Integrated Circuit Systems Preannounces Higher Than Expected Revenues for Q2 Fiscal 2003
Friday January 3, 1:47 pm ET
biz.yahoo.com
VALLEY FORGE, Pa.--(BUSINESS WIRE)--Jan. 3, 2003--Integrated Circuit Systems, Inc. (NASDAQ:ICST - News) preannounced today that revenues for the quarter ending December 28, 2002, were higher than expected.
Revenue grew 7% sequentially, which is higher than the 3% - 5% guidance given for the quarter. The company will also meet the EPS guidance of $0.22 - $0.23 for the quarter.
Also during the quarter, the company sold 25% of its holdings in Maxtek, a Taiwanese distributor, and entered into an agreement to sell another 25% of its ownership in March 2003. The transaction was done at a profit.
The company also repurchased 195,000 shares of its common stock during the quarter for approximately $2.5 million.
About ICS
Integrated Circuit Systems, Inc]. is a leader in the design, development and marketing of silicon timing devices for communications, networking, computing and digital multimedia applications. The Company is headquartered in Norristown, PA, with key facilities in San Jose, CA; Tempe, AZ; Worcester, MA and Singapore.
Statements included in this release, to the extent they are forward looking, involve a number of risks and uncertainties related to competitive factors, technological developments and market demand. Further information on these and other potential factors that could affect the Company's financial results can be found in the Company's Form 10-K filed on September 11, 2002. |
