THE CANADIAN PRESS

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WATERLOO, Ont. - A 22 per cent decline in revenue left semi-conductor and electronics manufacturer Dalsa Corp. (TSX:DSA) with essentially flat earnings in the third-quarter.

The Waterloo, Ont.,-based company said revenue in the quarter ended Sept. 30 was down more than $11 million to $41 million compared with $52.6 million in the year-ago period.

Earnings were just $100,000 or zero cents a share, down from $6 million or 32 cents in the year-ago period.

Dalsa chief executive Brian Doody said revenue "as anticipated" improved only marginally from the second quarter while earnings from continuing operations remained flat in spite of the sharp appreciation in the Canadian dollar during the quarter.

However, Doody said the business outlook began to improve in the quarter as customers, particularly in the Asia-Pacific region, started to order products from Dalsa's digital imaging business for shipment in the fourth quarter and into 2010.

Dalsa declared a quarterly dividend of half a cent per share payable Nov. 27 to shareholders of record Nov. 13.

The company's shares were down one cent at $7.34 Thursday on the Toronto Stock Exchange.