Tundra Semiconductor Corporation (TSX:TUN), the world leader in System Interconnect, today announced that Daniel Hoste has been appointed President and Chief Executive Officer (CEO) of the Company effective immediately. Mr. Hoste has also been appointed to the Company’s Board of Directors. Since joining Tundra as Vice President of Products in 2005, Mr. Hoste has been a key member of the Tundra executive team, contributing to the Company’s strategic direction and continued growth as the senior executive responsible for product marketing and operations.
Mr. Hoste succeeds Jim Roche, who co-founded the company in 1995 and led Tundra to become the leading provider of standards-based System Interconnect products. Mr. Hoste’s appointment is the culmination of the Company’s leadership succession planning process. Mr. Roche has stepped down from his role as President and CEO and will be available in an advisory role to the executive management team during a short-term transition phase.
Mr. Hoste’s successful track record as a global executive spans more than 30 years, including 16 years with Freescale Semiconductor, Inc. (formerly the Semiconductor Products Sector division of Motorola, Inc.), one of the world’s largest semiconductor companies. At Freescale, Mr. Hoste held management positions in all three business groups of the company, both in Europe and in the United States, including the assignment of Vice President and General Manager of Freescale’s 8-16bit Microcontroller division – a billion-dollar global business – where revenues and profits significantly increased during his tenure.
“Daniel has the experience and leadership attributes required to drive the Company to achieve its business plan and growth strategy, and to continue to be the dominant player in the global System Interconnect industry,” said Dr. Adam Chowaniec, Chairman of the Board, Tundra. “The Board of Directors is confident that with Daniel’s extensive experience in the semiconductor industry and his proven track record of building and leading world-class technology organizations, Tundra’s plan for growth will be successfully executed.”
“The opportunities for Tundra are tremendous. As the market opportunity for our portfolio of products continues to expand, we are well-positioned for growth with a global team of innovative employees, strong senior management, sound business and financial strategies, and a growing portfolio of diversified products,” said Daniel Hoste, President and Chief Executive Officer, Tundra.
“Since the inception of the Company, Jim has been a key contributor to Tundra’s growth and success. Upon his departure, Tundra is both in a solid financial position and gaining a market-leading position in key growth markets,” said Dr. Chowaniec. “On behalf of the Board of Directors, I want to extend our appreciation for Jim’s dedication and effort over the years and wish him well in his future endeavours.”
The Company’s second quarter guidance regarding revenue, as communicated on August 28, 2006 remains unchanged. Second quarter earnings will, however, be impacted by today’s announcement and the Company’s revised range for pro forma diluted earnings per share for the quarter is $0.05 to $0.08.
Dr. Chowaniec added, “In fiscal 2007, Tundra continues to focus on growing value, serving customers better, and strengthening System Interconnect as the Company’s core competency. Under Daniel’s leadership Tundra will continue to deliver the innovation customers expect and to create shareholder value.”
CONFERENCE CALL AND WEBCAST
Tundra management will be holding a conference call today, September 27 at 9:30 a.m. EST to discuss this news release. You may access the conference call via any of the following:
Replay: 416-640-1917, Passcode: 21204756#. The replay will be available through October 4, 2006.
Access the online Web Cast
The difference between pro forma and GAAP earnings is due to stock-based compensation expense, goodwill impairment charges and amortization of intangibles and backlog associated with Tundra’s acquisitions. Tundra uses pro forma measures internally to evaluate and manage operating performance as well as to forecast and plan.
Tundra Semiconductor Corporation is a public company with common shares listed for trading on the Toronto Stock Exchange (TSX:TUN) in Canada. All figures, unless otherwise noted, are stated in Canadian dollars in accordance with accounting principles generally accepted in Canada.
The Company cautions that the forward-looking information in this release is based on certain assumptions made by the Company that may prove to be inaccurate. Assumptions made include customer demand for the Company’s products and services, the Company’s ability to maintain and enhance existing customer relationships, as well as the Company’s ability to bring to market the products currently under development.
Furthermore, the Company cautions that the forward-looking statements in this release are based on current expectations that are subject to risks and uncertainties. Actual results may differ due to factors such as customer demand, customer relationships, new product development, new services offerings, product shipping schedules, product mix, competitive products and services, pricing pressure, and changes in the embedded systems market specifically. Additional information identifying risks and uncertainties is contained in the Company’s filings with the various provincial securities commissions.
Tundra Semiconductor Corporation (TSX:TUN) is the global leader in System Interconnect providing world-class support and leading edge semiconductor solutions to the world’s foremost communications, networking, storage system, and information technology vendors. Consistently delivering on system level performance promises that reduce time to market, Tundra System Interconnect ensures market advantage in wireless infrastructure, storage networking, network access, military, industrial automation, and information technology applications. Silicon Logic Engineering, Inc. (SLE), Tundra’s semiconductor design services division, offers industry-leading ASIC design services, semiconductor intellectual property and product development consulting.
TUNDRA and the Tundra logo are registered marks of Tundra Semiconductor Corporation in Canada, the European Union and the People’s Republic of China (registration is pending in the United States). Design.Connect.Go is a trademark of Tundra Semiconductor Corporation.