ISSI Announces Selected Financial Results for Fiscal First Quarter
January 30 2007 - 4:20PM
PR Newswire (US)
SANTA CLARA, Calif., Jan. 30 /PRNewswire-FirstCall/ -- Integrated
Silicon Solution, Inc. (NASDAQ:ISSI) today reported selected
financial results for the first fiscal quarter ended December 31,
2006. Revenue in the first fiscal quarter ending December 31, 2006
was $61.5 million, compared with $59.0 million reported in the
September 2006 quarter and $51.1 million in the December 2005
quarter. This represents a sequential increase of 4.1% from the
September 2006 quarter, and a 20.3% increase from the same period
in the previous year. The Company's cash, cash equivalents and
short-term investments totaled $109.4 million at December 31, 2006
which was a decline of $4.0 million from September 30, 2006. The
Company's inventory at December 31, 2006 totaled $55.7 million
which was an increase of $3.3 million from September 30, 2006. "We
saw good growth this quarter as revenue grew 4.1% from the previous
quarter and capped an annual growth of 20.3% from the December 2005
quarter," said Jimmy Lee, ISSI's Chairman and CEO. "The quarter to
quarter growth was driven by a combination of stable pricing in the
non-commodity market segments and seasonally strong SRAM and DRAM
demand." 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 ended
December 31, 2006. The Company intends to issue full results for
the fiscal first quarter ended December 31, 2006, and to file its
Form 10-Q 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- 2641 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 stable
pricing and seasonally strong demand 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
unaudited and subject to any adjustments that may be made in
connection with the year end audit and quarterly reviews. 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: Investor Relations, Scott Howarth,
Vice-President & CFO, +1-408-969-4686, or Web site:
http://www.issi.com/
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