ISSI is making money finally! Earnings look good.
Monday April 24, 4:00 pm Eastern Time
Company Press Release
SOURCE: Integrated Silicon Solution, Inc.
ISSI Announces Second Fiscal Quarter Results
Revenue Increases 73% Over March 1999 Quarter
SANTA CLARA, Calif., April 24 /PRNewswire/ -- Integrated Silicon Solution, Inc. (Nasdaq: ISSI - news) today reported financial results for the second fiscal quarter ended March 31, 2000.
Revenues for the second fiscal quarter were $30.0 million, compared with $17.4 million for the same period last year and $23.3 million for the December 1999 quarter. The $30.0 million revenue represents a 73% increase over the March 1999 quarter and a 29% increase over the December 1999 quarter.
Net income for the second fiscal quarter of 2000 was $3.4 million, compared with a net loss of ($3.9) million for the March 1999 quarter and compared with net income for the December 1999 quarter of $0.5 million. The $3.4 million net income represents a 585% increase over the December 1999 quarter net income.
Net income per share for the second fiscal quarter of 2000 was $0.14 per share based on 24.9 million diluted shares outstanding. This compares to a net loss for the March 1999 quarter of ($0.20) per share based on 19.5 million weighted shares outstanding and net income per share for the first fiscal quarter of 2000 of $0.02 based on 22.5 million diluted shares outstanding.
``March results exceeded our internal expectations due to a very strong market demand,' stated Jimmy Lee, president and CEO. ``New products and our excellent customer base accelerated the financial results. These numbers reflect an underlying strength in the market place.'
Gary Fischer, executive vice president and CFO, stated, ``At quarter end our cash and cash equivalents total over $102 million. We believe we are well positioned to address the increased demand for ISSI's high performance memory products for the communication markets.'
ISSI designs, develops and markets high performance memory semiconductors used in internet access devices, networking equipment, telecom and mobile communications equipment, and computer peripherals. Our high speed and low power SRAMs and our low to medium density DRAMs enable customers to design products that meet the demanding connectivity, portability, and bandwidth requirements of the internet infrastructure.
Certain statements in this news release, including statements regarding the strength in the marketplace and ISSI's position to address the increased demand for SRAMs and DRAMs, are subject to risks and uncertainties that could cause volatility in the company's business, operating results or financial condition. Actual future results may differ from current expectations due to changes in industry conditions, slow-down in demand, the inability to develop new products, 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, 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 Quarterly Report on Form 10Q for the quarter ended Dec. 31, 1999.
Consolidated Statement of Operations and Consolidated Balance Sheets to follow.
Integrated Silicon Solution, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended Six Months Ended
March 31, March 31,
2000 1999 2000 1999
Net sales $30,032 $17,366 $53,283 $44,167
Cost of sales 21,232 13,694 38,203 36,490
Gross Profit 8,800 3,672 15,080 7,677
Operating Expenses:
Research and
development 4,197 4,170 7,816 9,943
Selling, general
and administrative 3,422 2,704 6,629 6,326
In-process technology
charge -- -- -- --
Total operating
expenses 7,619 6,874 14,445 16,269
Operating income (loss) 1,181 (3,202) 635 (8,592)
Other income (loss),
net 516 (236) 460 1,433
Income (loss) before
income taxes, minority
interest and equity
in net income (loss)
of affiliated
companies 1,697 (3,438) 1,095 (7,159)
Provision for income
taxes 150 225 200 858
Net income (loss)
before minority interest
and equity in net
income (loss) of
affiliated companies 1,547 (3,663) 895 (8,017)
Minority interest in
net loss of consolidated
subsidiary -- -- (472)
Equity in net income
(loss) of affiliated
companies 1,838 (282) 2,984 (365)
Net income (loss) $3,385 $(3,945) $3,879 $(7,910)
Basic income (loss)
per share $0.15 $(0.20) $0.18 $(0.41)
Shares used in basic
per share calculation 21,992 19,521 21,185 19,469
Diluted income (loss)
per share $0.14 $(0.20) $0.16 $(0.41)
Shares used in diluted
per share calculation 24,946 19,521 23,722 19,469
Integrated Silicon Solution, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
March 31, September 30,
2000 1999
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $59,175 $15,975
Restricted cash -- --
Short-term investments 43,650 7,650
Accounts receivable 21,548 15,176
Inventories 37,926 29,681
Other current assets 1,246 1,639
Total current assets 163,545 70,121
Property, equipment, and leasehold
improvements, net 6,330 4,563
Other assets 54,384 47,147
Total assets $224,259 $121,831
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Notes payable $-- $--
Accounts payable 20,097 19,601
Accrued compensation and benefits 1,957 1,933
Accrued expenses 7,679 6,068
Income tax payable 440 455
Current portion of long-term obligations 133 --
Total current liabilities 30,306 28,057
Income tax payable - non-current 4,996 4,996
Long-term obligations 385 --
Minority interest in consolidated subsidiary --
Stockholders' equity:
Preferred stock -- --
Common stock 3 2
Additional paid-in capital 215,687 120,852
Accumulated deficit (23,973) (27,852)
Accumulated comprehensive income (3,118) (4,188)
Unearned compensation (27) (36)
Total stockholders' equity 188,572 88,778
Total liabilities and stockholders' equity $224,259 $121,831
SOURCE: Integrated Silicon Solution, Inc. |
