Loss .03 cents.
SANTA CLARA, Calif., Oct 28 /PRNewswire/ -- Integrated Silicon Solution,
Inc. (Nasdaq: ISSI) today reported its financial results for the fourth
quarter and fiscal year ended Sept. 30, 1999.
Revenues for the fourth quarter were $20.1 million, compared with proforma
revenue of $14.0 million for the September 1998 quarter and consolidated
September 1998 quarterly revenue of $26.0 million. For comparison reasons,
the September 30, 1998 quarterly proforma revenue number excludes revenue from
ISSI-Taiwan, which has been a 43 percent owned investment since December 1998.
Revenues for the fiscal year ended September 30, 1999 were $83.3 million
compared with fiscal 1998 consolidated revenue of $131.1 million.
Consolidated revenue for fiscal 1998 includes revenue of ISSI-Taiwan for the
entire year.
"The September 1999 quarter is ISSI's fourth consecutive quarter of
revenue growth when we exclude the spin-off of ISSI-Taiwan," said Jimmy Lee,
president and CEO. "We attribute this growth to our continued focus on
leading edge new products and the increased demand for ISSI products."
The company reported a net loss for the September 1999 quarter of
($0.7 million) and ($0.03) per share based on 20.0 million weighted shares
outstanding, compared to a consolidated net loss of ($29.2 million) and
($1.51) per share based on 19.4 million weighted shares outstanding in the
September 1998 quarter. Net loss for fiscal 1999 is ($9.5 million) and
($0.48) per share based on 19.6 million weighted shares outstanding, compared
to a consolidated net loss for fiscal 1998 of ($50.6 million) and ($2.67) per
share based on 18.9 million weighted shares outstanding.
"The significant improvement in our operating results, as compared to
fiscal year 1998, reflects the improving market conditions we have observed
and the changes made at ISSI," said Jimmy Lee.
The company's balance sheet at Sept. 30, 1999, shows cash and cash
equivalents of $23.6 million, total assets of $121.8 million and stockholder's
equity of $88.8 million.
Mr. Lee stated, "Our combination of best of class products, tier one
customers, and improving market conditions makes us optimistic about the
coming year."
ISSI designs, develops and markets high performance SRAM, DRAM, and EEPROM
memory devices, embedded memories, as well as voice products and
microcontrollers. ISSI's products are used in telecommunications, data
communications, networking systems, personal computers, instrumentation and
consumer products.
Certain statements in this news release, including those related to the
company's expectations for the coming year, are 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, the inability to
secure sufficient wafer capacity, 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, the level of
inventory held by OEM customers, the timing of industry cycles, the company's
ability to successfully grow revenue, 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, 1998 and its Quarterly Report on
Form 10Q for the quarter ended June 30, 1999.
Integrated Silicon Solution, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
September 30, September 30,
1999 1998
ASSETS
Current assets:
Cash and cash equivalents $16,002 $27,776
Restricted cash -- 333
Short-term investments 7,623 7,800
Accounts receivable 15,176 19,069
Inventories 29,681 46,484
Other current assets 1,639 4,938
Total current assets 70,121 106,400
Property, equipment, and
leasehold improvements, net 4,563 44,316
Other assets 47,147 51,452
Total assets $121,831 $202,168
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $-- $18,325
Accounts payable 19,601 40,642
Accrued compensation and benefits 1,933 2,945
Accrued expenses 6,068 8,036
Income tax payable 455 524
Current portion of
long-term obligations -- 3,379
Total current liabilities 28,057 73,851
Income tax payable - non-current 4,996 4,996
Long-term obligations -- 12,087
Minority interest in
consolidated subsidiary -- 20,314
Stockholders' equity:
Preferred stock -- --
Common stock 2 2
Additional paid-in capital 120,852 116,199
Accumulated deficit (27,852) (18,341)
Accumulated comprehensive income (4,188) (6,787)
Unearned compensation (36) (153)
Total stockholders' equity 88,778 90,920
Total liabilities and
stockholders' equity $121,831 $202,168
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,
1999 1998 1999 1998
Net sales $20,113 $26,034 $83,309 $131,132
Cost of sales 15,295 37,791 66,816 126,794
Gross profit (loss) 4,818 (11,757) 16,493 4,338
Operating Expenses:
Research
and development 4,049 8,255 18,778 31,911
Selling, general
and administrative 2,761 4,559 11,899 18,402
In-process
technology charge -- -- -- 7,078
Total operating
expenses 6,810 12,814 30,677 57,391
Operating loss (1,992) (24,571) (14,184) (53,053)
Gain on sale
of investment -- -- 2,658 10,494
Other income
(loss), net 421 (2,590) 1,217 (3,492)
Loss before
income taxes,
minority interest
and equity
in net income of
affiliated
companies (1,571) (27,161) (10,309) (46,051)
Provision (benefit)
for income taxes (250) 2,163 608 4,668
Net loss before
minority interest
and equity in net
income of
affiliated companies (1,321) (29,324) (10,917) (50,719)
Minority interest in
net loss of
consolidated
subsidiary -- (112) (472) (112)
Equity in net
income of
affiliated companies 632 -- 934 --
Net loss $(689) $(29,212) $(9,511) $(50,607)
Basic and diluted
loss per share $(0.03) $(1.51) $(0.48) $(2.67)
Shares used in per
share calculation 20,009 19,360 19,633 18,940
SOURCE Integrated Silicon Solution, Inc.
-0- 10/28/1999
/CONTACT: Suzanne Weaver, Investor Relations of Integrated Silicon
Solution, Inc., 408-588-0800, or fax, 408-588-0805; or Deborah Stapleton of
Stapleton Communications Inc., 650-988-9207, or fax, 650-988-9209, for ISSI/
/Web site: issiusa.com
(ISSI)
CO: Integrated Silicon Solution, Inc.
ST: California
IN: CPR
SU: ERN
PM-ZB
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