August 28, 2008 / 8:31 PM / 10 years ago

Tundra climbs into the black, but revenue sags

TORONTO, Aug 28 (Reuters) - Tundra Semiconductor Corp posted a first-quarter profit even as its revenue shrank, the small technology firm said on Thursday.

Tundra said it earned C$437,000 ($416,000), or 2 Canadian cents a share, in the three months ended Aug. 3. That was better than a year-ago loss of C$973,000, or 5 Canadian cents per share.

Revenue slipped to C$18 million from C$20.6 million a year earlier, Tundra said.

“Our cash position remains strong at more than C$58 million and our cash generated from operations was once again positive,” chief executive Daniel Hoste said in a statement.

The firm said it expects revenue in its fiscal second quarter of between C$16.5 million and C$18.5 million and pro-forma diluted earnings of between 3 Canadian cents and 7 Canadian cents a share.

The Ottawa-based company released its results after markets closed. During the day, its shares rose 1 Canadian cent to C$3.70 on the Toronto Stock Exchange.

$1=$1.05 Canadian Reporting by Wojtek Dabrowski; editing by Jeffrey Jones

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