During a dramatic morning that saw trading in the company's shares halted from the NYSE in the run up to it's annual general meeting – and a possible coup by a group of dissident shareholders via a proxy vote – Zarlink Semiconductor Inc. on Wednesday announced positive Q1 financial results.

Zarlink reported profits of $1.1 million (all figures in U.S. dollars) in the three monts ended June 27, up from a loss of $5 million, or five cents per share, in the same period last year.

Revenue also increased to $60.5 million from $30.6 million a year earlier.

"This quarter provides a much clearer view of the company that management, the board of directors and employees have been working to build over the past three years," said Kirk Mandy, president and CEO of Zarlink Semiconductor, in a statement. "Quarterly revenue is growing, driven by increasing customer demand for new products across our communications, optoelectronics and medical businesses.

"We're looking forward to building on this momentum in the coming quarters to drive further growth and sustained profitability."

First quarter results included a gain of $.9 million related to the sale of land in the U.K., and severance and other integration costs related to the Legerity acquisition totaling $1.4 million. At the end of Q1, the company said cash and short-term investments were US$40.3 million and restricted cash was US$17.3 million. This compares to cash and short-term investments of $42.6 million and restricted cash of $17.3 million at the end of the fiscal 2008 fourth quarter.

Revenue from Zarlink's communications products group was $39.1 million. That's an increase of $3.4 million, compared with revenue of $35.7 million in the previous quarter. The acquisition of Legerity Holdings, Inc. accounted for $23.2 million in revenue in the first quarter, compared to $19.9 million in the fiscal 2008 fourth quarter.

Similarly, their medical products division's revenue in the first quarter of 2009 grew to $9.2 million compared with $7.5 million the previous quarter. Optical Products, formerly Optical Communications, revenue in the first quarter increased to $6.2 million, compared with $4.9 million in Q4 2008.