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ISD Adjusts Third Quarter Outlook
SAN JOSE, Calif., September 17, 1996 -- ISD (Information Storage Devices, Inc.) (NASDAQ:ISDI) announced today that as a result of continued softness in demand for its ChipCorder® single-chip integrated circuit products for voice recording and playback among consumer-oriented accounts and recent unanticipated order stretch-outs by a major customer in the communications industry, particularly for applications in cell phone handsets, it now appears that the Company will report a loss for the third quarter ending September 30, 1996 of approximately $3 million, or about $.30 per share, on revenue of approximately $7.5 million. This compares to net income of $1.7 million, or $.19 per share, on revenue of $15.5 million for the third quarter of 1995, and to net income of $192,000, or $.02 per share, on revenue of $11.2 million for the second quarter of 1996.
The Company estimates that book value will amount to approximately $7.50 per share at the end of the third quarter, including cash and marketable securities of approximately $6.00 per share.
The Company expects to report third quarter financial results on or about October 10, 1996. This press release contains forward-looking statements. Depending upon the final determination of sales and expense figures for the third quarter, actual results could differ materially from the preliminary estimates set forth in the above forward-looking statements.
ISD, a leading supplier of semiconductor voice record and playback solutions, provides essential products to the communications marketplace using its proprietary multilevel storage and related technologies.
Note: ChipCorder® is a registered trademark of ISD.
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