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Zarlink Releases First Quarter Fiscal 2006 Results

OTTAWA, CANADA – Zarlink Semiconductor Inc. today released results for the Fiscal 2006 first quarter ended June 24, 2005, prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP).

As anticipated, first quarter revenue was US$45.5 million, compared with US$48.4 million in the previous quarter, and US$55.8 million in the first quarter of Fiscal 2005. Higher revenues in Ultra Low-Power Communications were offset by lower sales in the Consumer Communications and Network Communications business units.

Zarlink recorded a first quarter net loss of US$3.6 million or US$0.03 per share. This figure includes a US$1.9 million gain relating to the receipt of the final installment on a note receivable payment from X-FAB Semiconductor Foundries and a US$1.5 million gain from foreign exchange transactions. In the Fiscal 2005 first quarter, the Company reported a net profit of US$7.5 million, or US$0.05 per share, which included a US$7.0 million gain on a note receivable.

Gross margin in the first quarter was 38% of revenue, compared with 27% in the Fiscal 2005 fourth quarter and 45% in the first quarter a year ago. The Company’s gross margin in the prior quarter was affected by severance costs associated with restructuring, inventory and other production charges.

“We are pleased that we met our first quarter financial guidance, and anticipate a modest improvement in second quarter revenues,” said Kirk K. Mandy, President and Chief Executive Officer, Zarlink Semiconductor. “This company is clearly in an extended turnaround situation. Our primary short-term goal is to further reduce our fixed costs, begin generating positive cash flow and return to profitability. We are continuing the task of fundamentally repositioning the business on growth markets where we can win with world-class technology, and continue to review all strategic alternatives for the company.”

Review of Operations

Both Research and Development (R&D) and Selling and Administrative (S&A) expenses were lower sequentially in the Fiscal 2006 first quarter as a result of the restructuring implemented in the fourth quarter of Fiscal 2005.

R&D expenses in the first quarter were US$13.6 million or 30% of revenue, compared with US$19.0 million or 39% of revenue in the fourth quarter, and US$14.9 million or 27% of revenue in the first quarter of Fiscal 2005.

S&A expenses were US$11.3 million or 25% of revenue in the first quarter, compared with US$20.9 million or 43% of revenue in the fourth quarter, and US$10.7 million or 19% of revenue in the first quarter of Fiscal 2005.

During the first quarter, the Company made several important product and technology announcements, including:

* The world’s first ultra low-power RF (radio frequency) transceiver chip to fully comply with the MICS (Medical Implant Communication Service) standard for next-generation “in-body” communication systems.
* The industry’s first demodulator to fully meet the stringent NorDig Unified 1.0.2 standard for terrestrial digital TV.
* Demonstration of an innovative technology called ToP (Timing-over-Packet) that allows carriers to support time-critical voice, video and data services over packet networks.

Subsequent to quarter end, Zarlink announced the appointment of Dr. Stan Swirhun as Senior Vice President and General Manager, Opto Electronics. Well known as a founder and CEO of Picolight Inc., Dr. Swirhun will focus on developing fiber optic modules and components for niche markets, and boosting profits through operational improvements.

Second Quarter Fiscal 2006 Guidance

Based on an opening order backlog of US$33 million, compared with US$31 million in the first quarter, Zarlink is forecasting that revenues will be between US$45 million and US$47 million in the second quarter of Fiscal 2006. As a result, Zarlink expects to record a second quarter net loss of US$0.04 to US$0.05 per share.

Jueves, 21 Julio, 2005 - 05:47
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