Product category:
Communications ICs (Wired)
News Release from: Tundra Semiconductor
Edited by the Electronicstalk Editorial
Team on 11 June 2003
Sixth consecutive growth quarter for
Tundra
Tundra Semiconductor Corp has reported financial results for the final quarter of fiscal 2003, which ended on 30th April 2003.
Tundra Semiconductor Corp has reported financial results for the final quarter of fiscal 2003, which ended on 30th April 2003 Revenues for the quarter were $9.1 million, an increase of 23% over the same quarter in fiscal 2002 and an increase of 9% over the previous quarter
This article was originally published on Electronicstalk on 25 May 2001 at 8.00am (UK)
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Pro forma earnings were $206,000 compared with a loss of $1,077,000 in the same period of the previous fiscal year, and a profit of $30,000 in the previous quarter.
Pro forma earnings per share (EPS) were $0.01, compared with a loss per share of $0.06 for the same quarter in the previous fiscal year and a profit of $0.00 in the previous quarter.
Revenues for the year were $34 million, an increase of 18% over fiscal 2002.
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A new hardware interoperability platform (HIP) motherboard will allow designers to evaluate RapidIO system interconnect devices from Tundra Semiconductor.
RapidIO interfaces hit the ground running
The Tsi400 RapidIO to PCI-X bus bridge and the Tsi500 RapidIO multiport switch are the first commercially available RapidIO system interconnect products.
The annual pro forma loss was $636,000 compared with a pro forma loss of $4,332,000 in the previous fiscal year.
"This is our sixth consecutive quarter of revenue and profit growth and our second quarter of profitability in what are arguably very tough market conditions", said Jim Roche, President and CEO of Tundra.
"Moreover, during this period we have been able to make healthy investments in research and development and build our product and intellectual property base.
This, coupled with our strong partnerships and deep customer relationships, allows us to meet the growing demand for System Interconnect and positions the company for significant long-term growth.
Tundra is emerging from this downturn stronger than we were going into it".
"Tundra continues to have strong gross margins of 72% versus 68% for the same quarter of the previous fiscal year", said Norm Paquette, Chief Financial Officer of Tundra.
"Our revenue exceeded our targets as customers in the military and industrial automation markets continued to be important to Tundra.
We are pleased to see that cash consumed from operations decreased to $100,000 as compared to $2.7 million for the previous quarter".
GAAP earnings were $165,000 or $0.01 per share.
The difference between pro forma and GAAP earnings is due to the amortisation of intangibles and backlog associated with the Tsi310 PCI-Xbus bridge business purchased from IBM.
"As we announce our second quarter of profitability, we can also state that we are past the industry downturn", said Jim Roche.
"Our guidance for the next quarter is for revenue to grow by approximately 10% while gross margins decline but remain strong at 67-68%.
Also, although operating expenses may rise slightly, we are pleased to forecast that cash flow from operations will be positive".
As part of its RapidIO system interconnect strategy, the company announced in March the commercial availability of the industry's first RapidIO System Interconnect products - the Tundra Tsi400 RapidIO to PCI-Xbus bridge and the Tundra Tsi500 RapidIO multiport switch.
These devices allow communications and storage companies to develop next-generation products based on high-performance switch-fabric system interconnect using the RapidIO standard.
Tundra also developed and launched the Hardware Interoperability Platform (HIP) and announced a partnership for its manufacture and distribution.
The HIP is hardware and software that allows companies to quickly build and prototype new products based on RapidIO system interconnect.
More recently the company also announced a codevelopment agreement for serial RapidIO system interconnect technology with a leading DSP provider.
"We are very pleased to be working closely with industry leaders in the development of the RapidIO ecosystem", said Jim Roche.
"We believe that RapidIO will be the dominant technology used for processor interconnect, DSP aggregation and backplane connectivity in communications and storage systems.
These recent announcements show that the technology is putting down roots".
Also in March, Tundra acquired IBM's PCI-Xbus bridge line of business, now the Tsi310 PCI-Xbus bridge.
"The product's integration has been smooth and with this acquisition we have enriched our customer relations", says Jim Roche.
"We are now designed into products from leading storage and server companies.
This new business will provide significant revenue growth for Tundra over the coming quarters".
"Standards-based System Interconnect is our core competency", said Jim Roche.
"We enable our customers to focus on their core competencies while they leverage our industry-leading expertise.
This outsourcing trend, which saves our customers time and money, continues to drive demand for Tundra products and fuels our future growth".
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