GSI Technology Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014; Provides Earnings Guidance for the Fourth Quarter of 2015 and First Quarter of 2016
January 29, 2015 at 10:16 am
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GSI Technology Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2014. For the quarter, the company reported net revenues of $14,227,000 against $13,778,000 a year ago. Operating loss was $654,000 against $1,902,000 a year ago. Loss before income taxes was $553,000 against $1,840,000 a year ago. Net income was $148,000 or $0.01 per basic and diluted share against net loss of $734,000 or $0.03 per basic and diluted share a year ago. Net income included interest and other income of $101,000 and a tax benefit of $701,000, compared to $62,000 in interest and other income and a tax benefit of $1.1 million a year ago; in the preceding quarter, net loss included interest and other income of $112,000 and a tax provision of $21,000.
For the nine months, the company reported net revenues of $40,435,000 against $45,732,000 a year ago. Operating loss was $3,164,000 against $2,202,000 a year ago. Loss before income taxes was $2,880,000 against $1,944,000 a year ago. Net loss was $2,248,000 or $0.09 per diluted share against net loss of $789,000 or $0.03 per diluted share a year ago.
For the fourth quarter of 2015, the company currently expected net revenues to be in the range of $12.8 million to $13.8 million, reflecting relatively consistent sales across product lines with the exception of military/defense sales which were unexpectedly high in the third quarter as a result of last time buys on discontinued products. The company expected a gross margin of approximately 44% to 46% in the fourth quarter.
The company currently expected net revenues to again exceed $14.0 million in the first quarter of fiscal 2016.
GSI Technology, Inc. is a provider of high-performance semiconductor memory solutions for in-place associative computing applications in markets, such as artificial intelligence and high-performance computing, including natural language processing and computer vision. Its associative processing unit (APU) products are focused on applications using similarity search. Its similarity search is used in visual search queries for ecommerce, computer vision, drug discovery, cyber security and service markets such as NoSQL, Elasticsearch, and OpenSearch. It operates in one segment: the design, development and sale of integrated circuits. It designs, develops and markets static random-access memory (SRAM). It offers four families of high-speed synchronous SRAM: SyncBurst, NBT, SigmaQuad, and SigmaDDR. It is also engaged in marketing radiation-hardened (RadHard) and radiation-tolerant (RadTolerant) SRAMs for military/defense and aerospace applications, such as networking satellites and missiles.
GSI Technology Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2014; Provides Earnings Guidance for the Fourth Quarter of 2015 and First Quarter of 2016