Monday, Jul 20 1998 7:02PM EST
Here's the official quarterly news release for all (ha!) who haven't seen, maybe something from DLJ
tomorrow.
PR Newswire - July 20, 1998 16:15
SANTA CLARA, Calif., July 20 /PRNewswire/ -- Integrated Silicon Solution, Inc. (Nasdaq:
ISSI) today reported financial results for the third fiscal quarter ended June 30, 1998.
Revenues for the third fiscal quarter ended June 30, 1998 were $25.0 million compared with
$26.5 million for the same period last year.
The company reported a net loss for the June 1998 quarter of ($5.0 million) and ($0.26) per
share based on 19.2 million weighted shares outstanding, compared to a net loss of ($3.9
million) and ($0.22) per share based on 17.8 million weighted shares outstanding in the June
1997 quarter. The net loss for the quarter includes a write down of inventory of $10.7 million
for lower of cost or market reasons and a gain on the partial sale of the company's Taiwan
subsidiary of $13.3 million, net of taxes and exchange losses.
"The overall industry slow-down has impacted ISSI," said Jimmy Lee, president and CEO.
"After strong revenue growth over the last three quarters, the June quarter is disappointing. I am
pleased, however, that we have banked $35 million in cash as a result of the partial sale of our
Taiwan subsidiary. Increasing cash when the industry is experiencing a down cycle will enable
us to continue to produce world-class products for our target markets and positions us well for
the industry upturn when it does occur."
The company has instituted expense reduction measures including a reduction in workforce, 10
to 20 percent pay reductions for executives and certain other employees and limits on
discretionary spending. Additional expense reductions are being considered.
The company's balance sheet at June 30, 1998 shows cash, cash equivalents and short-term
investments of $48.9 million, total assets of $242.0 million and stockholder's equity of $119.3
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.
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