ISSI Announces Selected Financial Results for Fiscal Second Quarter
May 02 2007 - 5:10PM
PR Newswire (US)
SAN JOSE, Calif., May 2 /PRNewswire-FirstCall/ -- Integrated
Silicon Solution, Inc. (NASDAQ:ISSI) today reported selected
financial results for the second fiscal quarter ended March 31,
2007. Revenue in the quarter ending March 31, 2007 was $60.0
million, compared with $62.1 million reported in the December 2006
quarter and $53.2 million in the March 2006 quarter. This
represents a decline of 3.4% from the December 2006 quarter, and a
12.8% increase from the same period in the previous year. The
Company's cash, cash equivalents and short-term investments totaled
$121.5 million at March 31, 2007 which was an increase of $12.1
million from December 31, 2006. This increase was primarily due to
proceeds from sales of investment securities. The Company's
inventory at March 31, 2007 totaled $55.6 million which was flat
with the quarter ending December 31, 2006. "Demand for memories in
our target markets was flat this quarter, while DRAM price declines
capped a challenging quarter" said Jimmy Lee, ISSI's Chairman and
CEO. "We are pleased with only a slight drop in revenue from the
prior quarter, and strong growth over the same period a year ago."
Due to the continuing internal investigation of its past stock
option granting practices by the Special Committee of the Board of
Directors and the pending restatement of the Company's past
financial results, the Company is not providing detailed GAAP or
Non-GAAP financial information for the fiscal quarter ended March
31, 2007. The Company intends to issue full results for the fiscal
quarter ended March 31, 2007, 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 restatement. The
Company was recently advised, as expected, that the Securities and
Exchange Commission has issued a nonpublic formal order of private
investigation in connection with its review of the Company's
historical stock option granting practices. 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 (719) 457-2621 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 flat demand, price declines, and
strong growth 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 and its reports on Form 8-K. 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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