SANTA CLARA, Calif., Jan. 30 /PRNewswire-FirstCall/ -- Integrated
Silicon Solution, Inc. (NASDAQ:ISSI) today reported its financial
results for the first fiscal quarter ended December 31, 2005.
Revenue in the first fiscal quarter ending December 31, 2005 was
$51.1 million, compared with $61.5 million in the September 2005
quarter and $30.6 million in the December 2004 quarter. The
reported net loss of ($3.7) million or ($0.10) per diluted share
includes a $3.6 million inventory write-down, a $1.0 million charge
for FAS 123R stock option expense, and a $0.2 million charge for a
write-down of in-process technology as a result of acquiring
additional shares of ICSI. These results compare with a net loss
for the December 2004 quarter of $13.3 million or ($0.37) per share
on a diluted share basis which included an inventory write-down of
$9.6 million or ($0.26) per share. "We did see a drop in our DRAM
average selling prices during the December quarter," said Jimmy
Lee, ISSI's Chairman and CEO. "This hurt the revenue line. However,
December 2005 quarterly revenue was 67% greater than December 2004
quarterly revenue as a result of our acquisition of ICSI. We are
very pleased with how the acquisition is going and believe we are
well-positioned for the future." About the Company ISSI is a
fabless semiconductor company that designs and markets high
performance integrated circuits for the following key markets: (i)
digital consumer electronics, (ii) networking, (iii) mobile
communications and (iv) automotive electronics. The Company's
primary products are high speed and low power SRAM and low and
medium density DRAM. The Company also designs and markets EEPROM,
wireless chipsets, SmartCards and is developing selected non-
memory products focused on its key markets. ISSI is headquartered
in Silicon Valley with worldwide offices in China, Europe, Hong
Kong, India, Korea and Taiwan. Visit our web site at
http://www.issi.com/. Conference Call A conference call will be
held today at 1:30 p.m. Pacific time to discuss this release. To
access ISSI's conference call via telephone, dial 719-457-2680 by
1:20 p.m. Pacific time. The call will be webcast from ISSI's
website at http://www.issi.com/. Safe Harbor Statement The
statements in this press release regarding how the acquisition of
ICSI is going and being well-positioned for the future are
forward-looking statements that are subject to risks. Our actual
results may differ materially from current expectations due to many
factors, including our ability to retain the revenue and customers
of ICSI, our ability to effectively transfer work assignments from
the U.S. to Asia, our ability to reduce operating expenses,
de-stabilizing supply and demand conditions in the market place,
reductions in average selling prices, changes in manufacturing
yields, order cancellations, order rescheduling, product warranty
claims, competition, the level and value of inventory held by OEM
customers, or other factors. Furthermore, the purchase accounting
and valuation information in this release regarding the acquisition
of additional shares of ICSI are preliminary and are subject to
further review by the Company, its advisors, and its auditors. The
valuation numbers could be changed as a result of further review.
Stockholders of ISSI are cautioned not to place undue reliance on
our forward-looking statements, which speak only as of the date
such statements are made. ISSI does not undertake any obligation to
publicly update any forward-looking statements to reflect events,
circumstances, or new information after this January 30, 2006 press
release, or to reflect the occurrence of unanticipated events.
Further information that could affect the Company's results is
detailed in ISSI's periodic filings with the Securities and
Exchange Commission, including its report on Form 10K for the year
ended September 30, 2005. Consolidated Statement of Operations and
Consolidated Balance Sheet to follow. Integrated Silicon Solution,
Inc. Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share data) Three Months Ended December
31, 2005 2004 Net sales $51,093 $30,575 Cost of sales 43,710 36,351
Gross profit (loss) 7,383 (5,776) Operating expenses: Research and
development 5,626 5,090 Selling, general and administrative 6,478
4,221 Acquired in-process technology charge 175 -- Total operating
expenses 12,279 9,311 Operating loss (4,896) (15,087) Interest and
other income (expense), net 1,049 606 Gain on sale of investments
-- 2,370 Loss before income taxes, minority interest and equity in
net loss of affiliated companies (3,847) (12,111) Provision for
income taxes 62 1 Loss before minority interest and equity in net
loss of affiliated companies (3,909) (12,112) Minority interest in
net loss of consolidated subsidiary 424 95 Equity in net loss of
affiliated companies (223) (1,314) Net loss $(3,708) $(13,331)
Basic and diluted net loss per share $(0.10) $(0.37) Shares used in
per share calculation 37,240 36,231 Integrated Silicon Solution,
Inc. Condensed Consolidated Balance Sheets (In thousands) December
31, September 30, 2005 2005 (unaudited) (1) ASSETS Current assets:
Cash and cash equivalents $32,627 $27,484 Restricted cash 152 301
Short-term investments 77,346 96,427 Accounts receivable, net
28,686 28,508 Inventories 69,120 60,468 Other current assets 4,701
3,594 Total current assets 212,632 216,782 Investments 7,093 9,182
Property, equipment, and leasehold improvements, net 22,031 21,725
Goodwill 21,561 20,232 Purchased intangible assets, net 6,194 6,142
Other assets 9,382 10,053 Total assets $278,893 $284,116
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Short-term debt and notes $12,328 $6,628 Accounts payable 37,702
35,705 Accrued compensation and benefits 3,302 2,467 Accrued
expenses 8,429 8,029 Total current liabilities 61,761 52,829 Other
long-term liabilities 1,777 1,793 Total liabilities 63,538 54,622
Minority interest 4,811 6,566 Stockholders' equity: Common stock 4
4 Additional paid-in capital 341,933 340,567 Accumulated deficit
(135,443) (131,735) Unearned compensation (14) (17) Accumulated
comprehensive income 4,064 14,109 Total stockholders' equity
210,544 222,928 Total liabilities and stockholders' equity $278,893
$284,116 (1) Derived from audited financial statements. First Call
Analyst: FCMN Contact: gfischer@issi.com DATASOURCE: Integrated
Silicon Solution, Inc. CONTACT: Gary Fischer, Acting CFO of
Integrated Silicon Solution, Inc., +1-408-969-4612 or Web site:
http://www.issi.com/
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