Dynex Power Announces 2002 Year-End Results

March 31, 2003 by Jeff Shepard

Dynex Power Inc. (Ottawa, Canada), a leading power semiconductor company, announced results for the fiscal year ending December 31, 2002. Revenues of $38.4 million for the year ending December 31, 2002, were down 12.7 percent from revenues of $43.9 million in fiscal year 2001. Earnings before tax for the year were $455,291, or $0.02 per share. Both were in line with expectations.

The fourth-quarter revenue dipped by two percent from the previous quarter, but gross profit margins reached 29 percent because of the cost reduction initiatives implemented earlier in the year. The gross profit margins of 22.3 percent for the year were significantly improved over the 4.2 percent result for 2001. Operating costs were similarly improved.

"Once again, I am pleased with our results as I have been for each of the past three quarters. After a difficult start to the year, the company performed well in very difficult markets with revenues under pressure every month. In the end, we are reporting profits and positive cash flow for the year, unlike many of our competitors," said President and Chief Executive Officer Michael LeGoff.