9/6/2005 - Tundra Semiconductor Corporation (TSX:TUN), the leader in System Interconnect, reported financial results for the first quarter of fiscal 2006, which ended July 31, 2005.
"We are pleased with the performance in the quarter, with the return of sequential revenue growth and with the solid earnings results," said Jim Roche, President and CEO of Tundra. "We are also encouraged by the customer interest and early revenue traction for our recently launched new products, which indicates that our product roadmaps are well positioned to achieve our future growth objectives."
"Revenues for the quarter were above guidance, while margins remained steady, as expected," said Norm Paquette, Chief Financial Officer of Tundra. "We continue to deliver solid earnings, balancing the investments to drive future growth, with the financial discipline to deliver on our short term commitments."
GUIDANCE FOR Q2-2006:
Following closely after the launch of the Tsi108TM in March, Tundra announced the addition of the Tsi108ATM to its family of host bridges for PowerPC®. The Tsi108A, an advanced host bridge with patent-pending technology, offers multiprocessor support with power management and integrated features such as spread spectrum clock generation and DDR2 memory support. It is the ideal companion chip for both Freescale MPC74xx and IBM PPC 750xx PowerPC processors. With a decade of investment and expertise in PowerPC, Tundra's current portfolio of host bridges delivers industry-leading system performance, system cost, system power, and signal integrity for customers in the communications, pervasive computing, military and industrial automation markets. In June, Tundra strengthened its leadership position with the introduction of its roadmap and vision for next-generation host bridges supporting PowerPC processor-based designs.
Also in the quarter, Tundra announced the availability of the Tsi148TM, the industry's leading PCI/X-to-VMEbus bridge, with a full industrial temperature rating. The availability of an industrial temperature-rated Tsi148 allows Tundra's customers with challenging thermal environments in military and communications applications to perform system qualification at higher ambient temperatures. Tundra continues to demonstrate its investment in its VMEbus bridge product line, confirming its commitment to both customers and partners. The addition of this Tsi148 variant strengthens Tundra's market leadership position as the leading supplier of VME System Interconnect. The Tsi148 is the successful next-generation offering to the Tundra UniverseTM II, the leading VMEbus bridge for embedded systems customers.
RAPIDIO TECHNOLOGY AND ECOSYSTEM GAIN MOMENTUM IN 2005
Tundra continues to provide leadership in the development of the RapidIO® standard and is the first to bring serial RapidIO switches to market. RapidIO is the leading serial interconnect standard for embedded systems and is supported by industry leaders such as: Lucent, Freescale, Alcatel, AMCC, EMC Corp, and Ericsson.
A key element of the success of RapidIO technology is the breadth and depth of the RapidIO ecosystem, which ensures that the RapidIO standard continually meets the collective needs of the embedded marketplace. In the quarter, Tundra announced the availability of the Tundra serial RapidIO development platform - the first of its kind in the RapidIO ecosystem. Continuing its commitment to provide comprehensive design support tools, Tundra has partnered with Silicon Turnkey Express (STx) to supply the reference design platform using the Tsi568ATM serial RapidIO switch. This development platform combined with other easily accessible design support tools for the Tundra RapidIO System Interconnect product family will facilitate the flexibility and rapid prototyping capability needed to design next-generation systems faster.
DRIVING THE GROWTH STRATEGY
Tundra recently announced the appointment of Mr. Ray Burgess to the position of Vice President of Strategy and Marketing. The role will focus on driving the growth strategy for the company and positioning Tundra for continued success in its target markets. Mr. Burgess comes to the position with more than 24 years of leadership experience in the semiconductor industry, including strategy formulation, marketing and general management. Most recently, he was the Senior Vice President of Strategy, Marketing and Communications at Freescale Semiconductor, Inc. helping that company through its successful Initial Public Offering (IPO) in 2004.
CONFERENCE CALL DETAILS
Tundra will host an analyst conference call and audio web cast on August 30, 2005 at 5:00 pm (EST) to discuss this earnings update. Please visit www.newswire.ca to access the web cast. 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 September 8, 2005.
To listen to the conference call replay call 416-640-1917 and enter pass code number: 21133778#.
Tundra Semiconductor Corporation delivers standards-based System Interconnect for use by the world's leading vendors of wireless infrastructure, networking, storage and pervasive computing systems. Tundra System Interconnect allows customers to link critical system components while compressing development cycles and maximizing performance.
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 and the Tundra logo is a registered mark of Tundra Semiconductor Corporation (Canada - registration in the United States, European Union, and People's Republic of China pending). The PowerPC name, Power Architecture name, and the PowerPC logotype are trademarks of International Business Machines Corporation, used under license therefrom.
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