Listing: TSX Venture Exchange
Symbol: DNX
Dynex Power Announces Third Quarter Results for 2005
Lincoln, England, November 28th, 2005 – Dynex Power Inc., a leading,
independent power semiconductor company, today announced results for the
third quarter of 2005.
Summary financial information in Canadian
dollars for the three months and nine months ended September 30th, 2005
is as follows:
| Sept 30 2005 $’000 | Sept 30 2004 $’000 | YTD 2005 $’000 | YTD 2004 $’000 | |
| Revenue | 5,681 | 6,266 | 15,405 | 18,343 |
| Gross Margin | 886 | 279 | 646 | 1,255 |
| Net Loss | (293) | (1,438) | (2,569) | (3,938) |
| No. of Common Shares-average | 25,973,642 | 25,238,185 | 25,876,616 | 22,238,163 |
| Loss per Share in Dollars-diluted | (0.01) | (0.06) | (0.09) | (0.18) |
Revenue continued to grow over the third quarter of 2005, but the growth
of 10% compared to the previous quarter that was recorded in the
Sterling books of the UK operating company fell to 2% when converted to
Dollars. Indeed, in Sterling terms, revenue this quarter was ahead of
the corresponding quarter of last year but not, as the above chart
shows, when the figures are converted to Dollars. Gross margin grew by
160% from the $340,000 reported last quarter to $886,000 this quarter.
The improvement over last year is even more impressive. The net loss for
the quarter fell by 56% to $293,000 having fallen by 58% in the previous
quarter. It is now only one fifth of the loss reported in the
corresponding quarter of last year.
Dr Paul Taylor,
President and Chief Executive Officer commented that “the results for
the quarter are significantly better than those for the previous quarter
as we continue to see the benefits of our recovery programme. Bookings
continue to be ahead of last year and revenue is growing quarter by
quarter. We expect a further increase in revenue in the fourth quarter
and a return to profitability. Our attention so far this year has been
on tight cost control, but we are increasingly turning our attention to
further revenue growth, improving our on time delivery, reducing our
manufacturing lead times and increasing stock turnover in order to
ensure we can continue to improve our financial performance next year.”
Bob Lockwood, Chief Financial Officer, stated that “revenue was slightly below
the third quarter plan. However our overall progress remains in line
with the plan we developed at the start of this year. Continued tight
cost control has afforded a strong recovery in our gross margin and the
business was profitable in the month of September. Further revenue
growth and continued tight control of costs should see us meet our
target of being profitable in the fourth quarter”.
Q3 2005 Figures
About the Company
Dynex is one of
the world’s leading 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 wafer fabrication, assembly and test, sales, design and
development operations. Dynex 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 (ICs) for use in specialist applications
led by its proven radiation hard Silicon-on-Sapphire products for space
and nuclear 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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