Listing: TSX Venture Exchange
Symbol: DNX
Dynex Power Announces First Quarter Results for 2006
Continues on Recovery Track
Lincoln, England, May 25th, 2006 – Dynex Power Inc.,
a leading, independent power semiconductor company, today announced
results for the first quarter of 2006.
Summary financial
information in Canadian dollars for the three months ended March 31st,
2006 is as follows:
| March 31st, 2006 $’000 | March 31st, 2005 $’000 | |
| Revenue | 6,082 | 4,166 |
| Gross Margin | 1,115 | (580) |
| Net Earnings/(Loss) | 66 | (1,606) |
| No. of Common Shares-average | 27,058,244 | 26,917,354 |
| Earnings/(Loss) per Share in Dollars-diluted | 0.00 | (0.06) |
First quarter revenue was lower than in the fourth quarter of 2005.
However, the results were in line with expectations and showed the level
of recovery achieved by the business over the last twelve months. At
this level of revenue the business earned an improved gross margin, and
with tight control of overhead expenses, a small profit was recorded for
the quarter.
The order book remains in line with expectations,
with higher revenues forecast in the second half of the year.
Dr
Paul Taylor, President and Chief Executive Officer commented that “In
line with our plans, we generated over $6 million in revenue in the
first quarter of 2006. Our high power Bipolar and IGBT businesses have
responded well to the restructuring begun in 2004 and are showing steady
growth. Prospects are strong for the Integrated Circuit business and for
Assemblies, with increased revenue expected later this year.”
Bob
Lockwood, Chief Financial Officer, stated that “we were delighted to
meet our planned revenue in the quarter. Revenue is forecast to decline
slightly in the second quarter and in the first part of the third
quarter as we complete the transition to new materials for our
Integrated Circuits business and as a result of the phasing of major
Assemblies projects. Revenue is expected to pick up in the latter part
of the third quarter and improve even more in the fourth quarter. While
it was particularly pleasing to be able to report a net profit for the
second quarter in succession, we expect to report a small loss in the
second quarter before returning to profit in the latter part of the
year. We continue to expect 2006 to be profitable overall.”
2006
Q1 Figures (PDF)
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
or
Bob Lockwood
Chief Financial Officer
Dynex
Power Inc.
Tel: UK +44 1522 500500
Email: paul_taylor@dynexsemi.com
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