Here are the earnings and fiscal report. It looks like they beat Q4 estimates (-$0.03 vs -$0.05) but missed 1997 estimates (-$0.43 vs. -$0.40).
biz.yahoo.com
Monday October 27 4:00 PM EST
Company Press Release
ISSI Announces Fourth Quarter and Fiscal 1997 Results; Quarterly Revenue Up 22%
SANTA CLARA, Calif., Oct. 27 /PRNewswire/ -- Integrated Silicon Solution, Inc. (Nasdaq:ISSI) today reported financial results for the fourth quarter and
fiscal year ended Sept. 30, 1997.
Revenues for the fourth quarter were $32.3 million, compared with $23.1 million for the same period last year and $26.5 million for the June 1997 quarter.
Revenues for fiscal 1997 were $108.3 million compared with $132.0 million in fiscal 1996.
''I am particularly pleased with our growth rate of 22 percent in the September quarter over the June quarter,'' said Jimmy Lee, president and CEO. ''This
marks our fourth consecutive quarter of sequential growth and reflects our investment in R&D as well as the market's acceptance of our new products, especially
our higher-speed products which have seen increased demand.''
Net loss for the fourth quarter of fiscal 1997 was $617,000 compared with a net loss of $3.8 million in the fourth quarter of last year. Net loss for fiscal 1997
was $7.7 million versus fiscal 1996 net income of $1.0 million.
Net loss per share for the fourth quarter was $0.03 on 17.9 million shares outstanding versus a net loss of $0.22 on 17.6 million shares outstanding in the fourth
quarter of fiscal 1996. Net loss per share for fiscal 1997 was $0.43 on 17.7 million weighted shares outstanding versus net income per share of $0.06 on 18.4
million weighted shares outstanding for fiscal 1996.
The company's balance sheet at Sept. 30, 1997, shows cash and cash equivalents of $53.1 million, total assets of $195.6 million and stockholder's equity of
$134.6 million.
ISSI designs, develops and markets high performance SRAM, DRAM, FLASH, EPROM and EEPROM memory devices as well as voice products and
microcontrollers. ISSI's products are used in telecommunications, data communications, networking systems, personal computers, instrumentation and consumer
products.
This news release contains forward-looking statements that are subject to risks and uncertainties that could cause volatility in the company's business, operating
results or financial condition. Actual results may differ from current expectations due to changes in industry conditions, changes in average selling prices for the
company's products, imbalances between supply and demand, the level of market acceptance of the company's products, competition, the cancellation,
modification or delay of orders from customers or other factors. 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 Sept. 30, 1996 and its Quarterly Report on
Form 10Q for the quarter ended June 30, 1997.
Integrated Silicon Solution, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended Year Ended
September 30, September 30,
1997 1996 1997 1996
Net sales $ 32,348 $ 23,056 $108,261 $132,039
Cost of sales (other than
item below) 22,644 21,536 76,105 85,184
Inventory write-down -- -- -- 15,000
Total cost of sales 22,644 21,536 76,105 100,184
Gross profit 9,704 1,520 32,156 31,855
Operating Expenses:
Research and development 7,439 5,275 26,179 21,350
Selling, general and
administrative 4,022 3,745 16,753 15,188
Total operating expenses 11,461 9,020 42,932 36,538
Operating loss (1,757) (7,500) (10,776) (4,683)
Other income, net 338 774 1,928 4,468
Loss before income taxes and
minority interest (1,419) (6,726) (8,848) (215)
Benefit for income taxes (802) (2,916) (1,144) (1,158)
Net income (loss) before
minority interest (617) (3,810) (7,704) 943
Minority interest in net loss
of consolidated subsidiary -- (17) (18) (72)
Net income (loss) $ (617) $ (3,793) $ (7,686) $ 1,015
Net income (loss) per share $ (0.03) $ (0.22) $ (0.43) $ 0.06
Shares used in per share
calculation 17,890 17,571 17,748 18,356
Integrated Silicon Solution, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
September 30,
1997 1996
ASSETS
Current assets:
Cash and cash equivalents $ 22,334 $ 12,237
Restricted cash 5,202 7,023
Short-term investments 25,600 62,200
Accounts receivable 18,478 11,316
Inventories 40,730 22,469
Other current assets 7,472 13,777
Total current assets 119,816 129,022
Property, equipment, and leasehold
improvements, net 34,036 31,129
Other assets 41,744 17,888
Total assets $195,596 $178,039
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $ 6,152 $ 3,617
Accounts payable 23,138 8,912
Accrued compensation and benefits 3,424 3,994
Accrued expenses 8,725 3,298
Income tax payable 582 550
Current portion of long-term obligations 2,251 722
Total current liabilities 44,272 21,093
Income tax payable - non-current 5,059 4,298
Long-term obligations 11,698 10,195
Minority interest in consolidated subsidiary -- 18
Stockholders' equity:
Convertible preferred stock -- --
Common stock 2 2
Additional paid-in capital 106,565 104,788
Retained earnings 32,266 39,952
Cumulative translation adjustment (4,248) (2,246)
Unearned compensation (18) (61)
Total stockholders' equity 134,567 142,435
Total liabilities and stockholders'
equity $195,596 $178,039
SOURCE Integrated Silicon Solution, Inc. |
