Listing: TSX Venture Exchange
Symbol: DNX
Results in line with plans and expectations
Lincoln, England, August 29th, 2006 – Dynex Power Inc.,
a leading, independent power semiconductor company, today announced
results for the second quarter of 2006.
Summary financial
information in Canadian dollars for the three and six months ended June
30th, 2006 is as follows:
| June 30, 2006 $'000 |
June 30, 2005 $’000 | YTD 2006 $'000 |
YTD 2005 $’000 | |
| Revenue | 5,253 | 5,559 | 11,335 | 9,725 |
| Gross Margin | 803 | 340 | 1.918 | (240) |
| Net Earnings/(Loss) | (629) | (671) | (563) | (2,278) |
| No. of Common Shares-average | 30,107,131 | 27,070,659 | 29,454,560 | 27,012,110 |
| Earnings/(Loss) per Share in Dollars-diluted | (0.02) | (0.02) | (0.02) | (0.08) |
As expected and as indicated in the press release accompanying our first
quarter results, the Company’s second quarter revenue was lower than in
the first quarter of 2006. However, both revenue and net earnings were
in line with the Company’s business plan and budget. Revenue and net
earnings for the year to date were both significantly ahead of the
figures reported in 2005 and showed the level of recovery achieved by
the business over the last twelve months. A further small loss is
expected to be reported in the third quarter, but management is still
forecasting an overall profit for the year.
Order intake has been
strong over recent months and further large orders are currently being
finalised for parts for two more Royal Navy destroyers and for an
high-voltage direct current station (HVDC) in the Gulf States. As a
result, the order book for our high power products is expected to be at
its highest level for more than three years.
Dr Paul Taylor,
President and Chief Executive Officer commented that “Quarter 2 has
remained on plan. Looking forward, our outlook for the coming two
quarters is for revenues in the third quarter to be similar to the
second quarter whilst revenues in the fourth quarter will be stronger
and the financial performance will be sustained in to next year.”
Bob
Lockwood, Chief Financial Officer, stated that “we were delighted to
have again performed in accordance with our business plan and budget. We
expect revenue in the third quarter to remain at similar levels to that
reported in the second quarter as we complete the transition to new
materials for our Integrated Circuits business and as the major
Assemblies projects that are currently being booked do not start until
late in the third quarter. Revenue is expected to pick up in the fourth
quarter. We expect to report a small loss in the third quarter before
returning to profit in the final quarter. The year is unfolding in
accordance with our business plans. We continue to expect 2006 to be
profitable overall.”
2006
Q2 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
Finance Director and Chief Financial Officer
Dynex
Power Inc.
Tel: UK +44 1522 500 500
Email: paul_taylor@dynexsemi.com
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