DNX.v superb 3rd qtr earnings...
Dynex Power Announces Third Quarter Results for 2007 - Strong Improvement in Profitability
Monday November 19, 9:15 am ET
Listing: TSX Venture Exchange Symbol: DNX
LINCOLN, England, Nov. 19 /CNW Telbec/ - Dynex Power Inc., a leading independent power semiconductor company, today announced results for the third quarter of 2007.
Summary financial information in Canadian dollars for the three and nine months ended September 30th, 2007 is as follows:
The Company's revenue in the third quarter was 53% ahead of that reported in the corresponding quarter of last year with strong growth reported in all four product groups. Revenue for the year to date is 32% ahead of the same
period last year. Approximately one quarter of that increase is the result of the weaker dollar for the year to date, with the rest of the increase coming from volume growth across all four product groups. A favourable mix of sales resulted in a gross margin of 25.5% in the quarter compared with 18.2% in the same quarter last year. As a result, the business was able to report a profit of $915,000 in the quarter and $1.1 million for the year to date. Last year the Company recorded losses both for the quarter and the year to date. Fourth quarter revenue is expected to be similar to that reported in the third quarter with some growth in Power Modules and Integrated Circuits offset by slightly lower volumes in the Bipolar group. Management expects another strong profit in the fourth quarter.
Dr Paul Taylor, President and Chief Executive Officer commented that "the increase in revenue and profitability that we have seen in the third quarter
fulfils the expectations that we expressed at the time we issued the second quarter results. Given the strength of our order book, we can see another good result arising in the fourth quarter. Our primary focus now is on funding the
capital expenditure programme needed to increase our capacity and improve our efficiency and reducing the level of debt in our capital structure."
Bob Lockwood, Chief Financial Officer, stated that "the results for the quarter were excellent news for shareholders and employees alike after a long period of improving but still unsatisfactory performance. Our order book, which stood at $23.5 million at the end of September, gives us confidence of another two quarters of good sales and profits to come. It is possible that overall sales volume may decline slightly thereafter in the later part of 2008
and that an adverse change in product mix might cause profits to fall back from the level being seen at the moment, but management is working hard to offset these possibilities."
About the Company
Dynex is one of the world's leading independent suppliers of specialist, high power semiconductor products. Dynex Semiconductor Ltd is its operating business and is based in Lincoln, England in a facility housing the fully
integrated silicon wafer fabrication, assembly and test, sales, design and development operations. Dynex designs and manufactures high power bipolar discrete semiconductors, power modules, including insulated-gate bipolar transistors (IGBTs), and high power electronic assemblies. Dynex products are used world wide in power electronic applications including electric power generation, transmission and distribution, marine and rail traction drives, aircraft, electric vehicles, industrial automation and controls. The company continues to produce and sell certain high reliability integrated circuits (ICs) for use in specialist applications led by its proven radiation hard
Silicon-on-Sapphire products for space and nuclear applications.
Press announcements and other information about Dynex are available on the
World Wide Web at dynexsemi.com. |
