Richard,
Check this out!
SUNNYVALE, Calif., Oct. 17 - SST (Silicon Storage
Technology, Inc.) (Nasdaq: SSTI) today announced results for the third quarter
and first nine months ended September 30, 1996. Total net revenues for the
quarter ended September 30, 1996 increased by 81% to a record $23.4 million as
compared to $12.9 million in the third quarter of 1995. Net income for the
third quarter of 1996 was $3.7 million, or $0.15 per share, as compared to net
income for the same quarter last year of $2.3 million, or $0.12 per share.
For the first nine months ended September 30, 1996, net revenues increased
by 205% to $69.8 million from $22.9 million in the corresponding period of
1995. The Company reported a net income of $11.6 million or $0.46 per share
for the first nine months of 1996 as compared to net income of $1.9 million or
$0.10 per share for the first nine months ended June 30, 1995.
"We are pleased with our quarterly performance, given the overall soft
market conditions within the semiconductor industry during the quarter," said
Bing Yeh, President and CEO. "While we continue to remain cautious about the
near term business environment, we are investing in engineering and marketing
programs which are critical to SST's long term future. Growth opportunities
in the flash market are abundant. Our design and process technology
leadership, partnership strategies, product cost reduction efforts, product
diversification and global presence position us to compete favorably in the
industry."
About Silicon Storage Technology, Inc.
Founded in August, 1989, SST designs, manufactures and markets low cost,
high quality, single power supply (5V-only, 3.0V-only or 2.7V-only) and small
erase-block flash memory components for the computer, communications, and
consumer markets. All SST products are based on patented, proprietary
SuperFlash(R) technology. The Company is located in Sunnyvale, California.
SST's stock is traded on Nasdaq under the symbol SSTI.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: Statements in this press release which are not historical facts may
be considered forward-looking statements regarding SST's business. SST's
quarterly operating results are subject to a variety of risks, many of which
are characteristic of the semiconductor industry. For a discussion of such
risks, as well as further information about SST's quarterly operating results,
please see Management's Discussion and Analysis of Financial Conditions and
Results of Operations in SST's most recent SEC forms 10K and 10Q.
SILICON STORAGE TECHNOLOGY, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three months ended Nine months ended
Sept. 30, Sept. 30,
1995 1996 1995 1996
(unaudited) (unaudited)
Revenues:
Product revenues $12,472 $23,046 $21,721 $67,566
License revenues 436 359 1,157 2,233
Net revenues 12,908 23,405 22,878 69,799
Costs and expenses:
Cost of revenues 8,453 14,339 15,942 41,532
Research and development 974 1,713 2,536 4,986
Sales and marketing 751 1,129 1,584 3,584
General and administrative 440 722 887 2,356
10,618 17,903 20,949 52,458
Income (loss) from
operations 2,290 5,502 1,929 17,341
Interest income
(expense), net 19 306 (52) 1,228
Other income -- -- -- 179
Income (loss) before
provision for income
taxes 2,309 5,808 1,877 18,748
Provision for income
taxes -- 2,115 1 7,134
Net income (loss) $2,309 $3,693 $1,876 $11,614
Net income (loss) per
share $0.12 $0.15 $0.10 $0.46
Shares used in per share
calculation 19,269 24,999 19,072 25,158
SILICON STORAGE TECHNOLOGY, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEET
(in thousands)
ASSETS
December 31, Sept. 30,
1995 1996
(unaudited)
Current assets:
Cash and cash equivalents $48,405 $18,508
Short-term investments -- 13,611
Accounts receivable, net 7,480 12,411
Accounts receivable from related
parties -- 3,577
Inventories 2,483 18,860
Current deferred tax asset 1,930 3,423
Other current assets 605 906
Total current assets 60,903 71,296
Long-term investments -- 1,504
Furniture, fixtures, and
equipment, net 5,178 10,347
Other assets 322 1,415
Total assets $66,403 $84,562
LIABILITIES
Trade accounts payable 3,559 6,932
Account payable to related party 4,581 7,921
Accrued expenses and other
liabilities 4,754 4,316
Deferred revenue 1,337 1,661
Total liabilities 14,231 20,830
SHAREHOLDERS' EQUITY
Common stock and deferred stock
compensation 53,457 53,320
Retained earnings
(accumulated deficit) (1,285) 10,412
Total shareholders' equity 52,172 63,732
Total liabilities and
shareholders' equity $66,403 $84,562 |
