ISSI Announces Third Quarter Fiscal Year 2004 Results SANTA CLARA,
Calif., July 22 /PRNewswire-FirstCall/ -- Integrated Silicon
Solution, Inc. (NASDAQ:ISSI) today reported its financial results
for the third fiscal quarter ended June 30, 2004. Revenues in the
third quarter of fiscal 2004 were $58.1 million, compared with
$24.3 million in the third quarter of the prior year and $51.5
million in the quarter ended March 31, 2004. The Company reported a
net profit for the June 2004 quarter of $5.6 million or $0.15 per
share on a diluted share basis. This compares to a net loss for the
June 2003 quarter of ($5.9) million or ($0.21) per share and a net
profit in the recent March 2004 quarter of $12.5 million, or $0.34
per share on a diluted share basis. The profit for the March 2004
quarter included $8.7 million or $0.24 per diluted share for a
pre-tax gain on the Company's sale of a portion of its stock held
in SMIC. "Quarter to quarter, our June 2004 revenue is 13% growth
over March 2004, and our revenue growth over the June 2003 quarter
is 139%," said Jimmy Lee, ISSI's Chairman and CEO. "We are seeing
some increase in orders for our SRAM products from the networking
and telecom markets, and we believe that, with both Christmas and
Chinese New Year on the horizon, the consumer electronics markets
for our DRAM will see good growth." 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,
Pseudo SRAM and multi-chip packages 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/. ISSI will host a conference call today, July
22, 2004, at 1:30 p.m. (Pacific Time) to discuss this release. This
call will be simulcast over the Internet at http://www.issi.com/.
The webcast will be available for replay for 30 days from today.
Safe Harbor Statement Certain statements in this release, including
statements regarding the increase in orders for our SRAM products
and expected growth in the consumer electronics market for our DRAM
products, are forward-looking statements and are subject to risks
and uncertainties. Actual results may differ materially from
current expectations due to many factors, including the Company's
inability to secure wafers or manufacturing capacity, adverse
changes in market conditions, including in the networking and
telecom and consumer electronics markets, slow down in demand,
manufacturing yields, the Company's inability to effectively reduce
expenses, the Company's inability to add new products or diversify
product lines, order cancellations, order rescheduling, unexpected
reductions in average selling prices for the Company's products and
a resultant decrease in the Company's gross profit margin, product
warranty claims, competition, the level and value of inventory held
by OEM customers or the Company, or other factors. Stockholders of
ISSI are cautioned not to place undue reliance on our
forward-looking statements, which speak only as of the date such
statements are made. ISSI does not undertake any obligation to
publicly update any forward-looking statements to reflect events,
circumstances, or new information after this July 22, 2004 press
release, or to reflect the occurrence of unanticipated events.
Further information that could affect the Company's results is
detailed in ISSI's periodic filings with the Securities and
Exchange Commission, including its Annual Report on Form 10K for
the fiscal year ended September 30, 2003 and its Quarterly Report
for the fiscal quartered ended March 31, 2004. Integrated Silicon
Solution, Inc. Condensed Consolidated Statements of Operations
(Unaudited) (In thousands, except per share data) Three Months
Ended Nine Months Ended June 30, June 30, 2004 2003 2004 2003 Net
sales $58,129 $24,285 $149,888 $67,635 Cost of sales 44,290 20,271
115,212 61,503 Gross profit 13,839 4,014 34,676 6,132 Operating
Expenses: Research and development 5,615 5,584 15,736 18,523
Selling, general and administrative 4,379 3,039 12,232 10,095 Total
operating expenses 9,994 8,623 27,968 28,618 Operating income
(loss) 3,845 (4,609) 6,708 (22,486) Other income (expense), net 138
(1,134) 1,130 (964) Gain on sale of investments -- 418 8,740 418
Income (loss) before income taxes, minority interest and equity in
net (income) loss of affiliated companies 3,983 (5,325) 16,578
(23,032) Provision for income taxes 119 -- 497 -- Income (loss)
before minority interest and equity in net income (loss) of
affiliated companies 3,864 (5,325) 16,081 (23,032) Minority
interest in net loss of consolidated subsidiary -- -- -- 17 Equity
in net income (loss) of affiliated companies 1,775 (615) 2,965
(2,584) Net income (loss) $5,639 $(5,940) $19,046 $(25,599) Basic
net income (loss) per share $0.16 $(0.21) $0.58 $(0.92) Shares used
in basic per share calculation 35,717 27,774 32,572 27,682 Diluted
net income (loss) per share $0.15 $(0.21) $0.53 $(0.92) Shares used
in diluted per share calculation 38,399 27,774 35,628 27,682
Integrated Silicon Solution, Inc. Condensed Consolidated Balance
Sheets (In thousands) June 30, September 30, 2004 2003 (unaudited)
(1) ASSETS Current assets: Cash and cash equivalents $16,405
$19,992 Short-term investments 133,400 38,450 Accounts receivable
35,086 12,152 Inventories 38,155 16,638 Other current assets 1,956
1,712 Total current assets 225,002 88,944 Property, equipment, and
leasehold improvements, net 4,269 6,295 Other assets 95,007 62,860
Total assets $324,278 $158,099 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $29,347 $17,230 Accrued
compensation and benefits 2,812 3,406 Accrued expenses 6,560 5,436
Total current liabilities 38,719 26,072 Minority interest -- 78
Stockholders' equity: Common stock 4 3 Additional paid-in capital
335,360 233,957 Accumulated deficit (78,282) (97,328) Unearned
compensation (240) (268) Accumulated comprehensive loss 28,717
(4,415) Total stockholders' equity 285,559 131,949 Total
liabilities and stockholders' equity $324,278 $158,099 (1) Derived
from audited financial statements. DATASOURCE: Integrated Silicon
Solution, Inc. CONTACT: Suzanne Weaver, Investor Relations,
+1-408-969-4774, or ; or Gary L. Fischer, President & COO,
+1-408-969-4612, or , both of ISSI Web site: http://www.issi.com/
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