MILPITAS, Calif., July 24, 2014 /PRNewswire/ -- Integrated Silicon Solution, Inc. (ISSI) today announced that its Board of Directors has approved a dividend program pursuant to which ISSI intends to pay quarterly cash dividends on its common stock.
The Board of Directors has declared an initial dividend of $0.06 per share, payable on August 15, 2014, to stockholders of record at the close of business on August 4, 2014. Future dividends are subject to further Board approval.
"Our Board's decision to approve a quarterly dividend program reflects their confidence in our financial performance and growth outlook," said Scott Howarth, ISSI's President and CEO. "Our consistent track record of profitability and cash generation over the past several years has contributed to a well-capitalized balance sheet. We are pleased to be able to offer this dividend program to our stockholders as a way to return capital to them while maintaining sufficient cash reserves to fund our growth plans."
About the Company
ISSI is a fabless semiconductor company that designs and markets high performance integrated circuits for the following key markets: (i) automotive, (ii) communications, (iii) industrial, medical, and military, and (iv) digital consumer. The Company's primary products are low, medium and high density DRAM and high speed and low power SRAM. The Company also designs and markets NOR flash products and high performance analog and mixed signal integrated circuits. ISSI is headquartered in Silicon Valley with worldwide offices in Taiwan, Japan, Singapore, China, Europe, Hong Kong, India, and Korea. Visit our web site at http://www.issi.com/.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning ISSI's intent to pay quarterly cash dividends on its common stock, confidence in our financial performance and growth outlook and maintaining sufficient cash reserves to fund our growth plans are forward-looking statement that involves risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include actual cash flows generated from and used in the operation of our business; actual or projected levels of capital expenditures; our balance of cash and investments and whether such cash and investments are in the U.S. or foreign accounts; the tax impact of distributing accumulated earnings and profits held by our foreign subsidiaries to the U.S.; changes in the tax rates that our stockholders pay on our dividends; supply and demand conditions in the market place (especially in the automotive market and the IMM market), unexpected reductions in average selling prices for our products, our ability to sell our products in our key markets (including automotive and IMM) and the pricing and gross margins achieved on such sales, our ability to continue to control or reduce operating expenses, our ability to obtain a sufficient supply of wafers, wafer pricing, our ability to maintain sufficient inventory of products to satisfy customer orders, our ability to realize the expected benefits of our acquisitions including maintaining relationships with key customers, vendors and employees, changes in manufacturing yields, order cancellations, order rescheduling, product warranty claims, competition, the level and value of inventory held by OEM customers or other risks listed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended September 30, 2013 and Form 10-Q for the period ended March 31, 2014. The Company assumes no obligation to update or revise the forward-looking statement in this release because of new information, future events, or otherwise.
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