Listing: TSX Venture Exchange
Symbol: DNX
Lincoln, England, May 28th, 2009 – Dynex Power Inc., a leading
specialist high power semiconductor company, today announced results for
the first quarter of 2009.
Summary financial information for the three months ended March 31st,
2009 is as follows:
| Dollars (000's) | March 31, 2009 | March 31, 2008 |
| Revenue | 11,003 | 8,084 |
| Gross Margin | 3,280 | 2,549 |
| Net Earnings | 1,165 | 1,171 |
| Common shares outstanding¹ - diluted | 40,297,238 | 41,678,582 |
| Earnings per share - diluted | $0.03 | $0.03 |
¹ Weighted average for the period
First quarter revenue
of $11.0 million was 36% higher than the corresponding quarter of 2008
and 19% higher than the average quarterly revenue in 2008. There was a
particularly strong performance from the bipolar discrete business
group, which recorded its highest quarterly revenue ever. The power
module business group reported modest growth against the corresponding
quarter of last year, with small reductions in turnover from the power
electronic assemblies and integrated circuit business groups.
The
gross margin of 29.8% was slightly lower than the 31.5% reported in the
corresponding quarter of 2008 but was still above the average gross
margin in 2008 of 28.2%.
Expenses of $1.6 million were 7% higher
than in the corresponding quarter of last year but 3% lower than the
average expenses during 2008.
The Company incurred a $480,000 tax
charge in the quarter. No tax charge had been incurred in 2008. Despite
having to provide for tax, net earnings were only 1% lower than in the
corresponding quarter of last year and were 2% higher than average
quarterly earnings in 2008.
The growth in the order book
continued during the quarter. Orders taken in the quarter of $12.7
million were 24% higher than the corresponding quarter of last year and
gave a book to bill ratio of 1.1 to 1. Management has seen little sign
so far of the global recession affecting other businesses and a record
order book gives confidence that revenue will remain strong throughout
the rest of 2009. However, a downturn in business may develop in the
coming months and management expects gross margins to reduce as a result
of competitive pressures and a less favourable product mix.
Dr.
Paul Taylor, President and Chief Executive Officer commented, “at a time
when so many other businesses are encountering worsening conditions, we
are delighted to be able to report that Dynex is continuing to grow
revenues and has a record order book. But we must not be complacent.
Conditions world-wide are difficult and we may feel the affects on our
business at some stage in the future. However, the expansion of our
bipolar fabrication facilities will soon be complete and with the help
of CSR Times Electric we are planning an expansion of our power module
fabrication facilities. We are therefore well positioned to maintain our
growth for as long as our markets remain strong.”
Bob
Lockwood, Chief Financial Officer commented, “we are delighted to have
been able to produce another outstanding set of results, particularly
given the current economic climate. To be able to maintain the level of
earnings after providing in full for tax is a tremendous achievement.
But we will face a number of challenges in the coming months. A less
favourable product mix means that net earnings are expected to fall in
the next few quarters. We may yet feel the current recession that is
affecting most of the world’s major economies a little more.”
Mr
Lu, Chairman of Dynex and President and Executive Director of CSR Times
Electric, concluded, “CSR Times Electric is delighted to see Dynex
continuing to perform strongly. The management of Dynex has delivered
another excellent set of results and we look forward to working closely
with them on the expansion of their power module facility. CSR Times
Electric will continue to give strong support to the development of
Dynex during these challenging economic times.”
2009
Q1 Figures (PDF)
About the Company
Dynex
designs and manufactures high power bipolar semiconductors, high power
insulated gate bipolar transistor (IGBT) modules, high power electronic
assemblies and radiation hard silicon-on-sapphire integrated circuits
(SOS IC’s). The company’s power products are used worldwide in power
electronic applications including electric power transmission and
distribution, renewable and distributed energy, marine and rail traction
motor drives, aerospace, electric vehicles, industrial automation and
controls and power supplies. Our IC products are used in demanding
applications in the aerospace industry. Dynex Semiconductor Ltd is its
only 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 is majority owned by
Zhuzhou CSR Times Electric Co., Ltd.
Zhuzhou CSR Times
Electric Co., Ltd. is based in Hunan Province in the People's Republic
of China. It is listed on the Hong Kong stock exchange. CSR Times
Electric is the leading train-borne electrical system provider and
integrator for the railway industry in China. It is also engaged in
developing, manufacturing and selling train power converters, auxiliary
power supply equipment and control systems for trains for urban rail
systems. In addition, CSR Times Electric designs, manufactures and sells
electrical components including power semiconductor devices.
Press
announcements and other information about Dynex are available at www.dynexsemi.com.
Further
information on CSR Times Electric can be found at www.timeselectric.cn/en
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: investorrelations@dynexsemi.com
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