Tundra's core business remains strong

Tundra Semiconductor Corp has reported financial results for the third quarter of fiscal year 2007, which ended 28th January 2007.

Tundra Semiconductor Corp has reported financial results for the third quarter of fiscal year 2007, which ended 28th January 2007.

Revenue for the third quarter of fiscal year 2007 was C$21.7 million, a 16% increase over the third quarter in fiscal year 2006, and a 1% decrease from the second quarter of fiscal year 2007.

Pro forma earnings of C$3.0 million represent a 34% increase compared with the third quarter of fiscal year 2006, and a 26% increase over the second quarter of fiscal year 2007.

Pro forma diluted earnings per share of C$0.15 were at the top of range of the Company's per share earnings guidance for the quarter of C$0.11 to C$0.15.

GAAP earnings for the quarter were C$1.3 million or C$0.06 per diluted share, down from earnings of C$1.5 million or C$0.08 in the third quarter fiscal year 2006, up from a loss of C$0.2 million or C$0.01 per diluted share in the second quarter in fiscal year 2007.

"Tundra delivered exceptional profit growth in the third quarter and revenue continued to gain on a year-over-year basis".

"Tundra overcame continued volatility in communications infrastructure, one of the key markets that the company serves".

"Tundra's core business remains strong with multiple products in the PCI and HyperTransport product lines moving into production in the quarter and good momentum behind the roll out of new products", said Daniel Hoste, President and Chief Executive Officer, Tundra Semiconductor.

"Today we announced another significant RapidIO achievement and another industry first".

"Tundra has entered into a partnership with Enea, a leading provider of network software and services, to deliver the first RapidIO-based system level software for the wireless communications infrastructure market".

"Tundra continues to deliver innovative solutions in response to growing demands from the RapidIO ecosystem".

"Additionally, with engineering samples now ready to ship to lead customers, we are on track for the upcoming launch of our first PCI Express Bridge", added Hoste.

Tundra's VME bridge business remained strong in the quarter.

Tundra's VME customers continue to adopt RapidIO switches to their new VME product designs, as the high performance serial interconnect protocol in the core of their systems.

The steady penetration of RapidIO into the existing VME market is increasing the addressable embedded computing market for Tundra's products.

Q4 revenue is expected to be in the range of C$20.0 million to C$23.0 million; and Q4 pro forma diluted earnings per share is expected to be in the range of C$0.11 to C$0.15.

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