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Information Storage Devices Announces
Record Second Quarter Results
Revenues up 73%; Net Income up 55%
SAN JOSE, Calif., July 19, 1995 -- Information Storage Devices, Inc. (ISD), (NASDAQ:ISDI), a leading supplier of voice solutions, today reported record results for the second quarter ended July 1, 1995. Net revenues for the second quarter rose 72.8 percent to $14.2 million, up from $8.2 million in the same period last year. Net income rose to $1.3 million, up 54.9 percent from $0.9 million a year ago, and earnings per share increased 15.4 percent to 15 cents compared with 13 cents in the same quarter last year.
"Demand for our voice chips continues to be strong, resulting in new design wins for us," said David Angel, president and chief executive officer. "We are participating in two toy programs that we expect to be featured during the Christmas season, and we are in the early stages of two programs that will use ISD's ChipCorder® solution for automotive use, a new application for us," he said.
"One of our programs to help meet increasing customer demand has been to convert our 1.5 micron designs to a 1.2 micron process, providing us with more product from the same number of wafers," said Angel. "We're pleased with the early success of this program, which resulted in more product being available during the quarter," he said.
Gross margin improved to a record 37.7 percent, up from 33.2 percent in the
same period last year, and 36.3 percent in the first quarter of fiscal 1995.
ISD's ChipCorder technology is a revolutionary multi-level storage technique to record and playback sound, much like a tape recorder, on a single microchip. ChipCorder products are the industrys first single-chip, solid-state record and playback solution. These products can be recorded and re-recorded reliably up to 100,000 times and are the only complete single-chip solution to retain messages without power.
Information Storage Devices, Inc. designs, develops, and markets integrated circuit solutions for voice applications in the consumer, communications and industrial markets. The company is located at 2045 Hamilton Avenue, San Jose, CA 95125. Telephone: (408) 369-2520.
NOTE TO EDITORS: The company announced today at 1:15 p.m. PDT its intent to file a registration statement for a public offering of common stock.
ChipCorder is a trademark of Information Storage Devices.
Information Storage Devices, Inc.
Condensed Statements Of Income
(in thousands, except per share amounts)
| Three months ended | Six months ended |
| ------------------- | ------------------- |
| 6/30/94 | 6/30/95 | 6/30/94 | 6/30/95 |
| (audited) | (unaudited) | (audited) | (unaudited) |
| Net revenues | $ 8,237 | $ 14,234 | $16,415 | $27,239 |
| Costs and expenses: | | |
| Cost of goods sold | 5,506 | 8,873 | $11,698 | $17,161 |
| Research and development | 728 | 1,476 | 1,276 | 2,883 |
| Selling, general and administrative | 1,122 | 2,239 | 2,192 | 4,007 |
| Total operating expenses | 7,356 | 12,588 | 15,166 | 24,051 |
| Income from operations | 881 | 1,646 | 1,249 | 3,188 |
| Other income (expense) | (9) | 390 | (27) | 523 |
| Income before income taxes | 872 | 2,036 | 1,222 | 3,711 |
| Provision for income taxes | 17 | 712 | 24 | 1298 |
| ====== | ====== | ====== | ====== |
| Net income | $ 855 | 1,324 | 1198 | 2413 |
| ======== | ======= | ======= | ======= |
| Earnings per share | $ 0.13 | 0.15 | 0.19 | 0.29 |
| ======== | ======= | ======= | ======= |
| Weighted avg common and common | 6,353 | 8,688 | 6,354 | 8,181 |
| equivalent shares outstanding |
Information Storage Devices, Inc.
Condensed Balance Sheets
(in thousands)
| 12/31/95 | 6/30/95 |
| (audited) | (unaudited) |
| Assets |
|---|
| Current Assets: |
| Cash and short-term investments | $7,605 | $ 29,969 |
| Accounts receivable, net | 5,711 | 6,973 |
| Inventories | 3,767 | 4,821 |
| Other current assets | 925 | 1,857 |
| ------ | ------ |
| Total current assets | 18,008 | 43,620 |
| Property and equipment net | 3,559 | 4,831 |
| Other assets | 701 | 647 |
| Long-term Investments | 0 | 2,529 |
| ------- | ------- |
| | Total assets | $ 22,268 | $ 51,627 |
| ======= | ======= |
| Liabilities and Shareholders' Equity |
|---|
| Current liabilities: |
| Current portion of long-term debt | $ 774 | $ 1,058 |
| Accounts payable and accrued liabilities | 6,954 | 7,744 |
| Deferred revenue | 545 | 1,554 |
| ------ | ------ |
| Total current liabilities | 8,273 | 10,356 |
|
| Long-term liabilities | 1,775 | 2,919 |
|
| Shareholders' equity | 12,220 | 38,352 |
|
| Total liabilities and shareholders' equity | $ 22,268 | $ 51,627 |
| ======= | ======= |
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