SAN JOSE, Calif., March 22 /PRNewswire-FirstCall/ -- Integrated
Silicon Solution, Inc. (Nasdaq: ISSI) today updated its financial
guidance for the second fiscal quarter ending March 31, 2010. During the March quarter to
date, the Company has experienced better than expected end market
demand and pricing, primarily for its DRAM products. As a
result, the company is increasing its revenue and margin guidance
for the quarter. In addition, due to higher than expected new
product mask costs and non-executive employee compensation, the
Company now expects its operating expenses to be higher than
previously expected. The Company also expects its net income
and earnings per share to be higher than its prior guidance.
ISSI's updated guidance for the March quarter is as
follows:
- Revenue to be between $54 million and
$56 million compared to previous guidance of $48 million to $52 million.
- Gross margin to be between 34 percent and 38 percent compared
to previous guidance of between 28 percent and 32 percent.
- Operating expenses to be in a range of $14.0 million to $14.6 million compared to
previous guidance of $12.4 million to $13.0
million.
- Net income to be between $0.20 and
$0.24 per fully diluted share compared to previous guidance
of between $0.08 and $0.12 per
share.
"Demand in all of our markets has further strengthened in the
March quarter exceeding our original expectations as the DRAM
market continues to experience increasing demand while DRAM
supplies remain constrained," said Scott
Howarth, ISSI's President and CEO. "Pricing for DRAM
also improved helping to increase our gross margins and net
income," added Mr. Howarth.
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 revised guidance for the March 2010 quarter with respect to revenue, gross
margin, operating expenses and net income per share and increasing
DRAM demand while supplies remained constrained 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
fiscal year ended September 30, 2009
and the Form 10-Q for the quarter ended December 31, 2009. The Company assumes no
obligation to update or revise the forward-looking statements in
this release because of new information, future events, or
otherwise.
SOURCE Integrated Silicon Solution, Inc.