-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VSKlYiBkVqLbuDqVVagKXwV//v1G5paJbO9/FOJoeLx+4GrPwVnyiAG8IThnTCt/ 0mxWrt9CvvQZrWNsAtVIeg== 0000891092-03-003085.txt : 20031030 0000891092-03-003085.hdr.sgml : 20031030 20031030162230 ACCESSION NUMBER: 0000891092-03-003085 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031030 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20031030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTEGRATED SILICON SOLUTION INC CENTRAL INDEX KEY: 0000854701 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 770199971 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23084 FILM NUMBER: 03966977 BUSINESS ADDRESS: STREET 1: 2231 LAWSON LANE CITY: SANTA CLARA STATE: CA ZIP: 95054-3311 BUSINESS PHONE: 4085880800 MAIL ADDRESS: STREET 1: 680 ALMANOR AVE CITY: SUNNYVALE STATE: CA ZIP: 94086 8-K 1 e16075_8k.txt FORM 8-K - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 30, 2003 Integrated Silicon Solution, Inc. -------------- (Exact name of registrant as specified in its charter) Delaware 000-23084 77-0199971 -------- --------- ---------- (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 2231 Lawson Lane Santa Clara, California 95054 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (408) 969-6600 ----------------------------------------------------------- (Former name or former address, if changed since last report) - -------------------------------------------------------------------------------- TABLE OF CONTENTS Item 7. Financial Statements and Exhibits. Item 9. Regulation FD Disclosure SIGNATURES INDEX TO EXHIBITS EXHIBIT 99.1 -2- Item 7. Financial Statements and Exhibits (c) Exhibits. 99.1 Press Release dated October 30, 2003 Item 9. Regulation FD Disclosure The press release filed as an exhibit to this report is being furnished under Item 12 (Furnishing of Earnings Releases) as contemplated by SEC Release Nos. 33-8176 and 33-8216 -3- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INTEGRATED SILICON SOLUTION, Inc. Date: October 30, 2003 /s/ GARY L. FISCHER ---------------------------------- Gary L. Fischer President, Chief Operating Officer and Chief Financial Officer INDEX TO EXHIBITS 99.1 Press Release dated October 30, 2003 EX-99.1 3 e16075ex99_1.txt PRESS RELEASE 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 -----END PRIVACY-ENHANCED MESSAGE-----