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Tuesday September 26, 11:59 pm Eastern Time
Press Release
SST Preannounces Record Results for 3Q00
SUNNYVALE, Calif.--(BUSINESS WIRE)--Sept. 26, 2000--SST (Silicon Storage Technology, Inc.) (Nasdaq:SSTI - news) today announced that it expects to report record results for the third quarter ending Sept. 30, 2000.
The company expects to report third quarter revenue of greater than $150 million, or an increase of greater than 45 percent over the second quarter of 2000 and greater than 325 percent over the third quarter a year ago. In addition, the company expects to report earnings per share for the third quarter of 2000 to be greater than $0.35.
``In the third quarter, the company experienced better-than-expected yield improvements and production ramp at certain foundry partners of several new products, which carry improved gross margins,'' said Bing Yeh, president and CEO. ``With our diversified product offerings and the strong demand for our products, the company has continued to experience rapid revenue growth and profit expansion. We believe the flash market is very fragmented, characterized by the coexistence and continued growth of all memory densities and the various configurations to meet the specific requirements in many emerging applications. By expanding to more than fifty types of end applications so far, our diversification strategy has allowed us to withstand any slowdown in one or two of the end application markets. Demand for our products continues to outstrip our capability to supply. We expect this situation to last well into 2001.
``We expect to continue increasing our capacity in an effort to meet the growing demand.''
The company expects to report final results for the third quarter of 2000 on October 12, 2000 after the market is closed.
About SuperFlash Technology
SST's SuperFlash technology is a NOR type, split-gate cell architecture which uses a reliable thick-oxide process with fewer manufacturing steps resulting in a low-cost, nonvolatile memory solution with excellent data retention and higher reliability. The split-gate NOR SuperFlash architecture facilitates a simple and flexible design suitable for high performance, high reliability, small or medium sector size, in- or off-system programming and a variety of densities, all in a single CMOS-compatible technology.
About Silicon Storage Technology, Inc.
Headquartered in Sunnyvale, Calif., SST designs, manufactures and markets a diversified range of nonvolatile memory solutions, based on proprietary, patented SuperFlash technology, for high volume applications in the digital consumer, networking, wireless communications and Internet computing markets. SST's product families include high-functionality flash memory components, flash mass storage products and 8-bit microcontrollers with on-chip flash memory. SST also offers its SuperFlash technology for embedded applications through its world-class manufacturing partners and technology licensees IBM, National Semiconductor, Motorola, Samsung Electronics Co. Ltd., SANYO Electric Co., Ltd., Seiko Epson Corp. and Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC). TSMC offers SuperFlash under its trademark Emb-FLASH. Further information on SST can be found on the company's Web site at ssti.com.
Forward-Looking Statements
Except for the historical information contained herein, this news release contains forward-looking statements regarding flash memory market conditions, the company's future financial performance, the performance of new products and the company's ability to bring new products to market that involve risks and uncertainties. These risks may include timely development, acceptance and pricing of new products, the terms and conditions associated with licensees royalty payments, the impact of competitive products and pricing, and general economic conditions as they affect the company's customers, as well as other risks detailed from time to time in the company's SEC reports, including the report on Form 10-K for the year ended December 31, 1999 and reports on Form 10-Q for the quarters ended March 31, 2000 and June 30, 2000.
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Contact:
Stapleton Communications Inc.
Leslie Green, 650/470-0200
or
Silicon Storage Technology, Inc.
Jeffrey L. Garon, 408/735-9110
jgaron@ssti.com
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Silicon Storage says to beat Q3 estimates
SUNNYVALE, California, Sept 26 (Reuters) - Memory chip maker Silicon Storage Technology Inc (NasdaqNM:SSTI - news) said on Tuesday its third quarter earnings would beat Wall Street expectations, citing yield improvements and better production from its foundry partners.
The company expects to report third quarter earnings greater than 35 cents a share on revenue greater than $150 million, compared with 2 cents a share on revenues of $35.1 million in the year earlier period.
The Wall Street consensus estimate was 28 cents a share, as compiled by First Call/Thomson Financial.
``In the third quarter, the company experienced better-than-expected yield improvements and production ramp at certain foundry partners of several new products, which carry improved gross margins,'' said chief executive Bing Yeh in a statement.
Shares closed at $26-1/64 in Tuesday's Nasdaq trading, down $35/64 from the previous close. Shares reached a 52-week high of $38-7/8 and a 52-week low of $4-7/16. |
