SAN JOSE, Calif., Jan. 7, 2011 /PRNewswire/ -- Integrated Silicon
Solution, Inc. (Nasdaq: ISSI) today provided preliminary financial
results for its first fiscal quarter ended December 31, 2010. During the quarter, the
Company experienced weaker than expected end market demand,
primarily for its DRAM products. As a result, the preliminary
financial results for the December quarter are as follows:
- Revenue expected to be in the range of $65.5 to $67.0 million compared to previous
guidance of $68 to $72 million as
provided on October 27, 2010.
- Net income expected to be in the range of $0.25 to $0.30 per fully diluted share compared
to previous guidance of $0.30 to
$0.36 per share.
"We previously expected revenue in the December quarter to
decline sequentially as some of our end markets are experiencing an
inventory correction. However, end market demand for DRAM,
particularly in the consumer electronics markets in Asia, has been slightly weaker than we
anticipated," said Scott Howarth,
President and CEO. "We believe that this inventory correction
is nearly complete."
Conference Presentation Details
The Company also announced that Scott
Howarth, President and CEO, will present at the 13th Annual
Needham Growth Stock Conference in New
York on Tuesday, January 11,
2011 at 3:30 p.m. EST.
The conference is being held at the New York Palace Hotel.
Portfolio managers and analysts who wish to request a meeting
with management should contact their Needham & Company
representative or email conferences@needhamco.com. A live webcast
and archived replay of the presentation may be accessed on 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,
medical, and military. The Company's primary products are
high speed and low power SRAM and low and medium density DRAM.
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 expected revenue and net income for the
December quarter and our belief that the inventory correction is
nearly completed 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 resulting
from unexpected fluctuations in the market, liquidity and economic
concerns or other factors, 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, changes
in manufacturing yields, order cancellations, order rescheduling,
product warranty claims, competition, our ability to obtain a
sufficient supply of wafers and assembly and test capacity at
acceptable prices, the level and value of inventory held by us and
our 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, 2010. In addition, the
preliminary December quarter results in this press release are
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.
SOURCE Integrated Silicon Solution, Inc.