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Date Announced: 27 Jan 2011
Imaging company declares a dividend after bouncing back in 2010.
WATERLOO, ONTARIO--(Marketwire - Jan. 27, 2011) - DALSA Corporation (TSX:DSA - News), an international leader in high performance digital imaging and semiconductors, today reported revenue from continuing operations of $54.7 million for the quarter ended December 31, 2010, and net income from continuing operations of $5.3 million or $0.29 per share, diluted.
For the full year 2010, the Company achieved revenue of $212.3 million and net income from continuing operations of $19.2 million or $1.04 per share, diluted. The following two tables summarize the key results for the fourth quarter of 2010 and for the full year 2010 and compare them to the fourth quarter of 2009 and the full year 2009, respectively.
"2010 was a strong year for DALSA," commented Brian Doody, CEO of DALSA Corporation. "In our Digital Imaging business, we saw a significant return of demand for our products as well as new demand for products targeting the high volume industrial machine vision market segment. In our Semiconductor business, despite a decline in revenue year over year, we saw progressively increasing demand for MEMS as the year progressed and we achieved important technical and business development milestones in CMOS x-ray detectors for medical and dental."
In the Digital Imaging business in the fourth quarter of 2010, we posted $37.2 million in revenue and net income of $6.8 million, compared to revenue of $26.4 million and net income of $1.2 million in the fourth quarter last year. Digital Imaging net income in the quarter included a $2.5 million, after tax gain from the sale of land in Waterloo. Backlog for Digital Imaging at the end of the fourth quarter was $38.6 million, up from $37.9 million at the end of the third quarter of 2010.
In the Semiconductor Business, we reported revenue of $17.5 million and net loss of $1.5 million in the fourth quarter of 2010, compared to revenue of $17.0 million and net loss of $2.2 million in the fourth quarter last year. MEMS revenue increased to a record $9.7 million in the fourth quarter, up from $6.4 million in the same quarter last year.
The loss for the quarter in the Semiconductor business was due largely to foreign exchange and reduced wafer starts caused by downtime on a specific piece of wafer processing equipment, which has since been repaired. The Semiconductor backlog decreased marginally from $41.3 million in the third quarter of 2010 to $41.1 million in the fourth quarter of 2010. The MEMS backlog increased to a record level at the end of the year.
Cash provided by operating activities was $3.2 million, compared to cash provided by operating activities of $0.6 million in the same quarter last year. The increase was driven directly by higher sales in the Digital Imaging business. The Company's cash position at the end of the fourth quarter was $17.4 million, up from $17.2 million at the end of the third quarter of 2010.
Dividend
The Company's Board of Directors has declared a quarterly dividend of $0.07 per common share to all shareholders of record on February 8, 2011. The dividend is payable on February 16, 2011. The Company has designated the full amount of these dividends as "eligible dividends" for Canadian income tax purposes.
For further detail, please refer to the fourth quarter 2010 Financial Statements, accompanying notes, and Management's Discussion and Analysis on the DALSA website. The address is http://www.dalsa.com/corp/investor/financials.aspx.
Source: DALSA
E-mail: patrick.myles@dalsa.com
Web Site: www.dalsa.com
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