3/3/2006 - Tundra Semiconductor Corporation (TSX:TUN), the leader in System Interconnect, reported financial results for the third quarter of fiscal 2006, which ended January 29, 2006.
"Q3 was another good quarter with continued profitability growth and positive customer reaction to our recently launched products," said Jim Roche, President and Chief Executive Officer of Tundra. "We are seeing increased design win activity across a range of applications in our key markets. Our product leadership combined with the expansion of our product portfolio is creating a solid base to achieve our growth targets."
"We're pleased to report a third quarter of strong profitability and gross margins," said Norm Paquette, Chief Financial Officer of Tundra. "Our solid earnings are a reflection of our business model which includes a balanced approach to strategic investment in a discipline framework; allowing Tundra to build for future growth."
GUIDANCE FOR Q4-2006:
Tundra recently announced that the Company has established the world's first RapidIO Interoperability Lab (RIOLABTM) for interoperability and specification compliance testing. Leveraging its depth of expertise, technology leadership and commitment to drive the commercialization of RapidIO technology, Tundra has served as the test facility for members of the ecosystem and OEMs alike, resulting in the development of proven test scripts and making the formalization of the RIOLAB a natural evolution. Operating as an independent facility, the RIOLAB will produce impartial test results facilitating seamless integration of multi-vendor components and accelerating time to market for OEM products. The RIOLAB is expected to be operational by summer 2006.
"In addition to being a founding member of the RapidIO Trade Association, our depth of expertise and years of practical lab experience and interoperability work with leading RapidIO silicon vendors, made the creation of the RIOLAB a natural choice for Tundra," said Roche. "With the increasing use of RapidIO in a broad range of applications, the early establishment of the Lab will meet the needs of the growing RapidIO ecosystem and will strengthen the overall market opportunity."
In addition to realizing this important ecosystem milestone, Tundra continues to demonstrate its leadership in the development of RapidIO System Interconnect products. As the first semiconductor vendor to bring Parallel and Serial RapidIO switches to market, Tundra recently launched its third-generation Serial RapidIO switch, the Tsi578TM. This product sets industry benchmarks for high-performance and low power consumption through an innovative feature set ideally suited for ATCA® and MicroTCTM backplane connectivity as well as processor and DSP connectivity. The Tsi578's features include independent unicast and multicast routing mechanisms, error management extensions and the ability to route packets to over 64,000 endpoints.
Tundra also announced that the Tsi568ATM Serial RapidIO Switch is in production. Launched in February 2005, the Tsi568A is another high-performance switch in Tundra's expanding portfolio of Serial RapidIO switches that is ideally suited for a broad spectrum of wireless, video, and networking applications. With multiple RapidIO switches in production combined with commercially-available development platforms and a strong roadmap for next-generation switches, Tundra is recognized as the market leader in RapidIO System Interconnect.
Leadership in Host Bridges for PowerPC®
Tundra continues to strengthen its position as the industry's leading provider of host bridges for PowerPC. In the quarter, Tundra launched the Tsi110TM Host Bridge, the industry's highest performing host bridge for PowerPC. Ideal for power sensitive and cost sensitive applications, the Tsi110 integrates several communications peripherals including two 4-lane PCI-Express ports, four Gigabit Ethernet ports and one PCI-X port. Following closely after the launch of the Tsi109TM, the Tsi110 is optimized for a broad range of applications for the wireless, networking, storage and embedded computing markets.
Also in the quarter, Tundra announced that the Tsi108TM Host Bridge is in production and that the Tsi109 Host Bridge with dual processor support is available for general sampling. Both host bridges have patent-pending technology that supports PCI-X, DDR2 memory, Gigabit Ethernet and Flash memory. Both products also have integrated power management features to address demanding, low power applications. Well suited as companion chips for both Freescale Semiconductor MPC74xx and IBM PPC 750xx PowerPC processors, Tundra's host bridge portfolio offers designers with the benefits of greater overall system performance, reduced system design complexity, better integration and superior power efficiency.
CONFERENCE CALL AND WEBCAST
Tundra management held a conference call yesterday, March 2, 2006 at 5:00pm EST to discuss additional details regarding this earnings update. You may access the conference call: 416-640-1917, pass code: 21176363#. (Available up until March 9, 2006)
Tundra Semiconductor Corporation (TSX:TUN) is the global leader in System Interconnect providing world-class support and leading edge semiconductor solutions to the world's foremost communications, networking, storage system, and information technology vendors. Consistently delivering on system level performance promises that reduce time to market, Tundra System Interconnect ensures market advantage in wireless infrastructure, storage networking, network access, military, industrial automation, and information technology applications.
ABOUT THE RIOLABTM
The RIOLAB is a state-of-the-art, independent testing facility that provides device interoperability and specification compliance reports that meet the growing needs of silicon vendors and OEMs. More information contact: firstname.lastname@example.org.
The difference between pro forma and GAAP earnings is due to stock-based compensation expense, goodwill impairment charges and amortization of intangibles and backlog 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 are registered marks of Tundra Semiconductor Corporation (Canada - registration in the United States, European Union, and People's Republic of China pending). Tsi110, Tsi109, Tsi108, Tsi578, Tsi568A, and Tsi564A are trademarks of Tundra Semiconductor Corporation. RIOLAB and the RIOLAB logo are marks of the RapidIO Interoperability Lab. RapidIO is a trademark of the RapidIO Trade Association, Inc. 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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