Exhibit 99.1
ISSI Announces Third Quarter Fiscal Year 2003 Results
SANTA CLARA, Calif., July 24 /PRNewswire-FirstCall/ -- Integrated Silicon
Solution, Inc. (Nasdaq: ISSI) today reported financial results for the third
fiscal quarter ended June 30, 2003.
Revenues in the third quarter of fiscal 2003 were $24.3 million, compared
with $18.5 million in the third quarter of the prior year and $22.3 million in
the quarter ended March 31, 2003. The Company reported a net loss for the
June 2003 quarter of ($5.9) million or ($0.21) per diluted share, compared
with a net loss of ($7.0) million or ($0.25) per diluted share in the March
2003 quarter, and a net loss of ($24.9) million or ($0.91) per diluted share
in the June 2002 quarter. The June quarter net loss included a net charge on
investments of approximately ($0.9) million. The Company ended the June 30,
2003 quarter with cash and short-term investments of $59.5 million.
"Revenue growth accelerated in the June quarter. We grew revenue 9 percent
sequentially in June, after growing 6 percent sequentially in the March
quarter," said Jimmy Lee, ISSI's Chairman and CEO. "The recent June quarter
revenue shows a 31 percent growth over the June 2002 quarter and we are
pleased with these trends."
"We are pleased with the results of our expense reduction efforts," said
Gary Fischer, ISSI's President and COO. "While the top line grew 31 percent
over the June 2002 quarter, our expenses dropped by 30 percent from that same
quarter."
Company Information
ISSI is a technology leader in high performance memory semiconductors.
The company designs, develops and markets memory products used in consumer
electronics, networking, Internet infrastructure, telecommunications, wireless
products, handheld devices, computer peripherals, and automotive electronics.
ISSI's products incorporate state-of-the-art circuit design and advanced
process technology. The company's high speed and low power SRAM, low to
medium density DRAM, MCP (combining Flash and SRAM/PSRAM/DRAM), family of
EEPROMs, and Bluetooth(TM) wireless chipsets (in development), enable
designers to meet the demanding connectivity, portability, and bandwidth
requirements of today's high tech products. ISSI is headquartered in Silicon
Valley with worldwide offices in China, Europe, Hong Kong, Taiwan and Korea.
Visit our web site at www.issi.com.
Safe Harbor Statement
Certain statements in this news release, including statements regarding
revenue growth trends and our expenses efforts may be considered forward-
looking statements and are subject to risks and uncertainties. Actual results
may differ materially from current expectations due to many factors, including
adverse changes in market conditions, inability to effectively reduce or
manage expenses, inability to add new products or diversify product lines,
order cancellations, order rescheduling, decreasing demand, reduction in
average selling prices for the Company's products and a resultant decrease in
the Company's gross profit margin, product warranty claims, competition,
inability to secure wafers or manufacturing capacity, the level and value of
inventory held by OEM customers or the Company, 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 September 30, 2002 and its
most recent Quarterly Report on Form 10Q for the quarter ended March 31, 2003.
Integrated Silicon Solution, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
June 30, June 30,
2003 2002 2003 2002
Net sales $24,285 $18,532 $67,635 $50,261
Cost of sales 20,271 31,563 61,503 57,597
Gross profit (loss) 4,014 (13,031) 6,132 (7,336)
Operating Expenses:
Research and development 5,584 8,016 18,523 21,815
Selling, general and
administrative 3,039 4,213 10,095 12,181
In-process technology charge -- -- -- 4,689
Total operating expenses 8,623 12,229 28,618 38,685
Operating loss (4,609) (25,260) (22,486) (46,021)
Other income (expense), net (716) 853 (546) 2,218
Loss before minority interest
and equity in net income (loss)
of
affiliated companies (5,325) (24,407) (23,032) (43,803)
Provision (benefit) for income
taxes -- 3 -- (3,220)
Loss before minority interest
and equity in net loss of
affiliated companies (5,325) (24,410) (23,032) (40,583)
Minority interest in net (income)
loss of consolidated subsidiary -- (6) 17 18
Equity in net loss of
affiliated companies (615) (511) (2,584) (4,946)
Net loss $(5,940) $(24,927) $(25,599) $(45,511)
Basic and diluted net loss per
share $(0.21) $(0.91) $(0.92) $(1.69)
Shares used in per share
calculation 27,774 27,309 27,682 26,954
Integrated Silicon Solution, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
June 30, September 30,
2003 2002
(unaudited) (1)
ASSETS
Current assets:
Cash and cash equivalents $11,295 $11,622
Short-term investments 48,200 67,200
Accounts receivable 11,845 8,391
Inventories 13,253 17,665
Other current assets 3,310 3,448
Total current assets 87,903 108,326
Property, equipment, and leasehold
improvements, net 8,100 10,673
Other assets 59,714 65,677
Total assets $155,717 $184,676
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $16,554 $21,776
Accrued compensation and benefits 3,247 3,394
Accrued expenses 4,732 3,830
Current portion of long-term
obligations 30 158
Total current liabilities 24,563 29,158
Minority interest 78 95
Stockholders' equity:
Common stock 3 3
Additional paid-in capital 231,638 231,032
Accumulated deficit (94,850) (69,251)
Unearned compensation (288) (778)
Accumulated comprehensive loss (5,427) (5,583)
Total stockholders' equity 131,076 155,423
Total liabilities and stockholders'
equity $155,717 $184,676
(1) Derived from audited financial statements.
SOURCE Integrated Silicon Solution, Inc.
-0- 07/24/2003
/CONTACT: Suzanne Weaver, Investor Relations, +1-408-588-0800, or Gary
Fischer, President & COO, +1-408-969-4612, both of Integrated Silicon
Solution, Inc., ir@issi.com/
/Web site: http://www.issi.com /
(ISSI)
CO: Integrated Silicon Solution, Inc.
ST: California
IN: CPR SEM HRD
SU: ERN