Tundra Semiconductor Releases Q1-Fiscal 2008 Financial Results

Tundra management will be holding a conference call today, August 27, 2007 at 5:00 p.m. EST to discuss additional details regarding this earnings update. You may access the conference call via any of the following:

    Teleconference: +1.416.644.3414
    Replay: +1.416.640.1917 Pass code: 21243186#. The replay will
    be available through September 3, 2007.
    Web Cast: 
http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=1970540

    ABOUT TUNDRA

Tundra Semiconductor Corporation supplies the world's leading communications, computing and storage companies with smart System Interconnect products and design services backed by world-class customer service and technical support. Tundra's track record of product leadership includes over a decade of bridges and switches enabling key industry standards: RapidIO(R), PCI, PCI-X, PCI Express(R), PowerPC(R), VME, HyperTransport(TM), Interlaken, and SPI4.2. Tundra's products deliver high functional quality and simplified board design and layout, with specific focus on system level signal integrity. Tundra's design services division, Silicon Logic Engineering, Inc., offers industry-leading ASIC and FPGA design services, semiconductor intellectual property and product development consulting. Tundra's smart technology connects critical components in high performance embedded systems around the world. For more information, please visit www.tundra.com.

The difference between pro forma and GAAP earnings is due to stock-based compensation expense, goodwill impairment charges and amortization of intangibles and backlog associated with Tundra's acquisitions. Tundra uses pro forma measures internally to evaluate and manage operating performance as well as to forecast and plan.

Tundra Semiconductor Corporation is a public company with common shares listed for trading on the Toronto Stock Exchange in Canada. All figures, unless otherwise noted, are stated in Canadian dollars in accordance with accounting principles generally accepted in Canada.

The Company cautions that the forward-looking information in this release is based on certain assumptions made by the Company that may prove to be inaccurate. Assumptions made include, but are not limited to; customer demand for the Company's products and services, the Company's ability to maintain and enhance existing customer relationships, and leverage existing partnerships, as well as the Company's ability to bring to market the products currently under development.

Furthermore, the Company cautions that the forward-looking statements in this release are based on current expectations that are subject to risks and uncertainties. Actual results may differ due to factors such as customer demand, customer and partner relationships, new product development, new services offerings, product shipping schedules, product mix, competitive products and services, pricing pressure, exchange rate fluctuations, 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.

TUNDRA is a registered trademark of Tundra Semiconductor Corporation (Canada, U.S. and U.K.). TUNDRA and the Tundra logo are registered marks of Tundra Semiconductor Corporation in Canada, European Union, People's Republic of China and the United States. Tsi568A, Tsi578, Tsi574, Tsi576, Tsi340, Tsi350, Tsi352 and Design.Connect.Go. are trademarks of Tundra Semiconductor Corporation. RapidIO is a trademark of the RapidIO Trade Association, Inc. The PowerPC name is a trademark of International Business Machines Corporation, used under license therefrom. Other registered and unregistered trademarks are the property of their respective owners.

Development of the Tundra Tsi578, Tsi574 and Tsi576 was made possible in part with the assistance of the Technology Partnerships Canada Program.

    (C) Copyright 2007 Tundra Semiconductor Corporation. All rights reserved.
    Information subject to change without notice.


    TUNDRA SEMICONDUCTOR CORPORATION
    PRO FORMA CONSOLIDATED STATEMENTS OF EARNINGS
    (Canadian dollars, amount s in thousands except per share data)

                                                                     For the
                                                        fiscal quarter ended
                                                    -------------------------

                                                       July 29       July 30
                                                          2007          2006
                                                    (Unaudited)   (Unaudited)
    Revenue:
     Product                                         $  17,953     $  17,943
     Service                                             2,105         1,518
    -------------------------------------------------------------------------
                                                        20,058        19,461

    Cost of revenue:
      Product                                            5,608         5,878
      Service                                            1,174         1,081
    -------------------------------------------------------------------------
                                                         6,782         6,959

    Gross margin                                        13,276        12,502
    -------------------------------------------------------------------------

    Expenses
      Sales and marketing                                               3,028                  3,544
            General  and  administration                                                  2,408                  1,781
            Research  and  development                                                      5,962                  5,936
        -------------------------------------------------------------------------

                                                                                                                11,398                11,261

        Pro  forma  earnings  from  operations                                      1,878                  1,241

        Interest  and  other  income                                                            686                      763

        -------------------------------------------------------------------------

        Pro  forma  earnings  before  income  taxes                              2,564                  2,004

        Income  tax  provision                                                                      629                        25

        -------------------------------------------------------------------------

        PRO  FORMA  EARNINGS                                                              $      1,935          $      1,979

        -------------------------------------------------------------------------

        Pro  forma  earnings  per  share
            Basic                                                                                    $        0.10          $        0.10
            Diluted                                                                                $        0.10          $        0.10

        Weighted  average  number  of  common  shares
          outstanding
            Basic                                                                                          19,932                19,619
            Diluted                                                                                      19,970                19,883

        -------------------------------------------------------------------------


        TUNDRA  SEMICONDUCTOR  CORPORATION
        CONSOLIDATED  STATEMENTS  OF  LOSS  AND  DEFICIT
        (Canadian  dollars,  amount  s  in  thousands  except  per  share  data)

                                                                                                                                          For  the
                                                                                                                fiscal  quarter  ended
                                                                                                        -------------------------

                                                                                                              July  29              July  30
                                                                                                                    2007                    2006
                                                                                                        (Unaudited)      (Unaudited)
        Revenue:
            Product                                                                                $    17,953          $    17,943
            Service                                                                                        2,105                  1,518
        -------------------------------------------------------------------------
                                                                                                                20,058                19,461

        Cost  of  revenue:
            Product                                                                                        5,608                  5,878
            Service                                                                                        1,174                  1,081
        -------------------------------------------------------------------------
                                                                                                                  6,782                  6,959

        Gross  margin                                                                                13,276                12,502
        -------------------------------------------------------------------------
        Expenses
            Sales  and  marketing                                                                3,028                  3,544
            General  and  administration                                                  2,408                  1,781
            Research  and  development                                                      5,962                  5,936
            Stock-based  compensation                                                          488                      632
            Amortization  of  purchased  intangibles
              and  backlog                                                                              1,082                  1,375
            Restructuring  charges                                                            1,659                          -
        -------------------------------------------------------------------------

                                                                                                                14,627                13,268

        Loss  from  operations                                                                (1,351)                  (766)

        Interest  and  other  income                                                            686                      763

        -------------------------------------------------------------------------

        Loss  before  income  taxes                                                            (665)                      (3)

        Income  tax  provision                                                                      308                      660

        -------------------------------------------------------------------------

        NET  LOSS                                                                                            (973)                  (663)

        -------------------------------------------------------------------------
        Deficit,  beginning  of  period                                              (24,801)            (26,846)

        -------------------------------------------------------------------------

        DEFICIT,  END  OF  PERIOD                                                      $  (25,774)        $  (27,509)

        -------------------------------------------------------------------------

        Loss  per  share
            Basic                                                                                    $      (0.05)        $      (0.03)
            Diluted                                                                                $      (0.05)        $      (0.03)

        Weighted  average  number  of  common
          shares  outstanding
            Basic                                                                                          19,932                19,619
            Diluted                                                                                      19,932                19,619

        -------------------------------------------------------------------------


        TUNDRA  SEMICONDUCTOR  CORPORATION
        CONSOLIDATED  BALANCE  SHEETS
        (Canadian  dollars,  amounts  in  thousands)

                                                                                                              July  29            April  30
                                                                                                                    2007                    2007
                                                                                                        (Unaudited)          (Audited)
        ASSETS

        Current  assets
            Cash  and  cash  equivalents                                            $    57,421          $    18,340
            Short  term  investments                                                                  -                42,379
            Accounts  receivable                                                                8,805                  7,745
            Inventories                                                                                7,820                  9,282
            Prepaid  expenses  and  other  current  assets                    4,279                  4,497
            Future  income  tax  asset                                                        2,844                  2,997

        -------------------------------------------------------------------------

                                                                                                                81,169                85,240

        Long-term  prepaids                                                                      1,945                  1,895
        Capital  assets                                                                            24,494                22,343
        Purchased  intangibles  and  other  assets                              4,092                  5,174
        Goodwill                                                                                        50,571                50,571
        Future  income  tax  asset                                                          12,745                11,407

        -------------------------------------------------------------------------

                                                                                                          $  175,016          $  176,630

        -------------------------------------------------------------------------

        CURRENT  LIABILITIES  AND  SHAREHOLDERS'  EQUITY

        Current  liabilities
            Accounts  payable  and  accrued  liabilities              $      9,852          $    11,125
            Income  tax  payable                                                                          -                      105
        -------------------------------------------------------------------------
                                                                                                                  9,852                11,230

        Shareholders'  equity
            Share  capital                                                                        183,580              183,204
            Contributed  surplus                                                                7,358                  6,997
            Deficit                                                                                    (25,774)            (24,801)

        -------------------------------------------------------------------------

                                                                                                              165,164              165,400

        -------------------------------------------------------------------------

                                                                                                          $  175,016          $  176,630

        -------------------------------------------------------------------------


        TUNDRA  SEMICONDUCTOR  CORPORATION
        CONSOLIDATED  STATEMENTS  OF  CASH  FLOWS
        (Canadian  dollars,  amounts  in  thousands)

                                                                                                                                          For  the
                                                                                                                fiscal  quarter  ended
                                                                                                        -------------------------

                                                                                                              July  29              July  30
                                                                                                                    2007                    2006
                                                                                                        (Unaudited)      (Unaudited)

        Operating  activities

            Net  loss                                                                              $        (973)        $        (663)

            Items  not  affecting  cash:
                Amortization  of  capital  assets  and
                  asset  impairments                                                              1,997                  2,362
                Amortization  of  purchased  intangibles
                  and  backlog                                                                          1,082                  1,375
                Stock-based  compensation                                                      488                      632
                Future  income  taxes                                                          (1,186)                  (898)
        -------------------------------------------------------------------------

                                                                                                                  1,408                  2,808

            Cash  effect  of  changes  in:
                Accounts  receivable                                                          (1,060)                1,251
                Income  tax  payable                                                                (115)                    (70)
                Inventories                                                                            1,462                (1,774)
                Prepaid  expenses  and  other  current  assets                    168                      297
                Accounts  payable  and  accrued  liabilities                (1,263)                  (209)
        -------------------------------------------------------------------------

                                                                                                                      600                  2,303

        Investing  activities
            Acquisition  of  capital  assets                                          (4,148)              (4,985)
            Disposal  of  short  term  investments                                42,379                          -
            Acquisition  of  business                                                                -              (18,528)
        -------------------------------------------------------------------------

                                                                                                                38,231              (23,513)

        Financing  activities
            Net  proceeds  on  the  issue  of  common  shares                      250                  1,268
            Repayment  of  debt                                                                            -                    (650)
        -------------------------------------------------------------------------

                                                                                                                      250                      618

        Increase  (decrease)  in  cash  and  cash  equivalents        39,081              (20,592)

        Cash  and  cash  equivalents,  beginning  of  period            18,340                64,914

        -------------------------------------------------------------------------

        Cash  and  cash  equivalents,  end  of  period                  $    57,421          $    44,322

        -------------------------------------------------------------------------
 


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