GSI Technology Updates Financial Outlook for Third Quarter Fiscal Year 2019
January 15 2019 - 6:00AM
GSI Technology, Inc. (Nasdaq: GSIT), a leading
provider of memory solutions for the networking,
telecommunications, and military markets, and developer of the
Associative Processing Unit (APU), a highly parallel in-place
computing solution, reported that it will meet with investors today
at the Needham Growth Conference at the Lotte New York Palace Hotel
in New York City. In conjunction with this event, the Company is
announcing its preliminary financial results for the third quarter
fiscal year 2019 and providing an update on the APU.
“Our preliminary third quarter results are stronger than
anticipated due to design wins for our high-end SRAM line, and
increased sales to our largest networking and telecommunications
customer,” stated Lee-Lean Shu, GSI Technology Chairman and Chief
Executive Officer. “We’re focusing our R&D investment on the
development of the APU, our in-place associative processing
solution for Artificial Intelligence applications. Currently, we
are testing packaged units of the first silicon wafers. Our
hardware and software teams are working on demo boards with the APU
for testing by our select alpha customers, which we anticipate
shipping in the first half of calendar 2019.”
The GSI Technology presentation at the Needham Growth Conference
is scheduled to begin at 9:20 a.m. Eastern time and will be webcast
live. The Company’s group presentation will be available for the
public to access at http://wsw.com/webcast/needham89/gsit/. The
webcast will be archived and available for at least 30 days.
Preliminary Financial Results for the Third Quarter
Fiscal Year 2019:
Today the Company is announcing that, on the basis of
preliminary financial results, it expects to report net revenues in
the range of $14.6 million to $14.8 million, with gross margin of
approximately 66% to 68% for its third fiscal quarter ended
December 31, 2018, compared to guidance of net revenues in a range
of $12.8 million to $13.8 million, with gross margin of
approximately 62% to 64%, that the Company provided in its October
25, 2018 earnings press release. The Company cautioned that
these results are preliminary and subject to change.
The Company expects to announce financial results for its third
quarter fiscal 2019 ended December 31, 2018 after the
market close on Thursday, January 31, 2019. Management will
also conduct a conference call to review the Company's third
quarter financial results and its current outlook for the fourth
quarter at 1:30 p.m. Pacific (4:30 p.m. Eastern) on
that same day.
To participate in the call, please dial 1-800-239-9838 in the
U.S. or 1-856-344-9316 for international approximately10 minutes
prior to the above start time and provide Conference
ID 6654710. The call will also be streamed live via the
internet at www.gsitechnology.com. A webcast of the call will be
archived on the Company’s investor relations website under the
Events and Presentations tab.
ABOUT GSI TECHNOLOGY
Founded in 1995, GSI Technology, Inc. is a leading provider of
semiconductor memory solutions. GSI’s resources are currently
focused on bringing new products to market that leverage existing
core strengths, including radiation-hardened memory products for
extreme environments, and the APU designed to deliver performance
advantages for diverse artificial intelligence applications. GSI
Technology is headquartered in Sunnyvale, California and has sales
offices in the Americas, Europe, and Asia. For more
information, please visit www.gsitechnology.com.
Forward-Looking Statements
The statements contained in this press release that are not
purely historical are forward-looking statements within the meaning
of Section 21E of the Securities Exchange Act of 1934, as amended,
including statements regarding GSI Technology’s expectations,
beliefs, intentions, or strategies regarding the future. All
forward-looking statements included in this press release are based
upon information available to GSI Technology as of the date hereof,
and GSI Technology assumes no obligation to update any such
forward-looking statements. Forward-looking statements involve a
variety of risks and uncertainties, which could cause actual
results to differ materially from those projected. These
risks include those associated with the normal quarterly closing
process, which could result in adjustments to the preliminary third
quarter fiscal 2019 net revenues and gross margin contained in this
release. Examples of risks that could affect our current
expectations regarding third quarter revenues and gross margins
include those associated with fluctuations in GSI Technology’s
operating results; GSI Technology’s historical dependence on sales
to a limited number of customers and fluctuations in the mix of
customers and products in any period; the rapidly evolving markets
for GSI Technology’s products and uncertainty regarding the
development of these markets; the need to develop and introduce new
products to offset the historical decline in the average unit
selling price of GSI Technology’s products; the challenges of rapid
growth followed by periods of contraction; and intensive
competition; and delays or unanticipated costs that may be
encountered in the development of new products based on our
in-place associative computing technology and the establishment of
new markets and customer relationships for the sale of such
products. Further information regarding these and other risks
relating to GSI Technology’s business is contained in the Company’s
filings with the Securities and Exchange Commission, including
those factors discussed under the caption “Risk Factors” in such
filings.
Contacts:Investor Relations:Hayden IR Kim
Rogers 385-831-7337
Company:GSI Technology, Inc. Douglas M. Schirle
Chief Financial Officer 408-331-9802
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