Gennum Corporation (TSX: GND) today announced its unaudited financial results for the third fiscal quarter which ended August 31, 2008.
"Our third quarter performance underscores a consistent strengthening in our business as we delivered a sixth consecutive quarter of growth and improved profitability," said Dr. Franz Fink, President and CEO of Gennum. "We continue to receive positive customer response to our new, refreshed portfolio and this is resulting in continued healthy demand for our products. We are successfully expanding our customer base and securing new product and IP opportunities in Europe, Japan, Asia and North America. To maintain and build upon our market momentum, we remain focused on balancing the investment in new product development and core business activities with overall company profitability to deliver further growth and shareholder value."
Revenue of $33.5 million is up $8.0 million or 31% from $25.5 million in the third quarter of 2007 and up 2% from $33.0 million in the second quarter of 2008. Gross margin as a percentage of revenue remained in the industry's top tier as lower average selling prices were offset by lower production costs and a higher mix of IP revenue. Earnings per share from continuing operations grew 20% from the third quarter of 2007 and 6% over the second quarter of 2008.
New product introductions and developments
Since the commencement of the third quarter of 2008, we introduced a series of new products, participated in a new technology demonstration with an industry partner, completed the acquisition of ASIC Architect, Inc. and concluded a sale leaseback transaction involving our corporate headquarters.
- Test and Validation Equipment from Tektronix Leverages the Gennum 3Gb/s SDI Solutions - Tektronix, Inc., a leading supplier of test, measurement, and monitoring instrumentation, has implemented Gennum's 3Gb/s equalizer solutions in its award-winning WFM7120 waveform monitor. The advanced monitoring equipment provides customers in the equipment design, manufacturing and broadcast industries with 3Gb/s SDI test and analysis capabilities helping ensure compliance to the standard and propelling the 3Gb/s market forward.
- Gennum 3Gb/s Solutions Selected for Ensemble's Next-generation Broadcast Signal Generator - Ensemble Designs has selected the Gennum 3Gb/s transmit solution for its next-generation test signal generator (TSG), a critical piece of equipment used to distribute test signals in broadcast studios. The integrated, single-chip transmit solution from Gennum enabled Ensemble to deliver 3G design in less than three months.
- Expanded PCI Express Portfolio with New Bridge for High Data Rate Embedded Applications - Industry's first highly-integrated, four-lane PCIe bridge enables broadcast video designers to leverage the full potential of the PCIe standard with a low cost, turnkey solution and speed time-to-market by up to 80 percent.
- Gennum and IDT (Integrated Device Technology) Jointly Demonstrate High-Performance Embedded PCI Express - Systems designers struggle to ensure signal integrity across PCIe Gen2 cables and backplanes. The joint demonstration by Gennum and IDT showcased the PCIe I/O expansion system using off the shelf components, one of the popular IDT PCIe Gen2 switching solutions and Gennum's advanced repeater solution.
- New ActiveConnect Products Enable Industry's Thinnest, Longest Reach HDMI Cables - The ActiveConnect GV8502 product is targeted at consumer cabling applications providing cable manufacturers with a cost-effective, high-quality semiconductor solution for the design of their thin HDMI consumer cables.
- ActiveConnect Adopted by Tributaries for Long-Reach HDMI Extender
- Tributaries Cable, a leading supplier of high-value, high- performance cabling and accessories for custom home audio and home- theater installation, has deployed a new extender based on the ActiveConnect solution. Fully compatible with the latest HDMI 1.3 standard, the Tributaries HXMini5 extender can reliably transport high-definition multimedia interface (HDMI) video with audio more than 300 feet with no loss of video or AV quality.
- Acquisition of ASIC Architect, Inc. Accelerates Product Development and Broadens IP Offering - The combination of ASIC Architect controller and bridge IP cores and the Snowbush Microelectronics IP PHY cores provides a complete high-speed interconnect solution. Additionally, with added controller IP and embedded system expertise, Gennum can more quickly deliver new, highly-integrated products to capitalize on high-growth consumer connectivity markets, while further securing market leadership in its traditional video and data communication segments.
- Completed Sale and Leaseback of Burlington, Canada Headquarters - Corporate headquarters sold for $13.5 million (CDN) cash to LPF Realty Office Inc. This transaction enables Gennum to better optimize its investments and fund more strategic projects that accelerate company growth and new product development. -- www.cnxmarketlink.com
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