SANTA CLARA, Calif., July 25 /PRNewswire-FirstCall/ -- Integrated
Silicon Solution, Inc. (NASDAQ:ISSI) today reported its financial
results for the third fiscal quarter ended June 30, 2006. Revenue
in the third fiscal quarter ending June 30, 2006 was $54.7 million,
compared with $53.2 million in the March 2006 quarter and $53.7
million in the June 2005 quarter. The reported net loss for the
June 2006 quarter of ($5.4) million or ($0.15) per diluted share
includes a $4.9 million inventory write-down and a $0.9 million
charge for FAS 123R stock option expense. These results compare
with a net loss for the June 2005 quarter of ($4.6) million or
($0.12) per share on a diluted share basis which included a $1.5
million, or ($0.04) per share, charge to write off in-process
R&D related to the acquisition of Integrated Circuit Solution,
Inc. (ICSI). "Revenue grew 3% in the June 2006 quarter from the
previous quarter," said Jimmy Lee, ISSI's Chairman and CEO. "We
acquired additional SRAM assets this quarter to further enhance our
SRAM product line. We continue to execute our strategy to grow
niche market segments, and remain optimistic about our strategic
direction to develop sustainable revenue in both the SRAM and DRAM
market segments that meet our margin expectations." 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, 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 1-800-500-0177 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
executing our strategy to grow niche market segments and remaining
optimistic about our strategic direction to develop sustainable
revenue in SRAM and DRAM market segments are forward-looking
statements that are subject to risks. Our actual results may differ
materially from current expectations due to many factors, including
supply and demand conditions in the market place, unexpected
reductions in average selling prices for our products, our ability
to sell our products for the die business and automotive
applications and the pricing and gross margins achieved on such
sales, our ability to retain the revenue and customers of ICSI, our
ability to control or reduce operating expenses, 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. 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 July 25, 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 10Q for the
quarter ended March 31, 2006. 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 Nine Months Ended June 30, June 30, 2006 2005 2006 2005 Net
sales $54,749 $53,722 $159,087 $119,971 Cost of sales 49,295 46,422
140,612 113,921 Gross profit 5,454 7,300 18,475 6,050 Operating
expenses: Research and development 5,533 5,063 16,706 14,789
Selling, general and administrative 6,458 6,059 20,175 15,668
In-process technology - 1,480 499 1,915 Total operating expenses
11,991 12,602 37,380 32,372 Operating loss (6,537) (5,302) (18,905)
(26,322) Other income (expense), net 1,075 917 3,820 2,343 Gain on
sale of other investments 267 500 2,454 3,405 Loss before income
taxes, minority interest and equity in net loss of affiliated
companies (5,195) (3,885) (12,631) (20,574) Provision for income
taxes 51 9 164 26 Loss before minority interest and equity in net
loss of affiliated companies (5,246) (3,894) (12,795) (20,600)
Minority interest in net loss of consolidated subsidiary 38 445 688
631 Equity in net loss of affiliated companies (233) (1,134) (709)
(11,776) Net loss $(5,441) $(4,583) $(12,816) $(31,745) Basic and
diluted net loss per share $(0.15) $(0.12) $(0.34) $(0.87) Shares
used in per share calculation 37,488 36,830 37,367 36,507
Integrated Silicon Solution, Inc. Condensed Consolidated Balance
Sheets (In thousands) June 30, September 30, 2006 2005 (unaudited)
(1) ASSETS Current assets: Cash and cash equivalents $37,529
$27,484 Restricted cash - 301 Short-term investments 79,639 96,427
Accounts receivable, net 28,245 28,508 Inventories 54,170 60,468
Other current assets 4,354 3,594 Total current assets 203,937
216,782 Investments - 9,182 Property, equipment, and leasehold
improvements, net 21,227 21,725 Goodwill 25,338 20,232 Purchased
intangible assets, net 5,876 6,142 Other assets 7,641 10,053 Total
assets $264,019 $284,116 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Short-term debt and notes $8,797 $6,628
Accounts payable 33,481 35,705 Accrued compensation and benefits
3,169 2,467 Accrued expenses 8,431 8,029 Total current liabilities
53,878 52,829 Other long-term liabilities 2,105 1,793 Total
liabilities 55,983 54,622 Minority interest 694 6,566 Stockholders'
equity: Common stock 4 4 Additional paid-in capital 345,439 340,567
Accumulated deficit (144,551) (131,735) Unearned compensation -
(17) Accumulated comprehensive income 6,450 14,109 Total
stockholders' equity 207,342 222,928 Total liabilities and
stockholders' equity $264,019 $284,116 (1) Derived from audited
financial statements. DATASOURCE: Integrated Silicon Solution, Inc.
CONTACT: Scott Howarth, Vice-President & CFO, Investor
Relations, +1-408-969-4686, or Web site: http://www.issi.com/
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