WATERLOO, ONTARIO -- (Marketwire) -- 07/29/09 -- DALSA Corporation (TSX: DSA), an international leader in high performance digital imaging and semiconductors, today reported revenues from continuing operations of $40.3 million for the quarter ended June 30, 2009, and net income from continuing operations of $0.1 million or $0.00 per share, diluted. The following table summarizes the key results for the second quarter of 2009 and compares them to the second quarter of 2008.
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Quarterly Comparisons
(In millions of dollars, except Increase/
per share amounts) Q2, 2009 Q2, 2008 (Decrease)
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Revenues $40.3 $53.0 (23.9)
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Earnings from continuing operations $0.1 $5.9 (98.6%)
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Earnings per share from continuing
operations, diluted $0.00 $0.32 (100.0%)
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Standard product gross margin percentage 32.5% 48.3% (15.8pp(i))
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Order backlog at June 30 $99.7 $79.8 24.9%
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Cash flow from operations $1.8 $9.3 (81.1%)
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(i) percentage points
"In the second quarter we saw some stabilization in our business as well as several indications of a recovery in our markets beginning in the fourth quarter this year," commented Brian Doody, Chief Executive Officer of DALSA Corporation. "In our Digital Imaging business, in particular, we noted an improvement in sentiment among OEMs in the key Asia/Pacific region, which was reflected not only in increased customer inquiries and ordering for later in the year, but also in a significant improvement in shipments to the region relative to the first quarter's historically low sales."
"Through this recent period of weaker product demand, we have continued to deliver on key initiatives that will place DALSA in an even stronger competitive position once the global economic situation improves," Mr. Doody continued. "In our Semiconductor business, for example, we were able to achieve 30%+ growth in MEMS revenues in the first half of this year compared to the first six months of 2008. Our investment in new 200mm MEMS capability will allow us to capture new opportunities and further expand our MEMS foundry leadership position. In the Digital Imaging business, our key new products, particularly those targeting the higher volume industrial markets, are winning market share and showing strong quarter over quarter sales growth. Our new product pipeline is also strong, with new product introductions planned later this year and into 2010. In the meantime, we are successfully increasing our custom contracts business company-wide in an effort to offset short term declines in standard product sales. Revenues from Application Specific Contracts in both divisions were at record levels in the second quarter. Finally, I am also pleased with the state of our overall order backlog, which at the end of the second quarter stood at almost $100 million.
