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INTEGRATED CIRCUIT SYSTEMS REPORTS RECORD REVENUES AND PROFITS FOR THIRD QUARTER

 INTEGRATED CIRCUIT SYSTEMS REPORTS RECORD REVENUES AND PROFITS
 FOR THIRD QUARTER
 VALLEY FORGE, Pa., April 27 /PRNewswire/ -- Integrated Circuit Systems, Inc. (NASDAQ: ICST), today reported record revenues for the three- and nine-month periods ended March 31, 1992.
 Revenues for the third quarter were $6,156,000, an increase of 54 percent over the $4,006,000 recorded in the same quarter last year. Net income for the quarter increased 14 percent to $903,000, or 18 cents per share, based on more shares outstanding after the company's initial public offering, compared with $790,000, or 21 cents per share, for the third quarter of fiscal 1991. Due primarily to the company's initial public offering in June 1991, total shares outstanding on March 31, 1992 increased 28 percent to 4,922,000 versus 3,860,000 on March 31, 1991.
 For the first nine months of fiscal year 1992, revenues increased 72 percent to $14,130,000, compared with $8,237,000 for the first nine months of 1991. Net income increased 97 percent to $2,000,000, or 41 cents per share, compared with $1,017,000, or 27 cents per share, for the same nine months in fiscal 1991.
 Ed Arnold, chairman and chief executive officer, attributed the increased revenues to the continued expansion of market share of the company's standard products, primarily the more advanced timing generators. Arnold stated, "Our shipments of these products totalled three million units in the third quarter, representing almost a 50 percent increase in unit shipments over the prior quarter. We anticipate this growth trend to continue as our backlog at March 31, 1992 was approximately $9 million compared to $5.7 million at Dec. 31, 1991. As of March 31, 1992, the book-to-bill ratio was 1.5 based on a rolling three month average.
 "We experienced gross margin pressure during the quarter which was attributed to competitive forces, production ramp-up to meet increased demand, and higher manufacturing costs for the more advanced products," continued Arnold. "However, we continue to see opportunities for improving our margins as our recently introduced programs to improve overall efficiency take effect."
 The company's QuickSaver(TM) NiCd controller product continues to receive acceptance in the market for portable devices needing rapid intelligent charge control. "We are pleased to announce that the QuickSaver product is now also capable of re-charging nickel metal hydride batteries. Many manufacturers are turning to nickel metal hydride batteries due to the improved power performance, operating time, and favorable environmental disposal nickel metal hydride allows. We are excited about this breakthrough as it demonstrates the tremendous flexibility of the QuickSaver technology in its ability to handle this and future technical requirements as they arise," concluded Arnold.
 Also during the third quarter, ICS was chosen by a major manufacturer of personal computers to supply them with a custom version of the company's CPU motherboard clock. The company also received prototype approval from Advanced Gravis, a supplier of PC peripheral products, for a custom version of ICS' PC sound product. This product represents a price/performance breakthrough for the high volume, high growth PC sound card market for games and multimedia applications, and has the added feature of being compatible with existing "AD-LIB" and "Sound Blaster" supported game software.
 ICS, founded in 1976, designs, develops and markets standard and application specific VLSI integrated circuits using mixed analog/digital signal technology.
 INTEGRATED CIRCUIT SYSTEMS, INC.
 Statement of Operations
 (Unaudited; in thousands, except per-share data)
 Periods ended Three Months Nine Months
 March 31 1992 1991 1992 1991
 Revenues:
 Custom ASIC products $1,335 $1,006 $3,223 $3,130
 Standard products 4,821 3,000 10,907 5,107
 Total revenues 6,156 4,006 14,130 8,237
 Costs and expenses:
 Cost of sales 3,065 1,595 6,413 3,687
 Research and development exp. 642 481 1,944 1,236
 Selling and marketing expense 528 235 1,478 671
 General and administrative exp. 566 416 1,280 944
 Operating income 1,355 1,279 3,015 1,699
 Interest expense 8 30 19 98
 Interest and other income (72) (5) (282) (13)
 Income before income taxes 1,419 1,254 3,278 1,614
 Income taxes 516 464 1,278 597
 Net income 903 790 2,000 1,017
 Net income per share
 (fully diluted) $0.18 $0.21 $0.41 $0.27
 Shares used to compute 4,922 3,860 4,879 3,862
 INTEGRATED CIRCUIT SYSTEMS, INC.
 Balance Sheets
 (In thousands)
 3/31/92 6/30/91
 (Unaudited) (Audited)
 ASSETS
 Current assets:
 Cash and cash equivalents $ 6,430 $ 7,580
 Accounts receivable, net 3,777 2,772
 Employee receivables 17 26
 Inventory 3,290 1,637
 Prepaid expenses and other current assets 366 263
 Total current assets 13,880 12,278
 Property and equipment:
 Machinery and equipment 4,329 3,363
 Furniture and fixtures 283 192
 Leasehold improvements 326 71
 Total 4,938 3,626
 Less accumulated depreciation 2,466 2,035
 Net property and equipment 2,472 1,591
 Other assets 61 32
 Total assets $16,413 $13,901
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Current portion of long-term debt $ 444 $ 64
 Accounts payable 1,747 1,273
 Accrued payroll and bonus 178 316
 Accrued expenses and other current liabilities 202 188
 Income taxes payable 136 780
 Total current liabilities 2,707 2,621
 Long-term debt, less current portion 138 186
 Deferred income taxes 169 156
 Total liabilities 3,014 2,963
 Stockholders' equity:
 Preferred stock, authorized 5 million shares;
 none issued -- --
 Common stock, no par value 8,280 7,819
 Retained earnings 5,119 3,119
 Total stockholders' equity 13,399 10,938
 Total liabilities and stockholders' equity $16,413 $13,901
 -0- 4/27/92
 /CONTACT: Keith Schneck, chief operating officer of ICS, 215-666-1900/
 (ICST) CO: Integrated Circuit Systems, Inc. ST: Pennsylvania IN: SU: ERN


GK-SM -- NY057 -- 3128 04/27/92 12:04 EDT
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Date:Apr 27, 1992
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