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|Integrated Silicon Solution, Inc. Concludes Restatement and Files Form 10-K for Fiscal 2006 and Form 10-Q for June 2006 Quarter|
Announces Conclusion of Internal Investigation of Historical Stock Option Practices
SAN JOSE, Calif., May 31 /PRNewswire-FirstCall/ -- Integrated Silicon Solution, Inc. (Nasdaq: ISSI) filed its Annual Report on Form 10-K for the fiscal year ended September 30, 2006 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2006 with the Securities and Exchange Commission ("SEC"). These filings had been delayed pending the conclusion of the Company's restatement of its historical financial statements and the internal investigation by a Special Committee of the Board of Directors into past stock option practices.
The Special Committee's investigation included the review of all stock options granted from January 1, 1997 through July 2006, plus two grants made in 1995 and 1996. The Special Committee's investigation was conducted with the full support of current management and the current Board of Directors.
The total restatement adjustment was $32.1 million of additional stock-based compensation and payroll tax expense, net of income taxes, covering the fiscal 1997 to fiscal 2005 periods. The details of the investigation and the resulting restatement are provided in the Annual Report on Form 10-K for the fiscal year ended September 30, 2006 that was filed earlier today.
"We are pleased to have the restatement process behind us and are eager to focus our full attention on growing our business and creating value for our stockholders. We want to extend thanks to the many ISSI employees who worked diligently on the restatement and the SEC filings we made," said Jimmy Lee, ISSI's president and chief executive officer.
As previously reported, the Company was granted an extension by the Nasdaq Listing Council until June 5, 2007 to complete its restatement and file all delinquent periodic SEC filings in order to remain listed on Nasdaq. To become current in its SEC filings, the Company must still file its Reports on Form 10-Q for the quarters ending December 31, 2006 and March 31, 2007. ISSI is working diligently to complete its delinquent SEC filings by the deadline, however, there can be no assurance that the Company will meet this deadline or that its shares will not be delisted from Nasdaq.
In its Form 10-K, ISSI is restating its consolidated balance sheet as of September 30, 2005, and the related consolidated statements of operations, shareholders' equity, and cash flows for each of the fiscal years ended September 30, 2005 and September 30, 2004. The 2006 Form 10-K also reflects the restatements of selected consolidated financial data for the fiscal years ended September 30, 2003 and 2002. In addition, ISSI restated its unaudited quarterly financial information for all interim periods of fiscal year 2005 and the interim periods ended December 31, 2005 and March 31, 2006. The financial information included in ISSI's reports on Form 10-K, Form 10-Q and Form 8-K filed prior to May 9, 2006, and the related opinions of its independent registered public accounting firm and all earnings press releases and similar communications issued by ISSI prior to May 9, 2006, should not be relied upon and are superseded in their entirety by the Form 10-K for fiscal year 2006 filed today, and other reports on Form 10-Q and Form 8-K filed by ISSI with the SEC on and after May 9, 2006.
About the Company
ISSI is a fabless semiconductor company that designs and markets high performance integrated circuits for the following key markets: (i) digital consumer electronics, (ii) networking, (iii) mobile communications and (iv) automotive electronics. The Company's primary products are high speed and low power SRAM and low and medium density DRAM. The Company also designs and markets EEPROM, SmartCards and is developing selected non-memory products focused on its key markets. ISSI is headquartered in Silicon Valley with worldwide offices in China, Europe, Hong Kong, India, Korea and Taiwan. Visit our web site at http://www.issi.com.
SOURCE Integrated Silicon Solution, Inc. -0- 05/31/2007 /CONTACT: Investor Relations, Scott Howarth, Vice-President & CFO of Integrated Silicon Solution, Inc., +1-408-969-6600, email@example.com/ /Web site: http://www.issi.com / (ISSI) CO: Integrated Silicon Solution, Inc. ST: California IN: CPR CSE NET SU: SB-CD -- AQTH151 -- 7581 05/31/2007 13:50 EDT http://www.prnewswire.com