Tundra Semiconductor Corp. reported financial results for the first quarter of fiscal 2009, which ended August 3, 2008. Revenue for the first quarter of fiscal year 2009 was $18.0 million, comprised of $8.9 million in the Communications market segment, $6.8 million in the Computing/Storage market segment, and $2.3 million in Design Services.
Quarterly revenue represents a 1% increase from the fourth quarter of fiscal year 2008 and a 10% decrease compared to the first quarter in fiscal year 2008. Pro forma earnings for the quarter were $1.2 million or $0.06 per share, compared to earnings of $1.5 million or $0.07 per share in the fourth quarter of fiscal year 2008 and compared to $1.9 million or $0.10 per share in the first quarter of fiscal year 2008. GAAP earnings for the quarter were $0.48 million or $0.02 per diluted share, compared to a loss of $3.9 million or $0.20 per diluted share in the fourth quarter of fiscal year 2008, and a loss of $1.0 million or $0.05 per diluted share in the first quarter fiscal year 2008.
"We are pleased with the financial results of the first quarter of fiscal 2009. Revenue and pro forma earnings were at the high end of the guidance we provided at the close of the fourth quarter, and we also achieved more than 4% growth in product revenue as projected. Our cash position remains strong at more than $58 million and our cash generated from operations was once again positive," said Daniel Hoste, President and Chief Executive Officer, Tundra Semiconductor. "In the first quarter we adapted our growth strategy to focus on maintaining our leadership position in RapidIO and on addressing new, broader, larger markets by expanding our PCI Express portfolio. We are excited about this strategy, setting up Tundra for steady growth from both product lines, while we continue to carefully manage our financial performance."
