Stock Name: GND
Amount: CAD 0.035
Announcement Date: 15/02/2012
Record Date: 24/02/2012
Dividend Detail:
BURLINGTON, ON, Feb. 15, 2012 /CNW/ - Gennum Corporation ("Gennum" or
the "Corporation") (TSX: GND) today reported audited financial results
for the fiscal year ended November 30, 2011. Revenue was $137.2
million, a 6% increase over 2010 revenue of $128.9 million. Diluted
earnings per share was $0.41 compared to $0.54 in 2010. Net earnings
per share, adjusted for non-recurring items after tax, was $0.491.
Gennum also announced that it has declared a quarterly dividend of
$0.035 for the fourth quarter of Gennum's financial year ended November
30, 2011. The dividend will be paid on or about March 8, 2012 to
shareholders of record on February 28, 2012.
Earlier today, Gennum announced that it has commenced the delivery of
shareholder meeting materials in connection with its previously
announced transaction pursuant to which it is proposed that a
wholly-owned subsidiary of Semtech Corporation will acquire all of the
outstanding common shares of Gennum by way of a plan of arrangement
(the "Arrangement"). The Arrangement will be considered by Gennum
shareholders at a special meeting scheduled to be held at 10:00 a.m.,
Toronto time, on March 14, 2012. Assuming that the conditions to the
completion of the Arrangement are satisfied (including the approval of
at least two-thirds of votes cast by Gennum shareholders represented in
person or by proxy at the special meeting, the issue of the final order
of the Ontario Superior Court of Justice implementing the Arrangement
and other closing conditions customary in a transaction of this
nature), it is expected that the closing of the Arrangement will be
completed prior to the end of March 2012.
Gennum has filed its audited consolidated financial statements for its
financial year ended November 30, 2011, and its related management's
discussion and analysis, on SEDAR and such materials, together with the
shareholder meeting materials referred to above, may be viewed at
www.sedar.com and on Gennum's website at www.gennum.com.
In light of the proposed Arrangement, Gennum will not be holding a
conference call to review its results for the financial year ended
November 30, 2011. Gennum does not currently intend to declare any
additional dividends prior to the Arrangement becoming effective.
About Gennum
Gennum designs, develops and markets semiconductor products and
intellectual property (IP) cores for advanced consumer connectivity,
enterprise, video broadcast and data communications applications.
Gennum's products are designed to ensure that signals used to transmit
video and data in applications such as networking, home entertainment
and broadcasting maintain their original integrity, and to eliminate
the potential for errors in sending and receiving information.
Headquartered in Burlington, Canada, Gennum has design, research,
development and sales offices in Canada, Germany, India, Japan, Mexico,
Taiwan, the United States and the United Kingdom. The common shares of
the Corporation are listed on the Toronto Stock Exchange under the
trading symbol "GND".
Caution Regarding Forward-Looking Statements
This new release contains statements which constitute forward-looking
statements. These forward-looking statements are not descriptive of
historical matters and may refer to management's expectations or plans.
These statements include but are not limited to statements concerning:
Gennum's business objectives and plans including Gennum's corporate
strategy and strategic priorities; Gennum's future financial
performance and prospects including revenues, gross margins and
earnings, and ability to achieve operating earnings, cash flow and
other business model targets; the previously announced transaction
pursuant to which Semtech Corporation proposes to acquire all of the
outstanding common shares of Gennum (the "Proposed Semtech
Transaction"); the expected results and benefits of Gennum's
acquisition of Nanotech (including the expected impact of the
acquisition on Gennum's revenues, earnings, business and market
position); future trends in the semiconductor products and intellectual
property licensing industries and, in particular, market trends for
analog and mixed-signal products, optical products and intellectual
property products and licensing; Gennum's expectations for sales and
licensing of its products in these markets including anticipated costs
and fees, sales, product prices, size, duration, growth or decline of
market opportunities and competitive and pricing pressures in these
markets; Gennum's product roadmap and the speed at which Gennum is able
to introduce new products; the adoption of new standards in the markets
in which Gennum competes and the ability of Gennum to anticipate these
changes and successfully address new opportunities; sales and capital
spending plans and estimates, shipment levels and operating expenses;
the anticipating savings from, and the anticipated costs and related
charges and operating expenses associated with, the planned outsourcing
of test and logistics operations; exchange rate fluctuations in, and
the relative values of, the Canadian dollar, the U.S. dollar, the
Japanese yen and the British pound; Gennum's ability to finance its
growth plans and make necessary investments; and litigation in which
Gennum is involved.
Inherent in forward-looking statements are risks and uncertainties
beyond Gennum's ability to predict or control including, but not
limited to, risks associated with: competitive and pricing pressures in
the increasingly competitive environment in which Gennum operates;
changes in the mix of products sold which, due to associated margins,
can impact Gennum's financial results; risks associated with the
Proposed Semtech Transaction, including in relation to the actual
closing of the transaction, the satisfaction or non-satisfaction as
applicable of one or more conditions to the closing of the transaction,
delay of, or inability to receive, Gennum shareholders' approval or a
final order of the Ontario Superior Court of Justice in respect of the
transaction, the success of near and longer term integration efforts
between the combined companies, and unexpected acquisition-related
costs and expenses; the successful integration of and realization of
benefits from acquisitions, including the acquisition of Nanotech;
economic cycles in the semiconductor industry including downturns which
can result from adverse general economic conditions; our ability to
anticipate needs for future products and successfully execute our
product roadmap, including the possibility of the emergence of
disruptive technologies which negatively impact our positioning in the
marketplace; the risk that unforeseen factors may arise that result in
us not being able to achieve our operating income, cash flow and other
business model targets; possible impairments of assets which could be
required in the future; fluctuations in foreign exchange rates and
their potential adverse impact upon our financial results; our reliance
on external foundries and suppliers and the potential adverse effects
of disruptions in any of these arrangements; our ability to attract and
retain key personnel necessary for our business; our ability to
successfully protect our intellectual property rights; and the
initiation and outcome of legal proceedings. Readers should also refer
to the sections entitled "Risks and Uncertainties" in our 2011
management's discussion and analysis and "Risk Factors" in our most
recent annual information form, each as filed on SEDAR at
www.sedar.com.
Actual results and developments are likely to differ, and may differ
materially, from those expressed or implied by the forward-looking
statements contained in this news release. Such statements are based on
a number of assumptions which may prove to be incorrect including, but
not limited to, the following assumptions: there is no material
deterioration in the business and economic conditions in the
marketplace for Gennum's products; assumptions relating to the Proposed
Semtech Transaction, including assumptions as to the ability of the
parties to receive, in a timely manner, the necessary Ontario Superior
Court of Justice and Gennum shareholders' approval, and the ability of
the parties to satisfy, in a timely manner, the other conditions to the
closing of the proposed transaction; Gennum is able to successfully
integrate acquisitions (including the acquisition of Nanotech) and the
results of such acquisitions are not materially different from those
anticipated by Gennum; Gennum's expectations regarding market trends
for analog and mixed-signal products, optical products and intellectual
property products and licensing are not materially incorrect; Gennum is
able to execute its product roadmap without delays or disruptions
having a material impact on Gennum; Gennum's expectations relating to
the needs and direction of the marketplace for its products are within
reasonable bounds of accuracy and Gennum is able to introduce products
and capitalize on new opportunities generally as expected; Gennum's
expectations relating to its future operating expenses, as well as the
capital required to conduct its business in the future, are not
materially incorrect; significant impairments of assets will not arise;
material disruptions in the manufacture and supply of products and
services to Gennum by foundries and suppliers will not materialize;
Gennum's expectations relating to competitive pressures, including
pricing pressures, as well as Gennum's expectations relating to the mix
of products to be sold by it, are not materially incorrect; the actual
savings from, and costs and related charges and operating expenses
associated with, the planned outsourcing of test and logistics
operations are not materially different from those anticipated by
Gennum; significant fluctuations in foreign exchange rates which
materially adversely affect Gennum's financial results do not arise;
customer demand for Gennum's products remains generally as anticipated;
and Gennum is able to continue to retain and attract technical and
other key employees.
Readers are cautioned that the foregoing list of important factors and
assumptions is not exhaustive. Forward-looking statements are not
guarantees of future performance. Events or circumstances could cause
Gennum's actual results to differ materially from those estimated or
projected and expressed in, or implied by, these forward-looking
statements. Consequently, readers should not place any undue reliance
on these forward-looking statements. Forward-looking statements are
provided for the purpose of providing information about management's
current expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. In addition, these forward-looking statements relate to the
date on which they are made. We disclaim any intention or obligation to
update or revise any forward-looking statements or the foregoing list
of factors, whether as a result of new information, future events or
otherwise, except to the extent required by law.
____________________
1 "Net earnings per share, adjusted for non-recurring items after tax" is
a non-GAAP financial measure that does not have any standardized
meaning under GAAP andis therefore unlikely to be comparable to
similar measures presented by other issuers. An explanation of this
term, a description of why we believeit to be a useful measure, and a
quantitative reconciliation to the most directly comparable measure
calculated in accordance with GAAP are set forth under the heading
"Non-GAAP Reporting" in our management's discussion and analysis for
ourfinancial year endedNovember 30,2011 as filed on SEDAR
atwww.sedar.comand on our website at www.gennum.com.
For further information:
Gennum Investor Relations Contact
Gregory Miller
Senior Vice-President, Finance & Administration
and Chief Financial Officer
Gennum Corporation
Tel: 905-632-2999 ext. 3060
Email:greg.miller@gennum.com
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