Exhibit 99.1
ISSI Announces First Quarter Fiscal Year 2004 Results
SANTA CLARA, Calif., Jan. 12 /PRNewswire-FirstCall/ -- Integrated Silicon
Solution, Inc. (Nasdaq: ISSI) today reported its financial results for the
first fiscal quarter ended December 31, 2003.
Revenues in the first quarter of fiscal 2004 were $40.3 million, compared
with $21.0 million in the first quarter of the prior year and $30.0 million in
the quarter ended September 30, 2003. The Company reported a net profit for
the December 2003 quarter of $0.9 million or $0.03 per share on a diluted
share basis, compared to a net loss for the December 2002 quarter of ($12.7)
million or ($0.46) per share, and a net loss of ($2.5) million or ($0.09) per
share on a diluted share basis in the September 2003 quarter.
The Company ended the December 31, 2003 quarter with cash and short term
investments of $63.3 million, an increase of $4.9 million over the September
2003 quarter.
"We saw accelerated revenue growth in the December 2003 quarter and we are
pleased to cross over to quarterly profitability," said Jimmy Lee, ISSI's
Chairman and CEO.
About the Company
ISSI is a fabless semiconductor company that designs and markets high
performance integrated circuits for the following key markets: (i) digital
consumer electronics, (ii) networking, (iii) mobile communications and (iv)
automotive electronics. The Company's primary products are high speed and low
power SRAM and low and medium density DRAM. The Company also designs and
markets EEPROM, Pseudo SRAM and multi-chip packages and is developing selected
non-memory products focused on its key markets. ISSI is headquartered in
Silicon Valley with worldwide offices in China, Europe, Hong Kong, India,
Korea and Taiwan. Visit our web site at www.issi.com.
Safe Harbor Statement
Certain statements in this news release, including statements regarding
accelerated revenue growth and profitability, are 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 inability to secure wafers or manufacturing capacity, deteriorating
market conditions, the Company's inability to effectively reduce expenses, the
Company's inability to add new products or diversify product lines,
manufacturing yields, 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, 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, 2003.
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
December 31,
2003 2002
Net sales $40,255 $21,038
Cost of sales 31,303 22,260
Gross profit (loss) 8,952 (1,222)
Operating Expenses:
Research and development 4,540 6,805
Selling, general and administrative 3,891 3,658
Total operating expenses 8,431 10,463
Operating income (loss) 521 (11,685)
Other income (expense), net 96 18
Income (loss) before income taxes, minority
interest and equity in net loss of affiliated
companies 617 (11,667)
Provision for income taxes 12 --
Income (loss) before minority interest and
equity in net loss of affiliated companies 605 (11,667)
Minority interest in net loss of
consolidated subsidiary -- 17
Equity in net income (loss) of
affiliated companies 290 (1,039)
Net income (loss) $895 $(12,689)
Basic net income (loss) per share $0.03 $(0.46)
Shares used in basic per share
calculation 28,649 27,565
Diluted net income (loss) per share $0.03 $(0.46)
Shares used in diluted per share
calculation 31,935 27,565
Integrated Silicon Solution, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
December 31, September 30,
2003 2003
(unaudited) (1)
ASSETS
Current assets:
Cash and cash equivalents $24,748 $19,992
Short-term investments 38,550 38,450
Accounts receivable 13,302 12,152
Inventories 18,487 16,638
Other current assets 1,275 1,712
Total current assets 96,362 88,944
Property, equipment, and leasehold
improvements, net 5,578 6,295
Other assets 63,061 62,860
Total assets $165,001 $158,099
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $20,377 $17,230
Accrued compensation and benefits 3,534 3,406
Accrued expenses 5,142 5,436
Total current liabilities 29,053 26,072
Minority interest 78 78
Stockholders' equity:
Common stock 3 3
Additional paid-in capital 237,038 233,957
Accumulated deficit (96,433) (97,328)
Unearned compensation (249) (268)
Accumulated comprehensive loss (4,489) (4,415)
Total stockholders' equity 135,870 131,949
Total liabilities and stockholders'
equity $165,001 $158,099
(1) Derived from audited financial statements.
SOURCE Integrated Silicon Solution, Inc.
-0- 01/12/2004
/CONTACT: Suzanne Weaver, Investor Relations, +1-408-969-4774, or
ir@issi.com, or Gary L. Fischer, President & COO, +1-408-969-4612, or
ir@issi.com, both of ISSI/
/Web site: http://www.issi.com /
(ISSI)
CO: Integrated Silicon Solution, Inc.
ST: California
IN: CPR SEM ECP HRD
SU: ERN