TUNDRA SEMICONDUCTOR CORP ("TUN-T") - Record Financial Results
Tundra Semiconductor Corporation, a leader in system interconnect technologies for embedded systems, announced record revenue and earnings for its second quarter of Fiscal 2000. The three months ended October 31, 1999, represented the Company's thirteenth consecutive quarter of solid financial growth. Revenue was $9.6 million, up 47% from $6.5 million in the second quarter of Fiscal 1999. Net earnings were up 126% to $1,057,000, compared with $467,000 for same quarter of the previous year.
For the first six months of Fiscal 2000, revenue increased 46% to $18.2 million, compared to $12.5 million for the same period in Fiscal 1999. Net earnings more than doubled to $1,865,000, a 116% increase from the $863,000 in the same period last year.
"These financial results reflect customers moving from design win to volume production with our current PCI and VME product lines," stated Dr. Adam Chowaniec, Tundra's President and CEO. "Our design wins continue to increase, for both existing and recently introduced products. We look forward to seeing these wins also move into volume production. Combine this with strategic partnering activities like our recently announced PCI-X licensing agreement with Compaq Computer Corporation, and our expectations for continued growth in our target markets are reaffirmed."
In concert with these results, Tundra is also pleased to announce the promotions of three of its senior executives. Jim Roche, with the Company since its inception, has been appointed Chief Operating Officer, with full responsibility for the day-to-day operations. Norm Paquette has been promoted to Chief Financial Officer, where he will increase his focus on strategic financial aspects within the company. Michael Krause will continue to drive Tundra products forward in his increased capacity as Executive Vice President for Research and Development. These promotions recognize the talents of the individuals, and also address the corporate need for balance between daily operations and longer-term strategic activities.
In making these appointments, Dr. Chowaniec noted, "Tundra's continued growth demands a mature, accomplished management team. These executives have excelled in their respective disciplines. I am confident they will lead our company to greater success in their expanded roles."
Tundra Semiconductor Corporation designs, develops and markets advanced system interconnect products for embedded systems. These devices are essential to a range of applications, including telecommunications, data communications, wireless communications, industrial automation, and ruggedized systems. Tundra sells its products worldwide through its network of direct sales personnel, independent distributors and manufacturers' representatives. More information about Tundra is available on-line at www.tundra.com.
Another great quarter for Tundra. We should see upward movement on the stock tomorrow. |
