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Technology Stocks : SILICON STORAGE SSTI Flash Mem

SSTI 7.060

+0.1%

Feb 3 3:59 PM EST

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To: docpaul who wrote (1878)	7/16/2002 9:32:25 AM
From: Road Walker	of 1881

Silicon Storage Plunges on Earnings Warning By Michael Dunn Staff Reporter 07/16/2002 08:35 AM EDT Silicon Storage Technology (SSTI:Nasdaq - news - commentary - research - analysis) was down about 22% in premarket trading after the company warned that it will see a second-quarter loss on weaker PC-related shipments. The computer memory manufacturer said it now expects to lose between 4 cents and 5 cents a share in the quarter, compared with a profit of 1 cent a share a year ago. Analysts had been looking for break-even results, according to Thomson Financial/First Call. Silicon also said its reserves for bad debt will increase to about $4 million in the quarter, due mainly to the "deteriorating financial condition of one customer." Without the reserve increase, the company said its loss per share would be 1 cent to 2 cents. Revenue is expected to be 7% lower than the year-ago quarter at $69 million to $70 million. In a statement, Silicon said the revenue drop was caused by a corresponding drop in PC-related shipments. "The PC related business was weaker than expected, particularly during the last month of the quarter. In addition, with the benefit of hindsight, SST believes that its PC customers overbought during the first quarter," the company said. Shares of Silicon Storage were recently down about $1.59 to $5.50 in premarket trading after closing at $7.09 Monday. Full second-quarter financial results will be announced on July 24.

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