SSTI ( $7-$9-?) PE=49 ? Cap=738mil...posts third-quarter loss
siliconinvestor.com
In SUNNYVALE, Calif. story headlined ``Silicon Storage third-quarter loss narrows,'' please read headline as ``Silicon Storage posts third-quarter loss.'' (corrects to remove reference to previous periods.)
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Also, please read first paragraph as ``...on Wednesday posted a third-quarter net loss, reversing a year-earlier profit, as a series of inventory charges weighed on the results,'' instead of ``...on Wednesday reported its third-quarter loss narrowed slightly from a year-ago, helped by strong demand for components in digital consumer markets.'' (corrects to show loss compared to year-earlier profit).
Also please read in third paragraph ``...Silicon Storage's net profit,'' instead of ``...Silicon Storage's net loss.'' (corrects to show figures are for net profit).
A corrected repetition follows:
SUNNYVALE, Calif., Oct. 17 (Reuters) - Silicon Storage Technology, Inc. (NasdaqNM:SSTI - news), a maker of memory chips used in personal computers and cell phones, on Wednesday posted a third-quarter net loss, reversing a year-earlier profit, as a series of inventory charges weighed on the results.
The Sunnyvale, California-based company posted a net loss, after inventory and other expense charges, of $26.5 million or 29 cents per share versus net income of $36.3 million or 37 cents a share.
Excluding the charges, Silicon Storage's net profit was $1.6 million or 2 cents per share. Analysts polled by research firm Thomson Financial/First Call had expected earnings to range from break-even to a profit of 2 cents a share, with consensus at a profit of 1 cent.
Net revenues for the third quarter were $74.2 million, compared with $163.7 million in the third quarter a year ago.
Looking ahead, the company said it expects fourth-quarter earnings ranging from break-even to 2 cents a share, in line with Wall Street estimates. It projected revenue growth of between 2 to 5 percent in the quarter. The company's shares closed on Wednesday down 14.26 percent or $1.34 at $8.06 on the Nasdaq stock market |
