ISSI Announces Selected Financial Results for Fiscal Fourth Quarter
October 31 2006 - 4:15PM
PR Newswire (US)
SANTA CLARA, Calif., Oct. 31 /PRNewswire-FirstCall/ -- Integrated
Silicon Solution, Inc. (NASDAQ:ISSI) today reported selected
financial results for the fourth fiscal quarter ended September 30,
2006. Revenue in the fourth fiscal quarter ending September 30,
2006 was $59.0 million, compared with $54.7 million in the June
2006 quarter and $61.5 million in the September 2005 quarter. This
represents a sequential increase of 7.9% from the June 2006
quarter. The Company's cash, cash equivalents and short-term
investments totaled $113.3 million at September 30, 2006 which was
a decline of $3.8 million from June 30, 2006. Additionally, the
Company's short-term debt was $1.6 million at the end of the
September 2006 quarter which was a decline of $7.2 million from the
end of the June 2006 quarter. The Company's inventory at September
30, 2006 totaled $52.4 million which was a decline of $1.8 million
from June 30, 2006. "We saw solid growth this quarter as revenue
grew 7.9% from the previous quarter," said Jimmy Lee, ISSI's
Chairman and CEO. "This growth was driven by a combination of
stable pricing and seasonally strong SRAM and DRAM demand.
Additionally, our cash position, net of debt, grew quarter to
quarter, and we continued to show progress in our inventory
management." Due to the continuing internal investigation of its
past stock option granting practices by the Special Committee of
the Board of Directors, the Company is not providing detailed GAAP
or Non-GAAP financial information for the fiscal quarter or year
ended September 30, 2006. The Company intends to issue full results
for the fiscal year ended September 30, 2006, and to file its
Annual Report on Form 10-K for that period, together with any
restated historical financial statements, as soon as practicable
after completion of the Special Committee review. 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) 457-2692 by 1:20 p.m. Pacific time. The call
will be webcast from ISSI's website at http://www.issi.com/ . 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/ . Risk
Factors to our Business The statements in this press release
regarding pricing and demand in the SRAM and DRAM market segments
and progress in our inventory management are historical and should
not be read as predictive of future results. Among the risks
affecting our business are 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 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. In
addition, the financial information in this press release is
subject to any adjustments that may be made in connection with the
year end audit. Further information about risks that could affect
the Company's business are detailed in ISSI's periodic filings with
the Securities and Exchange Commission, including its report on
Form 10-Q for the quarter ended March 31, 2006. DATASOURCE:
Integrated Silicon Solution, Inc. CONTACT: Scott Howarth,
Vice-President & CFO, Investor Relations, of Integrated Silicon
Solution, Inc., +1-408-969-4686, or Web site: http://www.issi.com/
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