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Tundra Semiconductor Announces Record Results for Third Quarter of Fiscal 2001

Photonics.com
Feb 2001
KANATA, Ontario, Feb. 21 -- Tundra Semiconductor Corp., developer of system interconnects for the Internet and communications infrastructure market, announced record revenue and earnings for its third quarter of fiscal 2001. This also represents the company's 18th consecutive quarter of revenue growth.
   Revenue for the quarter, which ended January 28, 2001, was $17.3 million, up 66 per cent from $10.4 million reported for the third quarter of fiscal 2000. Pro forma net earnings, which exclude the effect of goodwill amortization associated with the acquisition of Quadic Systems in September 2000, were up 111 per cent to $2.6 million for the quarter, compared with $1.2 million reported for the same period last year.
   Fully diluted pro forma earnings per share for the third quarter were $0.16, compared with $0.08 per share reported for the third quarter of fiscal 2000. Revenue for the first nine months of fiscal 2001 was $47.3 million, compared with $28.6 million reported for the same period in the previous year, an increase of 65 percent. Pro forma net earnings for the first nine months were $6.5 million, an increase of 109 percent compared with $3.1 million reported for the same period last year.
   Net earnings for the third quarter of fiscal 2001, including amortization of goodwill, were $233,000 or $0.02 per fully diluted share. Net earnings for the first nine months were $4.1 million or $0.27 per fully diluted share.


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