SAN JOSE, Calif., Jan. 28 /PRNewswire-FirstCall/ -- Integrated
Silicon Solution, Inc. (NASDAQ:ISSI) today reported its financial
results for the first fiscal quarter ended December 31, 2009.
Revenue in the first fiscal quarter ended December 31, 2009 was
$50.6 million, an 8.9% increase from revenue of $46.4 million in
the September 2009 quarter and a 34.2% increase from revenue of
$37.7 million in the December 2008 quarter. Gross margin for the
first quarter was 39.8%, which included a 7.7 percentage point net
benefit from sales of previously reserved inventory. This compares
with 36.5% in the September 2009 quarter, which included a 10.8
percentage point net benefit from sales of previously reserved
inventory, and 20.5% in the December 2008 quarter. The Company's
net income in the first quarter of fiscal 2010 was $7.2 million, or
$0.28 per diluted share. This compares with net income for the
September 2009 quarter of $4.8 million, or $0.19 per diluted share,
and a net loss for the December 2008 quarter of $4.1 million, or
$(0.16) per diluted share. The Company's cash, cash equivalents and
short-term investments totaled $85.2 million at December 31, 2009,
compared to $83.5 million at September 30, 2009. The Company's
inventory at December 31, 2009 totaled $27.6 million, an increase
of $8.3 million from September 30, 2009. The Company generated $2.5
million in cash flow from operations in the first quarter of fiscal
2010. "We are very pleased with our financial results in the
December quarter. Demand was strong in our target markets, DRAM
pricing continued to improve, and our product mix was richer
resulting in our highest quarterly gross margin since 1996," said
Scott Howarth, ISSI's President and CEO. "In addition, we reported
out highest quarterly operating income in nine years," added Mr.
Howarth. March Quarter Outlook The Company currently expects its
revenue for the March quarter to be between $48 million and $52
million and gross margin to be between 28 percent and 32 percent.
The March quarter operating expenses are expected to be in the
range of $12.4 million to $13.0 million. The Company expects net
income per share to be between $0.08 and $0.12 per diluted share.
Conference Call A conference call will be held today at 1:30 p.m.
Pacific time to discuss the Company's first quarter fiscal 2010
financial results. To access ISSI's conference call via telephone,
dial 1-800-768-6569 by 1:20 p.m. Pacific time. The participant
passcode is 4680863. The call will also 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, (iv) automotive electronics, and (v) industrial.
The Company's primary products are high speed and low power SRAM
and low and medium density DRAM. Through its Giantec business unit,
the Company also designs and markets EEPROM, SmartCards and analog
power management devices focused on its key markets. ISSI is
headquartered in Silicon Valley with worldwide offices in Taiwan,
Japan, Singapore, China, Europe, Hong Kong, India, and Korea. Visit
our web site at http://www.issi.com/. Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Statements concerning our outlook for the March 2010 quarter with
respect to revenue, gross margin, operating expenses and net income
per share are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially
from those anticipated. Such risks and uncertainties include supply
and demand conditions in the market place, unexpected reductions in
average selling prices for our products, our ability to sell our
products for key applications and the pricing and gross margins
achieved on such sales, our ability to control or reduce operating
expenses, our ability to obtain a sufficient supply of wafers,
wafer pricing, our ability to maintain sufficient inventory of
products to satisfy customer orders, changes in manufacturing
yields, order cancellations, order rescheduling, product warranty
claims, competition, the level and value of inventory held by OEM
customers, or other risks listed from time to time in the Company's
filings with the Securities and Exchange Commission, including the
Company's Form 10-K for the period ended September 30, 2009. 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. The Company assumes no
obligation to update or revise the forward-looking statements in
this release because of new information, future events, or
otherwise. Integrated Silicon Solution, Inc. Condensed Consolidated
Statements of Operations (Unaudited) (In thousands, except per
share data) Three Months Ended December 31, ------------ 2009 2008
---- ---- Net sales $50,555 $37,665 Cost of sales 30,434 29,932
------ ------ Gross profit 20,121 7,733 ------ ----- Operating
expenses: Research and development 4,989 5,208 Selling, general and
administrative 7,626 7,301 ----- ----- Total operating expenses
12,615 12,509 ------ ------ Operating income (loss) 7,506 (4,776)
Interest and other income, net 336 582 --- --- Income (loss) before
income taxes 7,842 (4,194) Provision (benefit) for income taxes 644
(60) --- --- Consolidated net income (loss) 7,198 (4,134) Less: Net
(income) loss attributable to noncontrolling interests (2) 64 -- --
Net income (loss) $7,196 $(4,070) ====== ======= Basic net income
(loss) per share $0.29 ($0.16) ===== ====== Shares used in basic
per share calculation 25,013 25,603 ====== ====== Diluted net
income (loss) per share $0.28 ($0.16) ===== ====== Shares used in
diluted per share calculation 25,708 25,603 ====== ======
Integrated Silicon Solution, Inc. Condensed Consolidated Balance
Sheets (In thousands) December 31, September 30, 2009 2009 ----
---- (unaudited) (1) ASSETS Current assets: Cash and cash
equivalents $55,993 $54,944 Short-term investments 29,162 28,542
Accounts receivable, net 28,860 26,501 Inventories 27,617 19,275
Other current assets 3,443 2,922 ----- ----- Total current assets
145,075 132,184 Property, equipment and leasehold improvements, net
23,068 23,218 Long-term investments 1,927 1,408 Purchased
intangible assets, net 2,045 2,313 Goodwill 1,251 1,251 Other
assets 1,336 1,556 ----- ----- Total assets $174,702 $161,930
======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable $30,329 $26,825 Accrued compensation
and benefits 4,201 4,364 Accrued expenses 6,703 5,368 ----- -----
Total current liabilities 41,233 36,557 Other long-term liabilities
715 797 --- --- Total liabilities 41,948 37,354 Commitments and
contingencies Stockholders' equity: Common stock 3 2 Additional
paid-in capital 309,146 309,649 Accumulated deficit (178,285)
(185,481) Accumulated comprehensive loss 76 (1,344) Noncontrolling
interest 1,814 1,750 ----- ----- Total stockholders' equity 132,754
124,576 ------- ------- Total liabilities and stockholders' equity
$174,702 $161,930 ======== ======== (1) Derived from audited
financial statements. DATASOURCE: Integrated Silicon Solution, Inc.
CONTACT: John M. Cobb, Chief Financial Officer, Investor Relations
of Integrated Silicon Solution, Inc., +1-408-969-6600, Web Site:
http://www.issi.com/
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