Listing: TSX Venture Exchange
Symbol: DNX
Dynex Power Announces Second Quarter Results for 2005
OTTAWA, CANADA, August 26th, 2005 – Dynex Power Inc., a leading,
independent power semiconductor company, today announced results for the
second quarter of 2005.
Summary financial information in Canadian
dollars for the three months and six months ended June 30th, 2005 is as
follows:
| June 30 2005 $’000 | June 30 2004 $’000 | YTD 2005 $’000 | YTD 2004 $’000 | |
| Revenue | 5,558 | 5,363 | 9,725 | 12,077 |
| Gross Margin | 340 | (296) | (240) | 976 |
| Net Loss | (671) | (1,924) | (2,277) | (2,500) |
| No. of Common Shares-average | 27,070,659 | 20,726,916 | 27,012,110 | 20,721,724 |
| Loss per Share in Dollars-diluted | (0.02) | (0.09) | (0.08) | (0.12) |
The Company indicated in the press release accompanying the first
quarter’s results that revenue would grow and the Company would be able
to report better results in the second quarter. This has proved to be
the case. A 33% rise in revenue combined with continued tight control of
all costs resulted in a positive gross margin of $340,000 and a
reduction in the net loss of 58% to $671,000.
Dr Paul Taylor,
President and Chief Executive Officer commented that “although these
results are still far from acceptable, there has been a number of
underlying improvements in our operations that are contributing to our
return to profitability. Our order book has grown by 28% over the first
six months of the year as our customers continue to display their
confidence in and appreciation of our products. This customer support
will enable us to grow revenue again next quarter. We have also
continued to enjoy strong support from our suppliers through what has
been a difficult period and our workforce has shown its determination to
ensure that goods are shipped as soon as possible and that all
unnecessary costs are identified and eliminated.”
Bob
Lockwood, Chief Financial Officer, stated that “the results are in line
with the plan we developed at the start of this year to enable the
Company to return to profitability. We are confident of further strong
growth in revenue over the next six months that should see us operating
at or close to break-even in the third quarter with a return to
profitability in the fourth quarter.
Q2 2005 Figures
About the Company
Dynex is one of
the world’s leading, independent suppliers of specialist, high power
semiconductor products. Dynex Semiconductor Ltd is its main operating
business and is based in Lincoln, England in a facility housing the
fully integrated silicon fabrication, assembly and test, sales, design
and development operations. Dynex primarily designs and manufactures
high power bipolar discrete semiconductors, power modules, including
insulated-gate bipolar transistors (IGBTs), and high power electronic
assemblies. Dynex products are used world wide in power electronic
applications including electric power generation, transmission and
distribution, marine and rail traction drives, aircraft, electric
vehicles, industrial automation and controls. The Company continues to
produce and sell certain high reliability integrated circuits (IC’s) for
use in specialist applications.
Press announcements and other
information about Dynex are available on the World Wide Web at
http://www.dynexsemi.com.
All monetary values expressed in this
release are in Canadian dollars unless stated otherwise.
The TSX
Venture Exchange has neither approved nor disapproved of the information
in this press release.
For more information:
Dr. Paul Taylor
President and Chief Executive Officer
Email: paul_taylor@dynexsemi.com
or
Bob Lockwood
Finance
Director and Chief Financial Officer
Dynex Power Inc.
Email: bob_lockwood@dynexsemi.com
Tel: +44 01522 500 500
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