BURLINGTON, Ontario, Canada, February 15, 2012 – 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 $0.49.
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.
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".