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INTEGRATED CIRCUIT SYSTEMS REPORTS RECORD REVENUES AND PROFITS FOR FOURTH QUARTER

 INTEGRATED CIRCUIT SYSTEMS REPORTS RECORD REVENUES
 AND PROFITS FOR FOURTH QUARTER
 VALLEY FORGE, Pa., Aug. 5 /PRNewswire/ -- Integt?ed Circuit Systems, Inc. (NASDAQ: ICST) today reported record revenues and profits for the three- and 12-month periods ended June 30, 1992.
 Revenues for the fourth quarter were $8,503,000, an increase of 102 percent over the $4,219,000 recorded in the same quarter last year. Net income for the fourth quarter of fiscal 1992 increased 73 percent to $1,186,000 or $.24 per share, based on an increased number of shares outstanding after the company's initial public offering, compared with $684,000 or $.17 per share, for the fourth quarter of fiscal 1991. Due primarily to the company's initial public offering in June 1991, total fully diluted shares used to compute earnings per share for the fourth quarter of 1992 increased to 4,923,000 vs. 3,985,000 in 1991.
 For the year ended June 30, 1992, revenues increased 82 percent to $22,634,000 compared with $12,456,000 for fiscal 1991. Net income increased 87 percent to $3,186,000 or $.65 per share, compared with $1,701,000 or $.44 per share, for fiscal 1991.
 Commenting on the results, Edward Arnold, president and chief executive officer, said, "The record revenues and earnings have continued their upward trend largely on the strength of the company's video frequency timing products. ICS pioneered the use of frequency timing products with the introduction of the ICS1394, which commenced shipment in October 1989. Since then, ICS has shipped approximately 16 million video timing devices including over 4 million in the June 1992 quarter. Also, during the fourth quarter, the company saw its backlog increase from $4.5 million at June 30, 1991, to approximately $12.3 million at June 30, 1992, reflecting a rolling three month book to bill of 1.33.
 "We are extremely pleased with our outlook going into fiscal 1993," commented Arnold. "The market opportunities for our video timing generators continue to remain strong even though competitive pressures exist. Our higher performance versions, which command premium prices, are being utilized by several of the major workstation and high- performance OEMs. We started to see success in transitioning OEMs to our motherboard products, and we believe this market is ready to experience significant growth as PC OEMs look to replace crystal oscillators for system timing applications currently used in motherboards. We are developing seven new products tailored for motherboard applications, which we expect to introduce in our first quarter of fiscal 1993.
 "The market opportunities for PC sound products represent a significant growth area for ICS in fiscal 1993. Backlog for our sound products continues to build and now exceeds $1 million. We recently displayed our 'Media Master' sound product at PC Expo and hosted a Multimedia sound event at Carnegie Hall. Our Advanced Gravis product represents the latest in 16-bit technology with the added feature of being 'Sound Blaster' compatible. We are pleased with the large number of OEMs that are currently designing recharging products incorporating the ICS1700 'QuickSaver.' While our battery recharger controller has not yet ramped to volume production, volume shipments should commence within the next several months.
 "We experienced significant increased demand for our video and motherboard products, but continued to suffer in the fourth quarter from capacity limitations in wafer supply from our primary wafer vendor. Our volume standard products are now retooled at two additional established high-volume suppliers; however, production levels were not reached until late in the fourth quarter. This supply limitation restrained revenue growth and impacted profit margins as ICS incurred expediting costs to meet customer shipment schedules. We believe that our added wafer capacity, improved internal scheduling systems and recently expanded internal test capacity will improve the company's ability to meet customer demands," added Arnold.
 ICS, founded in 1976, designs, develops and markets standard and application specific VLSI integrated circuits using mixed analog/digital signal technology.
 INTEGRATED CIRCUIT SYSTEMS
 Statement of Operations
 (In thousands, except per-share data)
 Periods ended Three months Year
 June 30 1992 1991 1992 1991
 Revenues:
 Custom ASIC products $1,454 $1,549 $4,677 $4,679
 Standard products 7,049 2,670 17,957 7,777
 Total revenues 8,503 4,219 22,634 12,456
 Costs and expenses:
 Cost of sales 3,960 1,872 10,373 5,559
 Research and development
 expense 942 633 2,887 1,869
 Selling and marketing
 expense 670 291 2,148 912
 General and
 administrative expense 1,223 345 2,504 1,339
 Operating income 1,708 1,078 4,722 2,777
 Interest expense and
 other income, net (49) 9 (313) 94
 Income before income
 taxes 1,757 1,069 5,035 2,683
 Income tax expense 571 385 1,849 982
 Net income $1,186 $684 $3,186 $1,701
 Net income per share:
 Primary $0.24 $0.19 $0.65 $0.50
 Fully diluted 0.24 0.17 0.65 0.44
 Shares used to compute:
 Primary 4,923 3,614 4,883 3,390
 Fully diluted 4,923 3,985 4,891 3,895
 Balance Sheets
 (In thousands)
 June 30 1992 1991
 Assets:
 Current assets:
 Cash and cash equivalents $6,095 $7,580
 Accounts receivable, net 5,133 2,772
 Employee receivables 15 26
 Inventory 3,063 1,637
 Prepaid expenses and other
 current assets 657 263
 Total current assets 14,963 12,278
 Property and equipment:
 Machinery and equipment 4,556 3,363
 Furniture and fixtures 391 192
 Leasehold improvements 385 71
 Total 5,332 3,626
 Less accumulated depreciation 1,923 2,035
 Net property and equipment 3,409 1,591
 Other assets 41 32
 Total assets $18,413 $13,901
 Liabilities and Stockholders' Equity:
 Current Liabilities:
 Current portion of
 long-term debt 64 64
 Accounts payable 2,057 1,273
 Accrued payroll and bonus 473 316
 Accrued expenses and other
 current liabilities 493 189
 Income taxes payable 432 780
 Total current liabilities 3,519 2,622
 Long-term debt, less
 current portion 122 186
 Deferred income taxes 200 156
 Total liabilities 3,841 2,964
 Stockholders' equity:
 Preferred stock, authorized
 5 million shares; none issued --- ---
 Common stock, no par value 8,267 7,818
 Retained earnings 6,305 3,119
 Total stockholders' equity 14,572 10,937
 Total liabilities and
 stockholders' equity $18,413 $13,901
 /delval/
 -0- 8/5/92
 /CONTACT: Keith Schneck of Integrated Circuit Systems, 215-666-1900/
 (ICST) CO: Integrated Circuit Systems, Inc. ST: Pennsylvania IN: CPR SU: ERN


JS-MK -- PH026 -- 7146 08/05/92 14:05 EDT
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