Alan Lasky Posted October 30, 2008 Share Posted October 30, 2008 From today's press release: http://www.dalsa.com/news/news.asp?itemID=359 As previously announced, DALSA is committed to eliminating the ongoing losses in the Digital Cinema division by the end of 2008. The Company has recently entered into a non-binding letter of intent (?LOI?), which includes a 30-day period of exclusive negotiations, with Arnold & Richter Cine Technik GmbH (?ARRI?), one of the world?s leading manufacturers of cinematography cameras. Under the terms of the LOI, ARRI would acquire certain existing assets of the DALSA Digital Cinema division. Concurrently, DALSA and ARRI would enter into a technology partnership agreement whereby DALSA will develop for ARRI custom high performance CCD image sensors and related products. Furthermore, DALSA would supply the developed products to ARRI for digital cinematography applications through DALSA?s core businesses. Related to the transaction contemplated by the LOI, DALSA will endeavour to find a buyer for its Los Angeles based camera rental operations. DALSA will eliminate the ongoing losses from the Digital Cinema business prior to year end; however, there is no assurance that any transactions will be completed. The results of operations and financial position of DALSA?s Digital Cinema business unit have been segregated and presented separately as discontinued operations in the Company?s unaudited consolidated interim financial statements for the third quarter. The Company has taken a $24.9 million after tax charge comprised of a non-cash charge of $21.7 million and a cash charge of $3.2 million. For further information, refer to note 11 of the accompanying notes to the Company?s unaudited consolidated interim financial statements for Q3 2008. ?The actions we undertook in the third quarter to stem further losses in our Digital Cinema initiative will now allow us to focus our attention more fully on our core Digital Imaging and Semiconductor businesses, and to further build on their success moving forward,? commented Brian Doody, Chief Executive Officer of DALSA Corporation. ?The financial results in our core businesses this quarter and this year underscore DALSA?s strong international technology and product leadership position as well as the strong fundamentals of our business. We look forward to meeting with investors and analysts to share more about our Digital Imaging and Semiconductor businesses at our upcoming Analyst Day taking place in Toronto on November 18th, 2008.? For more information on the Investor Day please refer to the information contained at the bottom of this press release. ________________________ Alan Lasky PROC Quote Link to comment Share on other sites More sharing options...
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