INTEGRATED SILICON SOLUTION, INC. 
By
Revenue in the quarter ended
The Company reported a net loss for the
The Company's cash, cash equivalents and short-term investments totaled
"Demand in all of our markets was weak during the December quarter due to
the worldwide economic crisis," said
Conference Call
A conference call will be held today at
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, (iv)
automotive electronics, and (v) industrial. 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, SmartCards and is developing selected
non-memory products focused on its key markets. ISSI is headquartered in
Silicon Valley with worldwide offices in
Forward Looking Statements
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Statements concerning
taking actions to reduce our spending and preserve our cash and our very
strong balance sheet are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those
anticipated. Such risks and uncertainties include supply and demand conditions
in the market resulting from adverse conditions in the economy, liquidity and
credit concerns or other factors, unexpected reductions in average selling
prices for our products, our ability to sell our products for key applications
and the pricing and gross margins achieved on such sales, our ability to
control or reduce operating expenses, changes in manufacturing yields, order
cancellations, order rescheduling, product warranty claims, competition, the
level and value of inventory held by OEM customers, or other risks listed from
time to time in the Company's filings with the Securities and Exchange
Commission, including the Company's Form 10-K for the period ended
Integrated Silicon Solution, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share data)
Three Months Ended
December 31,
2008 2007
Net sales $37,665 $63,348
Cost of sales 29,932 50,147
Gross profit 7,733 13,201
Operating expenses:
Research and development 5,208 4,774
Selling, general and administrative 7,301 7,662
Total operating expenses 12,509 12,436
Operating income (loss) (4,776) 765
Interest and other income, net 582 2,074
Gain on sale of investments - 189
Income (loss) before income taxes and
minority interest (4,194) 3,028
Provision (benefit) for income taxes (60) 60
Income (loss) before minority interest (4,134) 2,968
Minority interest in net (income)
loss of consolidated subsidiaries 64 (1)
Net income (loss) $(4,070) $2,967
Basic net income (loss) per share ($0.16) $0.08
Shares used in basic per share
calculation 25,603 36,588
Diluted net income (loss) per share ($0.16) $0.08
Shares used in diluted per share
calculation 25,603 36,897
Integrated Silicon Solution, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
December 31, September 30,
2008 2008
(unaudited) (1)
ASSETS
Current assets:
Cash and cash equivalents $40,275 $42,175
Short-term investments 5,375 7,840
Accounts receivable, net 20,721 34,741
Inventories 38,027 39,222
Other current assets 3,003 4,717
Total current assets 107,401 128,695
Property, equipment and leasehold
improvements, net 24,082 24,555
Long-term investments 21,203 19,304
Purchased intangible assets, net 1,794 2,000
Other assets 1,407 1,397
Total assets $155,887 $175,951
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $22,991 $35,171
Accrued compensation and benefits 4,018 3,729
Accrued expenses 5,940 8,157
Total current liabilities 32,949 47,057
Other long-term liabilities 679 715
Total liabilities 33,628 47,772
Commitments and contingencies
Minority interest 1,029 789
Stockholders' equity:
Common stock 3 3
Additional paid-in capital 308,664 310,712
Accumulated deficit (184,501) (180,431)
Accumulated comprehensive loss (2,936) (2,894)
Total stockholders' equity 121,230 127,390
Total liabilities and stockholders'
equity $155,887 $175,951
(1) Derived from audited financial statements.
SOURCE Integrated Silicon Solution, Inc.
