I found the current financial results posted at tundra.com
TUNDRA SEMICONDUCTOR CORPORATION ANNOUNCES RECORD REVENUE FOR
THE YEAR ENDED APRIL 30, 1999
Kanata, ON, June 2, 1999 - Tundra Semiconductor Corporation, a leader
in bus bridging components for embedded systems, today announced
record revenue and earnings for its year ended April 30, 1999, in
addition to its eleventh consecutive quarter of continued growth.
Revenue for the fourth quarter of fiscal 1999 was $8.0 million, up
38% from the $5.8 million achieved in the fourth quarter of fiscal
1998. Net earnings for the quarter were up 65% to $782,000, compared
to the $474,000 reported for the fourth quarter of the previous
fiscal year. Fully diluted earnings per share for the fourth quarter
of fiscal 1999 were $0.06, compared to $0.05 per share in the fourth
quarter of fiscal 1998. For the year ended April 30, 1999, revenue
was $27.8 million, up 38% from $20.1 million in fiscal 1998. Net
earnings for the year ended April 30, 1999 were $2.2 million,
compared to earnings of $473,000 for the same period in fiscal 1998,
which represented earnings growth of 362%. Fully diluted earnings per
share for the year ended April 30, 1999 were $0.19, compared to
earnings of $0.05 per share for the year ended April 30, 1998.
During the fourth quarter of fiscal 1999, Tundra successfully
completed an initial public offering and secondary offering of its
common shares. Tundra anticipates using the proceeds from the
initial public offering to fund research and development in
connection with current and future products, to further secure its
supply of wafer fabrication capabilities, and for general corporate
purposes.
Another exciting development for Tundra has been the announcement of
the PowerSpan. The PowerSpan is a multi-port device that utilizes a
new switching architecture and Tundra is the first company to
announce a chip with this functionality. "PowerSpan represents an
important milestone in the Company's emergence as a leader in the
PowerPC interconnect market", said Dr. Adam Chowaniec, President and
CEO of Tundra. "This product symbolizes the ongoing commitment by
Tundra to focus on the fast growing datacom and telecom markets.
This release represents a major product initiative for Tundra and
a shift from supplying bus-bridging components to delivering system
solutions on silicon."
A further advance for Tundra has been its investment in a full
hardware emulation system for the PowerSpan. This allows Tundra to
model, in its entirety, the performance of complex new silicon
devices such as PowerSpan, prior to fabricating the devices for
prototype sampling. This means that designers can begin developing
their PowerPC-based communications systems with high confidence
before prototype availability.
"Tundra continues to grow and expand into the bus-bridging and
semiconductor solutions marketplace" said Dr. Chowaniec. "This
quarter and year end represent a significant milestone in Tundra's
history. We are delighted at the growth we have seen, particularly
after completing our initial public offering this year."
Tundra Semiconductor Corporation designs, develops and markets
advanced interconnect solutions for embedded computer systems.
Tundra's chips are essential devices found in a broad spectrum
of applications, including telecommunications, data communications,
wireless communications, industrial automation, and avionics.
Tundra markets and sells its products worldwide through its network
of direct sales, distributors and manufacturers' representatives.
More information about Tundra is available at www.tundra.com.
Tundra Semiconductor Corporation is a public company whose common
shares are listed for trading on The Toronto Stock Exchange (TUN)
in Canada. All figures, unless otherwise noted, are stated in
Canadian dollars in accordance with accounting standards accepted
in Canada.
The Company cautions that these statements 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 and pricing
pressures, 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. |
