DALSA reports fourth-quarter 2007 financial results

FEBRUARY 5, 2008--DALSA (Waterloo, ON, Canada) has reported revenues of $47.3 million for the quarter ended December 31, 2007, and net income of $2.3 million or $0.12 per share, diluted.

Feb 5th, 2008

FEBRUARY 5, 2008--DALSA (Waterloo, ON, Canada; www.dalsa.com),
a manufacturer of high-performance digital imaging and semiconductors, has reported revenues of $47.3 million for the quarter ended December 31, 2007, and net income of $2.3 million or $0.12 per share, diluted. "Our results this quarter are a strong indication that we are on our way to returning the company to its traditional levels of profitability," commented Brian Doody, chief executive officer. "In our core businesses, we are seeing strong product demand, not only in key areas such as flat panel display and MEMS, but across the board. I am also pleased to report that the initiatives we recently undertook to improve our operating results have begun to have a positive impact on gross margins and profitability. Furthermore, our record order backlog gives me confidence about our prospects in 2008."

In the fourth quarter, digital imaging revenues were $26.8 million, up 18.4% from the third quarter of this year. Several large and long-awaited flat-panel-display capital equipment contracts were awarded to customers in the fourth quarter, driving orders for delivery of DALSA cameras and frame-grabber products in the fourth quarter and into the first half of 2008. Due to increased sales and improved product mix, standard product margins in the quarter were 53.5%, down 1.4 percentage points from the fourth quarter of 2006, but higher than the previous three quarters.

Net earnings in digital imaging were $2.6 million, representing 9.8% of revenue. The division exited the quarter with a strong order backlog of $28.5, up $4.1 million from the third quarter of this year. Revenues in the semiconductor business were $20.1 million, up 20.9% from the third quarter of 2007. MEMS revenues were a record $5.7 million, fueled by a ramp up of shipments of products to new MEMS customers. In the digital cinema unit, revenues were $0.4 million, down approximately $0.1 million from the third quarter of 2007. The majority of the revenue came from the rental of HD/SD equipment. The division incurred a net loss of $1.8 million, $0.3 million lower than the third quarter of 2007.

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