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8-K - INTEGRATED SILICON SOLUTION INC | v178239_8k.htm |
FOR IMMEDIATE
RELEASE
ISSI
RAISES SECOND FISCAL QUARTER REVENUE AND EPS GUIDANCE
SAN JOSE, Calif., Mar 22, 2010
/PRNewswire – FirstCall/ -- Integrated Silicon Solution, Inc. (Nasdaq: ISSI)
today updated its financial guidance for the second fiscal quarter ending March
31, 2010. During the March quarter to date, the Company has
experienced better than expected end market demand and pricing, primarily for
its DRAM products. As a result, the company is increasing its revenue
and margin guidance for the quarter. In addition, due to higher than
expected new product mask costs and non-executive employee compensation,
the Company now expects its operating expenses to be higher than previously
expected. The Company also expects its net income and earnings per
share to be higher than its prior guidance. ISSI’s updated guidance
for the March quarter is as follows:
|
·
|
Revenue
to be between $54 million and $56 million compared to previous guidance of
$48 million to $52 million.
|
|
·
|
Gross
margin to be between 34 percent and 38 percent compared to previous
guidance of between 28 percent and 32
percent.
|
|
·
|
Operating
expenses to be in a range of $14.0 million to $14.6 million compared to
previous guidance of $12.4 million to $13.0
million.
|
|
·
|
Net
income to be between $0.20 and $0.24 per fully diluted share compared to
previous guidance of between $0.08 and $0.12 per
share.
|
"Demand
in all of our markets has further strengthened in the March quarter exceeding
our original expectations as the DRAM market continues to experience increasing
demand while DRAM supplies remain constrained," said Scott Howarth, ISSI's
President and CEO. "Pricing for DRAM also improved helping to
increase our gross margins and net income,” added Mr. Howarth.
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. Through its Giantec business unit, the Company also designs and
markets EEPROM, SmartCards and analog power management devices focused on its
key markets. ISSI is headquartered in Silicon Valley with worldwide offices in
Taiwan, Japan, Singapore, China, Europe, Hong Kong, India, and Korea. Visit our web site at http://www.issi.com.
-more-
ISSI
Release
March 22,
2010
Page
2
Forward
Looking Statements
This news
release contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements concerning our revised
guidance for the March 2010 quarter with respect to revenue, gross margin,
operating expenses and net income per share and increasing DRAM demand while
supplies remained constrained 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 place, 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, our ability to obtain a sufficient supply of wafers,
wafer pricing, our ability to maintain sufficient inventory of products to
satisfy customer orders, 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 fiscal year ended September 30, 2009 and the Form
10-Q for the quarter ended December 31, 2009. The Company assumes no
obligation to update or revise the forward-looking statements in this release
because of new information, future events, or otherwise.
-###-
CONTACT:
John M.
Cobb
Chief
Financial Officer
Investor
Relations of
Integrated Silicon Solution, Inc.
(408)
969-6600
ir@issi.com