fiscal 2009, which ended November\n2, 2008.\n\n\nQ2-2009 RESULTS:\n\n- Q2 Revenue: $18.2 million\n- Q2 Pro forma earnings: $2.4 million\n- Q2 Pro forma diluted earnings per share: $0.12\n- Q2 GAAP results: earnings of $1.7 million or $0.09 per diluted share\n\nRevenue for the second quarter of fiscal year 2009 was $18.2 million,\ncomprised of $9.2 million in the Communications market segment, $6.8 million\nin the Computing/Storage market segment, and $2.2 million in Design Services.\nQuarterly revenue represents a 1% increase from the first quarter of fiscal\nyear 2009 and a 2% increase compared to the second quarter of fiscal year\n2008. Pro forma earnings for the quarter were $2.4 million or $0.12 per share,\ncompared to earnings of $1.2 million or $0.06 per share in the first quarter\nof fiscal year 2009 and compared to $0.9 million or $0.05 per share in the\nsecond quarter of fiscal year 2008. GAAP earnings for the quarter were $1.7\nmillion or $0.09 per diluted share, compared to earnings of $0.04 million or\n$0.02 per diluted share in the first quarter of fiscal year 2009, and a loss\nof $0.7 million or $0.04 per diluted share in the second quarter fiscal year\n2008.\n"Second quarter results were very good and operational performance was\nstrong, against a backdrop of difficult economic conditions. Overall revenue\ngrew by 1% and pro forma earnings doubled compared to the previous quarter.\nExchange rate fluctuations also contributed to the positive financial results.\nCash flow from operations of $5.1 million brought our total cash position to\nmore than $62 million at the close of the quarter," said Daniel Hoste,\nPresident and Chief Executive Officer, Tundra Semiconductor. "We also\ncompleted two important distribution agreements which will expand our global\nreach and drive further penetration of our products in Japan, Europe\n(including Russia), the Middle East, and Africa," continued Hoste.\n"During the quarter, customer design activity remained steady giving us\nconfidence that future opportunities for Tundra's pro...