Listing: TSX Venture Exchange
Symbol: DNX
Dynex Power Announces Year End Results for 2006
Third Consecutive Year of Improvement and Encouraging Outlook for the
Future
Lincoln, England, April 30th, 2007 - Dynex Power Inc., a leading,
high power semiconductor company, today announced results for the year
ended December 31st, 2006..
Summary financial information for the
twelve months ended December 31st, 2006 is as follows:
| Dollars (000's) | Dec.31, 2006 | Dec. 31, 2005 |
| Revenue | 23,713 | 22,761 |
| Gross Margin | 4,192 | 2,929 |
| Net Loss | (273) | (1,788) |
| No. of Common Shares-average | 31,257,836 | 26,949,650 |
| Earnings/(Loss) per Share in Dollars-diluted | ($0.01) | ($0.07) |
1 Weighted average for the period
The Company’s 2006 performance was significantly better than 2005,
making this the third consecutive year of improvement. A 4.2% growth in
revenue was recorded despite a 9% fall in the average value of the
Dollar against Sterling between the two years. In Sterling terms, in
which all revenues are first recorded, revenue growth exceeded 10%.
The 2006 gross margin of over $4.1 million represented an increase of 43% over
2005, continuing an improving trend established in 2004. The Net Loss of
$273,000 was 85% lower than in 2005, again continuing a three year trend.
Dr. Paul Taylor, President and Chief Executive Officer commented, “this was a
far better result than the bottom line indicates. 2006 was better than
2005 with attractive growth in revenue, particularly when measured in
Sterling terms, an increasingly robust order book and a dramatic
improvement in our gross margin and in the reduction in our net loss.”
Bob Lockwood, Chief Financial Officer commented, “there were several pleasing
aspects of our performance in 2006 that reflected our continuing
recovery and return to profitability. For the first time in three years,
we saw real growth in sales. The improvement in our gross margins
continues from a low of 3.6% in 2003 to 17.7% last year, despite large
increases in energy costs. And for the third consecutive year we have
reduced our expenses, so that they are now only 58% of what they were in
2003.”
Dr. Taylor added, “2007 has started well. We expect
the size of our market to increase by 10% in the coming year, and we
expect Dynex’s revenue growth to be even greater. We have experienced a
robust improvement in our order book - the best in many years - giving
us confidence that we will achieve another healthy increase in revenue
during 2007. A further improvement in gross margin is forecast and with
continuing tight control of expenses, we expect to return to
profitability in 2007.”
David Banks, Chairman
concluded, “the recovery of Dynex continues apace. Much was achieved
during 2006 and our thanks are due to our excellent management, our
loyal and committed employees, our valued customers and our reliable
suppliers. We also thank our shareholders, for their patience during the
period that the Company’s prospects have been turned around and for
their continuing support of the Company. We are encouraged by sustaining
the improvement in our financial performance and are looking forward to
a successful and profitable 2007.”
2006 Year End Results (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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