Alliance reports financial results for the quarter ended June 30, 1996.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--July 15, 1996--Alliance Semiconductor Corporation (Nasdaq: ALSC ALSC Association for Library Service to Children ALSC Adirondack Lakes Survey Corporation ALSC Afloat Logistics and Sealift Capability ALSC American Lumber Standards Committee, Inc. ALSC Advanced Logistics Systems Center (AFMC) ) today reported a net loss of $10.0 million, or $0.26 per share, for the first quarter of fiscal 1997, including a pre-tax charge of approximately $16.0 million for adjusting the valuation of the Company's inventory to reflect a further decline in its value. The decision to take the charge was primarily the result of continued slow demand and declining average selling prices The average sales price of goods or commodities. Especially used in the retail sector and technology distribution. for the Company's products. Net income for the same quarter last year was $14.9 million, or $0.36 per share. Net revenues for the current quarter were $14.1 million, compared to net revenues for the same quarter last year of $57.0 million. Alliance President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. N. Damodar Reddy stated, "The SRAM See static RAM. SRAM - static random-access memory market has continued to weaken beyond our earlier expectations, and once again adversely impacted our results for the quarter. Based on present market conditions, we feel it is necessary to further reduce the value of our inventory to reflect current market conditions." "In spite of the continued weakness in the marketplace, especially SRAMs, we remain focused on bringing additional product lines to our customer base. During the quarter, we commenced volume production and shipments of 4-Mb DRAM and currently expect that in the near future we will begin to sample our 2-Mb synchronous Refers to events that are synchronized, or coordinated, in time. For example, the interval between transmitting A and B is the same as between B and C, and completing the current operation before the next one is started are considered synchronous operations. Contrast with asynchronous. SRAM, 4-Mb asynchronous Refers to events that are not synchronized, or coordinated, in time. The following are considered asynchronous operations. The interval between transmitting A and B is not the same as between B and C. The ability to initiate a transmission at either end. SRAM, 2-Mb Flash memory products and 3D Graphics products." Except for historical information contained herein, the matters set forth in this news release are forward looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in forward looking statements, including such factors, among others, as changes in demand or competitive environment for the Company's products, including, specifically, without limitation, the status of the SRAM market and the demand for the Company's SRAM products, the timely ramp and delivery of new or enhanced SRAM products, successful development and introduction of DRAM, Flash and Graphics products, successful recruitment and retention of qualified technical personnel and the risk factors listed under Item 7: Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations in the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended March 30, 1996 and the risk factors included under Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's quarterly reports on Form 10-Q Form 10-Q See 10-Q. . Alliance Semiconductor Corporation, headquartered in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , is a leading supplier of high performance memory products and memory intensive logic products. The Company designs, develops, manufactures (using advanced 0.6 micron micron: see micrometer. One micrometer, which is one millionth of a meter or approximately 1/25,000 of an inch. The tiny elements that make up a transistor on a chip are measured in micrometers and nanometers. See process technology. and below CMOS (Complementary Metal Oxide Semiconductor) Pronounced "c-moss." The most widely used integrated circuit design. It is found in almost every electronic product from handheld devices to mainframes. technology) and markets its high performance memory products and memory intensive logic products to the desktop and portable computing computing - computer , networking, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and instrumentation instrumentation, in music: see orchestra and orchestration. instrumentation In technology, the development and use of precise measuring, analysis, and control equipment. markets. The Company's common stock is listed on Nasdaq under the symbol ALSC. -0-
Alliance Semiconductor Corporation
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
June 30,
1996 1995
Net revenue $14,108 $57,035 Cost of revenue 24,331(a) 26,823 Gross profit (loss) (10,223) 30,212 Operating expenses: Research and development 3,439 3,707 Selling, general and administrative 2,492 3,974 Total operating expenses 5,931 7,681 Income (loss) from operations (16,154) 22,531 Other income, net 716 1,923 Income (loss) before income taxes (15,438) 24,454 Provision (benefit) for income taxes (5,403) 9,537 Net income (loss) $(10,035) $14,917 Net income (loss) per share $ (0.26) $ 0.36 Weighted average common shares and equivalents 38,416 41,485 (a) Includes a pre-tax charge of approximately $16 million to adjust the valuation of the Company's inventory and to increase its reserve for excess inventory.
Alliance Semiconductor Corporation
Consolidated Balance Sheets
(in thousands)
ASSETS June 30, 1996 March 31, 1996
(unaudited)
Current assets: Cash and cash equivalents $ 66,087 $80,566 Accounts receivable, net 6,751 4,724 Inventory 32,822 30,152 Deferred taxes 29,423 25,578 Other current assets 2,708 9,008 Total current assets 137,791 150,028
Property and equipment, net 11,850 11,231
Investment in Chartered
Semiconductor 51,596 51,596
Investment in United
Semiconductor Corp. 36,438 36,438
Investment in United Silicon Inc. 13,701 13,888
Other assets 65 57
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$251,441 $263,238
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 32,048 $ 32,358 Accrued liabilities 9,931 11,499 Income taxes -- -- Total current liabilities 41,979 43,857
Stockholders' equity:
Preferred stock -- --
Common stock 384 383
Additional paid-in capital 178,167 178,052
Retained earnings 30,911 40,946
Total stockholders' equity 209,462 219,381
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$251,441 $263,238
CONTACT: Alliance Semiconductor Corporation Ron Shelton or Janine Whittington, 408/383-4900 |
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