Tundra Semiconductor Releases Q1-Fiscal 2008 Financial Results

Revenue Increases 3% Year-Over-Year

OTTAWA, Aug. 27 /PRNewswire-FirstCall/ - Tundra Semiconductor Corporation , the leader in System Interconnect, today reported financial results for the first quarter of fiscal 2008, which ended July 29, 2007.

    Q1-2008 RESULTS:

    - Q1 Revenue: $20.1 million
    - Q1 Pro forma earnings: $1.9 million
    - Q1 Pro forma diluted earnings per share: $0.10
    - Q1 GAAP results: loss of $1.0 million or $0.05 per diluted share

Revenue for the first quarter of fiscal year 2008 was $20.1 million, a 3% increase over the first quarter in fiscal year 2007, and a 9% decrease from the fourth quarter of fiscal year 2007. Pro forma earnings of $1.9 million represent a 2% decrease compared to the first quarter of fiscal year 2007, and a 42% decrease over the fourth quarter of fiscal year 2007. On a GAAP basis the company had a loss for the quarter of $1.0 million or $0.05 per diluted share, compared to a loss of $0.7 million or $0.03 per diluted share in the first quarter of fiscal year 2007, down from a gain of $1.7 million or $0.08 per diluted share in the fourth quarter of fiscal year 2007. The loss on a GAAP basis reflects the one time restructuring charge of $1.7 million which was announced in May, in conjunction with an organizational realignment.

"The first quarter of 2008 concluded with 3% year-over-year revenue growth and included key customer announcements from Huawei and RadiSys, two examples of the continued adoption of our industry-leading Serial RapidIO solutions," said Daniel Hoste, President and Chief Executive Officer, Tundra Semiconductor. "Our products business remains solid and our outlook for Q2-2008 is steady. The Design Services business however, fell short of our expectations as the transition of resources from a large project in the fourth quarter to a number of smaller projects in the first quarter proved to be challenging," continued Hoste.

"Performance of our products business in the first quarter, in US dollars, was slightly ahead of our expectations. However, the strength of the Canadian dollar had a negative impact on our results, both top and bottom line," said David Long, Chief Financial Officer, Tundra Semiconductor.

Management offers the following outlook for the second quarter of fiscal year 2008:

    - Revenue is expected to be in the range of $19.0 million and
      $22.0 million
    - Pro forma diluted earnings per share are expected to be in the range of
      $0.05 to $0.09

    Q1-2008 Highlights:

    - Tundra was selected by Huawei Technologies Co. Ltd. (Huawei), a leader
      in next generation telecommunications networks, to provide Serial
      RapidIO(R) Switches to enable Huawei's next generation production
      systems. Huawei selected Tundra's first-to-market Serial RapidIO Switch
      because the solution solved their design requirement to cluster many
      Digital Signal Processor's (DSPs) while keeping processor overhead at
      an industry-low. Tundra's Tsi568A(TM) Switch offers high
      inter-processor bandwidth, with up to 10 Gbps per link. Tundra's
      Tsi568A is the ideal solution for Huawei's design as it offers; low
      power at 120-200mW per port, a large port count with 16x1 solution in a
      small 27x27mm form factor, as well as ports individually configurable
      by width and speed to optimize intra component connectivity.

    - Tundra recently announced the release of a Serial RapidIO development
      platform that combines the industry's highest performing programmable
      digital signal processors (DSPs) and the lowest power Serial RapidIO
      Switch available. The platform leverages Serial RapidIO interconnect
      technology, using Tundra's Tsi578(TM) switch to cluster four Freescale
      MSC8144 multi-core DSPs in an AMC single-width form factor. Tundra and
      Freescale created the solution to address interconnect bandwidth
      requirements of up to 10 Gbps between on-board components in key
      applications such as wireless base stations, radio network controllers,
      media gateways, video conferencing and radar signal processing. These
      processing-intensive applications require high performance DSPs and the
      high throughput, low latency characteristics of a RapidIO solution.

    - Tundra now offers customers a complete portfolio of proven, high
      performance, low-cost PCI and PCI-X bridges. In Q1-FY2008, Tundra
      launched the new Tsi352(TM) PCI-to-PCI Bridge which offers designers
      the opportunity to extend a system's load capability limit beyond that
      of a single PCI bus by allowing motherboard designers to add more PCI
      devices or more PCI option card slots than a single PCI bus can
      support. The Tsi352 joins the Tsi340(TM) and Tsi350(TM) to complete
      Tundra's PCI-to-PCI bridge portfolio. Similar in features and
      functionality, the three PCI Bridge solutions offered by Tundra provide
      compatible footprints for most standard 32-bit PCI bridges on the
      market today.

    - RadiSys Corporation, a leading global provider of advanced embedded
      solutions, has selected the Tundra Tsi578 Serial RapidIO Switch for its
      Promentum(TM) ATCA-9100 Media Resource Module. RadiSys recently
      launched the Advanced Telecommunications Computing Architecture (ATCA)
      Digital Signal Processing (DSP) blade, which uses the Tsi578 as its
      Serial RapidIO interconnection for large-scale DSP aggregation. The
      Promentum ATCA-9100 responds to increasing customer demand for high
      performance solutions that address the growing number of applications
      requiring media processing. RadiSys selected Tundra's Tsi578 with
      multicast because the Switch offered large-scale DSP aggregation
      capabilities with proven interoperability, lower power and minimal
      latency - all critical requirements for the highly intensive network
      applications that the ATCA-9100 targets.

    Corporate Announcements:

    - In August, Tundra signed a strategic agreement to acquire a new product
      from a leading global solutions and engineering services provider. The
      agreement is a significant first step in executing Tundra's previously
      announced smart interconnect solutions strategy. This product
      represents a new product line and new market opportunity for Tundra.
      Based on strong I/O management experience, Tundra intends to use its
      existing design teams to develop future products in this new product
      line and in the broader smart interconnect solutions product portfolio.

    - Mr. Tracy Richardson joined the Tundra Leadership Team in the first
      quarter of fiscal 2008, in the role of Vice President Marketing. Tracy
      is responsible for development and deployment of Tundra's global market
      driven strategy and is responsible for the strategic and product
      marketing, architecture and applications engineering teams. With over
      20 years of executive management in semiconductors and computing
      systems notably at Digital Equipment, Intel and as Chief Executive
      Officer of Stargen, and with experience in business development, sales
      and marketing, engineering and strategy development, Tracy will play a
      central role in augmenting the Company's leadership position in System

    - Mr. Cesar Cesaratto has been appointed to the Tundra Semiconductor
      Board of Directors, effective July 2007. Cesar's career has included
      more than 30 years with Nortel Networks, spanning product development,
      business  development,  operations,  and  sales  and  marketing  in  both  North
            America  and  Europe.  The  experience  and  depth  of  background  that  Cesar
            gained  during  his  executive  tenure  at  Nortel  will  be  a  significant
            asset  to  Tundra's  governing  Board.


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