Exhibit 99.1
ISSI Announces Fourth Quarter and Fiscal Year 2003 Results
SANTA CLARA, Calif., Oct. 30 /PRNewswire-FirstCall/ -- Integrated Silicon
Solution, Inc. (Nasdaq: ISSI) today reported its financial results for the
fourth fiscal quarter and year ended September 30, 2003.
Revenue in the fourth quarter was $30.0 million, compared with
$20.2 million in the prior year period. The Company reported a net loss for
the fourth quarter of ($2.5) million or ($0.09) per diluted share, compared
with a net loss of ($22.0) million or ($0.80) per diluted share, in the prior
year period.
For the fiscal year ended September 30, 2003, revenue totaled
$97.7 million compared to $70.4 million for fiscal year 2002, or 39% growth.
The net loss for the year ended September 30, 2003 totaled ($28.1) million or
($1.01) per diluted share compared to a net loss of ($67.5) million or
($2.49) per diluted share in fiscal year 2002.
The Company ended the 2003 fiscal year with cash and liquid investments of
$58.4 million and no long or short-term debt obligations.
"Revenue growth accelerated in the September quarter and grew
approximately 24% over the June 2003 quarter after growing 9% sequentially in
June," said Jimmy Lee, ISSI's chief executive officer. "The recent September
quarter shows a 49% growth over the September 2002 quarter and we are pleased
with these trends."
The Company also announced that it invested an additional $2.0 million in
Semiconductor Manufacturing International Corporation (SMIC), a foundry
located in China. This increases ISSI's total investment in SMIC to
$42.0 million.
About the Company
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, Parallel Search Processors (CAM), 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
the Company's revenue growth acceleration and trends 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 the Company's ability to secure manufacturing capacity from its
foundries, changes in market conditions, inability to effectively reduce
expenses, inability to add new products or diversify product lines, order
cancellations, order rescheduling, changes in demand for the Company's
products or the products in which the Company's products are used, 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,
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 June 30, 2003.
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,
2003 2002 2003 2002
Net sales $30,025 $20,187 $97,660 $70,448
Cost of sales 24,543 28,616 86,046 86,213
Gross profit (loss) 5,482 (8,429) 11,614 (15,765)
Operating Expenses:
Research and
development 4,871 8,026 23,394 29,841
Selling, general
and administrative 3,233 3,781 13,328 15,962
In-process
technology charge -- -- -- 4,689
Total operating
expenses 8,104 11,807 36,722 50,492
Operating loss (2,622) (20,236) (25,108) (66,257)
Other income
(expense), net 291 174 (255) 2,392
Loss before
income taxes,
minority interest
and equity in
net loss of
affiliated
companies (2,331) (20,062) (25,363) (63,865)
Provision (benefit)
for income taxes 3 -- 3 (3,220)
Net loss before
minority interest
and equity
in net loss of
affiliated
companies (2,334) (20,062) (25,366) (60,645)
Minority interest
in net loss of
consolidated
subsidiary -- 32 17 50
Equity in net loss of
affiliated companies (144) (1,999) (2,728) (6,945)
Net loss $(2,478) $(22,029) $(28,077) $(67,540)
Basic and diluted
net loss per share $(0.09) $(0.80) $(1.01) $(2.49)
Shares used in
per share
calculation 28,062 27,473 27,777 27,084
Integrated Silicon Solution, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
September 30, September 30,
2003 2002
(1)
ASSETS
Current assets:
Cash and cash equivalents $19,992 $11,622
Short-term investments 38,450 67,200
Accounts receivable 12,152 8,391
Inventories 16,638 17,665
Other current assets 1,712 3,448
Total current assets 88,944 108,326
Property, equipment, and
leasehold improvements, net 6,295 10,673
Other assets 62,860 65,677
Total assets $158,099 $184,676
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $17,230 $21,776
Accrued compensation and benefits 3,406 3,394
Accrued expenses 5,436 3,830
Current portion of long-term obligations -- 158
Total current liabilities 26,072 29,158
Long-term obligations -- --
Minority interest 78 95
Stockholders' equity:
Common stock 3 3
Additional paid-in capital 233,957 231,032
Accumulated deficit (97,328) (69,251)
Unearned compensation (268) (778)
Accumulated comprehensive loss (4,415) (5,583)
Total stockholders' equity 131,949 155,423
Total liabilities and
stockholders' equity $158,099 $184,676
(1) Derived from audited financial statements.
SOURCE Integrated Silicon Solution, Inc.
-0- 10/30/2003
/CONTACT: Suzanne Weaver, Investor Relations, +1-408-969-6600, or
ir@issi.com, or Gary Fischer, President & COO, +1-408-969-4612, or
ir@issi.com, for Integrated Silicon Solution, Inc./
/Web site: http://www.issi.com /
(ISSI)
CO: Integrated Silicon Solution, Inc.
ST: California
IN: CPR SEM MLM ITE NET
SU: ERN