-----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, MG8t6O3mFUTelzBM7SjT7RCW3cCQJOx3ihYasJX0HlIu8fqRuJfRjInzcrvaG02o O7ezSq7tZZ+Qzq+n+crJSA== 0000891618-98-003559.txt : 19980803 0000891618-98-003559.hdr.sgml : 19980803 ACCESSION NUMBER: 0000891618-98-003559 CONFORMED SUBMISSION TYPE: 8-K/A PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980629 ITEM INFORMATION: FILED AS OF DATE: 19980731 SROS: NASD 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/A SEC ACT: SEC FILE NUMBER: 000-23084 FILM NUMBER: 98675468 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/A 1 AMENDMENT TO FORM 8-K DATED JUNE 29, 1998 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K/A CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) June 29, 1998 INTEGRATED SILICON SOLUTION, INC. (Exact name of Registrant as specified in its charter) DELAWARE 0-23084 77-0199971 (State or other jurisdiction of Commission File No. (I.R.S. Employer Identification No.) incorporation or organization)
2231 Lawson Lane, Santa Clara, California 95054 - ----------------------------------------- --------- (Address of principal executive offices) zip code Registrant's telephone number, including area code (408) 588-0800 Not applicable - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) 2 The purpose of this amendment is to file Pro Forma Financial Information. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (b) Pro Forma Financial Information The accompanying unaudited pro forma condensed financial information gives effect to the sale by Integrated Silicon Solution, Inc. ("ISSI") of approximately 46 percent of Integrated Silicon Solution (Taiwan) Inc. ("ISSI-Taiwan") to a group of private investors as if the transaction had occurred on October 1, 1996 for purposes of the unaudited statements of operations, and as of March 31, 1998 for purposes of the unaudited balance sheet. Actual gain on the partial sale of ISSI-Taiwan will be reported in ISSI's unaudited condensed consolidated financial statements included in Form 10-Q for the quarter ended June 30, 1998 to be filed no later than August 14, 1998. 1 3 INTEGRATED SILICON SOLUTION, INC. UNAUDITED PRO FORMA FINANCIAL STATEMENTS The following unaudited pro forma condensed financial statements represent the transaction in which Integrated Silicon Solution, Inc. ("ISSI") sold approximately 46 percent of Integrated Silicon Solution (Taiwan) Inc. ("ISSI-Taiwan") to a group of private investors pursuant to a Common Stock Purchase Agreement dated as of June 19, 1998. The initial closing occurred June 29, 1998. The price was privately negotiated between the parties. Prior to this transaction ISSI-Taiwan was a wholly-owned subsidiary of ISSI. The pro forma information is presented for illustrative purposes only and is not necessarily indicative of the operating results or financial position that would have occurred if the sale had been consummated as presented in the accompanying unaudited pro forma condensed financial information nor is it necessarily indicative of future operating results or financial position. The unaudited proforma condensed financial information should be read in conjunction with the historical financial statements including the notes. INTEGRATED SILICON SOLUTION, INC. UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS YEAR ENDED SEPTEMBER 30, 1997 (IN THOUSANDS, EXCEPT PER SHARE DATA)
Adjust for ISSI Partial Sale of Less 46% ISSI ISSI-Taiwan ISSI-Taiwan ---- --------------- ------------ (a) (b) (c) Net sales $108,261 $ -- $108,261 Costs and Expenses Cost of sales ........................ 76,105 -- 76,105 Research and development ............. 26,179 -- 26,179 Selling, general and administrative .. 16,753 -- 16,753 --------- --------- --------- Total costs and expenses ................ 119,037 -- 119,037 --------- --------- --------- Operating loss .......................... (10,776) -- (10,776) Interest and other income ............... 2,535 -- 2,535 Interest expense ........................ (607) -- (607) --------- --------- --------- Loss before income taxes and minority interest ..................... (8,848) -- (8,848) Benefit for income taxes ................ (1,144) -- (1,144) --------- --------- --------- Loss before minority interest ........... (7,704) -- (7,704) Minority interest in net income (loss) of consolidated subsidiary ............... (18) 2,277 2,259 --------- --------- --------- Net loss ................................ $ (7,686) $ 2,277 $(9,963) ========= ========= ========= Basic and diluted loss per share ........ $ (0.43) $ (0.56) ========= ========= Shares used in per share calculation .... 17,748 17,748 ========= =========
(a) Represents historical ISSI financial statements including 100% of ISSI-Taiwan. (b) Represents the minority interest of new shareholders in 46% of ISSI-Taiwan fiscal 1997 net income. (c) Represents historical ISSI adjusted for sale of 46% of ISSI-Taiwan exclusive of any gain realized on the sale. 2 4 INTEGRATED SILICON SOLUTION, INC. UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS SIX MONTHS ENDED MARCH 31, 1998 (IN THOUSANDS, EXCEPT PER SHARE DATA)
Adjust for ISSI Partial Sale of Less 46% ISSI ISSI-Taiwan ISSI-Taiwan ---- --------------- ------------ (a) (b) (c) Net sales $80,066 $ -- $ 80,066 Costs and Expenses Cost of sales 58,437 -- 58,437 Research and development 15,771 -- 15,771 Selling, general and administrative 9,227 -- 9,227 In-process technology charge 7,078 -- 7,078 --------- --------- --------- Total costs and expenses 90,513 -- 90,513 --------- --------- --------- Operating loss (10,447) -- (10,447) Other income, net 1,077 -- 1,077 --------- --------- --------- Loss before income taxes and minority interest (9,370) -- (9,370) Provision for income taxes 355 -- 355 --------- --------- --------- Loss before minority interest (9,725) -- (9,725) Minority interest in net income (loss) of consolidated subsidiary -- 1,928 1,928 --------- --------- --------- Net loss $ (9,725) $ 1,928 $ (11,653) ========= ========= ========= Basic and diluted loss per share $(0.52) $(0.63) ========= ========= Shares used in per share calculation 18,598 18,598 ========= =========
(a) Represents historical ISSI financial statements including 100% of ISSI-Taiwan. (b) Represents the minority interest of new shareholders in 46% of ISSI-Taiwan net income for the six months ended March 31, 1998. (c) Represents historical ISSI adjusted for sale of 46% of ISSI-Taiwan exclusive of any gain realized on the sale. 3 5 INTEGRATED SILICON SOLUTION, INC. UNAUDITED PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET MARCH 31, 1998 (IN THOUSANDS)
Adjust for ISSI Partial Sale of Less 46% ISSI ISSI-Taiwan ISSI-Taiwan ---- --------------- ------------ (a) (b) (c) Assets - ------------------------------------------- Cash and cash equivalents $ 20,083 $35,468 $ 55,551 Restricted cash 5,153 5,153 Short-term investments 8,100 8,100 Accounts receivable 20,688 -- 20,688 Inventories 69,797 -- 69,797 Other current assets 7,927 -- 7,927 --------- --------- -------- 131,748 35,468 167,216 Property, equipment, and leasehold, net 26,172 26,172 Construction in progress 9,862 9,862 Other assets 54,023 -- 54,023 ========= ========= ======== Total assets $221,805 $35,468 $257,273 ========= ========= ======== Liabilities and equity - ------------------------------------------- Accounts payable 54,787 -- 54,787 Other current liabilities 23,478 -- 23,478 --------- -------- -------- 78,265 -- 78,265 Long-term liabilities 9,862 9,862 Minority interest -- 20,462 20,462 Stockholders' equity 124,627 15,006 139,633 ========= ======== ======== Total liabilities and equity $221,805 $35,468 $257,273 ========= ======== ========
(a) Represents historical ISSI financial statements including 100% of ISSI-Taiwan. (b) Represents the receipt of cash, net of withholding taxes, the related gain on the sale, net of taxes, and the establishment of the minority interest in 46% of ISSI-Taiwan net assets as of March 31, 1998. (c) Represents historical ISSI adjusted for sale of 46% of ISSI-Taiwan. 4 6 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this amendment to be signed on its behalf by the undersigned hereunto duly authorized. INTEGRATED SILICON SOLUTION, INC. /s/ Gary L. Fischer ----------------------------- Gary L. Fischer Executive Vice President, Office of the President and Chief Financial Officer Date: July 31, 1998 5 -----END PRIVACY-ENHANCED MESSAGE-----