6/6/2005 - Tundra Semiconductor Corporation (TSX:TUN), the leader in System Interconnect, reported financial results for the final quarter of fiscal 2005, which ended April 30, 2005.
FY 2005 RESULTS:
"Tundra's performance for the year underscores our ability to increase sales, improve profitability and execute our product strategy in what have been recognized as extremely challenging times for the industry," said Jim Roche, President and CEO of Tundra. "Even with continued softness in the end markets, our business continues to perform well. Our model has been proven to be the right approach which bodes well for future success."
GUIDANCE FOR Q1-2006:
"Despite the challenging environment, Tundra's revenues, earnings and gross margins remain stable and are in line with both our expectations and the current industry outlook," said Norm Paquette, Chief Financial Officer of Tundra. "This stability combined with the very positive response to our recently launched products provides a base for future growth. It allows us to build an increasingly diverse product portfolio, win new business, and boost our industry leading service and support."
MOMENTUM BUILDS WITH RECORD NUMBER OF INDUSTRY LEADING PRODUCTS
During the quarter, Tundra announced the availability of the industry's leading serial RapidIO(R) switch. The Tundra Tsi568A(TM) delivers the performance, power and configurability that embedded designers need to build reliable, high-speed communications systems in wireless infrastructure and networking applications. It also supports emerging architectural standards, such as Advanced Telecom Computing Architecture (AdvancedTCA(R)). This switch interconnects serial RapidIO enabled processors and peripheral devices and supports an aggregate bandwidth of 80 gigabits per second.
In addition to the Tsi568A, Tundra's RapidIO System Interconnect portfolio also includes the Tsi500(TM), a RapidIO multi-port switch, and the Tsi564A(TM), the second Tundra serial RapidIO switch launched in 2005. Built on patent-pending technology, the Tsi564A with its smaller footprint offers low power, multiple port-widths and speed configurations, making it ideally suited for power, cost and board space sensitive applications. The Tsi564A supports an aggregate bandwidth of 40 gigabits per second and joins the Tsi568A as the industry's only serial RapidIO switches available now. In March, building on a decade of PowerPC(R) investment and expertise, Tundra announced its next-generation host bridge for PowerPC. The Tundra Tsi108(TM) is an advanced host bridge, with patent-pending technology, delivering industry-leading system power, cost, and performance for customers in the wireless infrastructure, storage networking, network access, printer, military and industrial automation markets. The Tsi108 is the industry's only host bridge for PowerPC to feature DDR2 (Double Data Rate 2) memory support and interconnects PowerPC processors, peripheral devices, and memory while reducing overall system power and cost. DDR2 provides several advantages over products with DDR memory, including ease of design and reliability.
EXPANDING GLOBAL REACH
In Q4-2005 Tundra continued to expand its global reach. Adding to last quarter's investments in the U.S. and Japan, Tundra opened an office in Paris, France and continues to expand the depth of resources in Asia. These developments demonstrate Tundra's ongoing commitment to enabling customers' success in advanced System Interconnect.
CONFERENCE CALL DETAILS
Tundra will host an analyst conference call and audio web cast on June 2, 2005 at 5:00 pm (EST) to discuss this earnings update. To listen by phone, call 416-640-4127. Media are invited as 'listen only' participants of the call. Replay of the call will be available two hours following the call until June 9, 2005. To listen to the conference call replay call 416-640-1917 and enter pass code number: 21117792(pound key).
Tundra Semiconductor Corporation delivers standards-based System Interconnect for use by the world's leading communications, networking, storage system, and information technology vendors. Tundra System Interconnect allows customers to link critical system components while compressing development cycles and maximizing performance. Applications include wireless infrastructure, storage networking, network access, military use, industrial automation, and information technology. For more information, please visit www.tundra.com
The difference between pro forma and GAAP earnings is due to stock-based compensation expense, goodwill impairment charges and amortization of intangibles and other assets associated with Tundra's acquisitions. Tundra uses pro forma measures internally to evaluate and manage operating performance as well as to forecast and plan.
Comment respecting any Forward Looking Statement in this release
Tundra Semiconductor Corporation is a public company with common shares listed for trading on The Toronto Stock Exchange (TSX:TUN) in Canada. All figures, unless otherwise noted, are stated in Canadian dollars in accordance with accounting principles generally accepted in Canada. The Company cautions that the forward-looking statements in this release are based on current expectations that are subject to risks and uncertainties. Actual results may differ due to factors such as customer demand, product shipping schedules, product mix, competitive products, pricing pressure, and changes in the embedded systems market specifically. Additional information identifying risks and uncertainties is contained in the Company's filings with the various provincial securities commissions.
TUNDRA is a registered trademark of Tundra Semiconductor Corporation (Canada, U.S. and U.K.). TUNDRA, the Tundra logo, Tsi108, Tsi500, Tsi568A and Tsi564A are trademarks of Tundra Semiconductor Corporation. The PowerPC name and the PowerPC logotype are trademarks of International Business Machines Corporation, and under license.
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