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Tundra Semiconductor Reports Q3 FY09 Financial Results
Results within Guidance, Continuing to Generate Cash OTTAWA, March 4 /CNW Telbec/ - Tundra Semico...
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[{"type":"text","content":"\n\n\n\nResults within Guidance, Continuing to Generate Cash\n\n\nOTTAWA, March 4 /CNW Telbec/ - Tundra Semiconductor Corporation (Tundra,\nor "the Company") (TSX:TUN), a leader in System Interconnect, today reported\nfinancial results for the third quarter of fiscal 2009, which ended February\n1, 2009.\n\n\nQ3-2009 RESULTS:\n\n\n- Q3 Revenue: $14.6 million\n\n\n- Q3 Pro forma earnings: $0.1 million\n\n\n- Q3 Pro forma diluted earnings per share: $0.00\n\n\n- Q3 GAAP results: loss of $1.1 million or $0.06 per diluted share\n\n\nRevenue for the third quarter of fiscal year 2009 was $14.6 million,\ncomprised of $14.1 million in product revenue and $0.5 million in services\nrevenue. The Communications market segment generated $8.0 million in the third\nquarter and the Computing/Storage market segment generated $6.1 million.\nOverall, the products business performed beyond our expectations in the\nquarter and was positively impacted by foreign exchange. Design Services\nrevenue was significantly lower than expected as a result of the cancellation\nof a large project during the quarter. Overall quarterly revenue represents a\n20% decrease from the second quarter of fiscal year 2009 and a 1% decrease\ncompared to the third quarter of fiscal year 2008. Pro forma earnings for the\nquarter were $0.1 million or $0.00 per diluted share, compared to earnings of\n$2.4 million or $0.12 per diluted share in the second quarter of fiscal year\n2009 and compared to $0.3 million or $0.02 per diluted share in the third\nquarter of fiscal year 2008. GAAP loss for the quarter was $1.1 million or\n$0.06 per diluted share, compared to earnings of $1.7 million or $0.09 per\ndiluted share in the second quarter of fiscal year 2009, and a loss of $54.0\nmillion or $2.73 per diluted share in the third quarter of fiscal year 2008.\n\n\n"Third quarter results were within the guidance we provided at the close\nof the second quarter. Quarter over quarter, our cash position increased by\nmore than $1 million and we generated more than $2 million in cash from\noperations during the quarter. Our cash position at the close of the quarter\nwas more than $63 million and we remain debt free," said Daniel Hoste,\nPresident and Chief Executive Officer, Tundra Semiconductor. "Considering the\ncurrent global economic environment we are satisfied w...