Integrated Silicon Solution, Inc. Concludes Restatement and Files Form 10-K for Fiscal 2006 and Form 10-Q for June 2006 Quarter
May 31 2007 - 2:50PM
PR Newswire (US)
Announces Conclusion of Internal Investigation of Historical Stock
Option Practices SAN JOSE, Calif., May 31 /PRNewswire-FirstCall/ --
Integrated Silicon Solution, Inc. (NASDAQ:ISSI) filed its Annual
Report on Form 10-K for the fiscal year ended September 30, 2006
and its Quarterly Report on Form 10-Q for the quarter ended June
30, 2006 with the Securities and Exchange Commission ("SEC"). These
filings had been delayed pending the conclusion of the Company's
restatement of its historical financial statements and the internal
investigation by a Special Committee of the Board of Directors into
past stock option practices. The Special Committee's investigation
included the review of all stock options granted from January 1,
1997 through July 2006, plus two grants made in 1995 and 1996. The
Special Committee's investigation was conducted with the full
support of current management and the current Board of Directors.
The total restatement adjustment was $32.1 million of additional
stock-based compensation and payroll tax expense, net of income
taxes, covering the fiscal 1997 to fiscal 2005 periods. The details
of the investigation and the resulting restatement are provided in
the Annual Report on Form 10-K for the fiscal year ended September
30, 2006 that was filed earlier today. "We are pleased to have the
restatement process behind us and are eager to focus our full
attention on growing our business and creating value for our
stockholders. We want to extend thanks to the many ISSI employees
who worked diligently on the restatement and the SEC filings we
made," said Jimmy Lee, ISSI's president and chief executive
officer. As previously reported, the Company was granted an
extension by the Nasdaq Listing Council until June 5, 2007 to
complete its restatement and file all delinquent periodic SEC
filings in order to remain listed on Nasdaq. To become current in
its SEC filings, the Company must still file its Reports on Form
10-Q for the quarters ending December 31, 2006 and March 31, 2007.
ISSI is working diligently to complete its delinquent SEC filings
by the deadline, however, there can be no assurance that the
Company will meet this deadline or that its shares will not be
delisted from Nasdaq. In its Form 10-K, ISSI is restating its
consolidated balance sheet as of September 30, 2005, and the
related consolidated statements of operations, shareholders'
equity, and cash flows for each of the fiscal years ended September
30, 2005 and September 30, 2004. The 2006 Form 10-K also reflects
the restatements of selected consolidated financial data for the
fiscal years ended September 30, 2003 and 2002. In addition, ISSI
restated its unaudited quarterly financial information for all
interim periods of fiscal year 2005 and the interim periods ended
December 31, 2005 and March 31, 2006. The financial information
included in ISSI's reports on Form 10-K, Form 10-Q and Form 8-K
filed prior to May 9, 2006, and the related opinions of its
independent registered public accounting firm and all earnings
press releases and similar communications issued by ISSI prior to
May 9, 2006, should not be relied upon and are superseded in their
entirety by the Form 10-K for fiscal year 2006 filed today, and
other reports on Form 10-Q and Form 8-K filed by ISSI with the SEC
on and after May 9, 2006. 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/. DATASOURCE: Integrated Silicon
Solution, Inc. CONTACT: Investor Relations, Scott Howarth,
Vice-President & CFO of Integrated Silicon Solution, Inc.,
+1-408-969-6600, Web site: http://www.issi.com/
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