SST (Silicon Storage Technology, Inc) (SSTI), a leading company dedicated to flash memory technology, announced revenues for the third quarter ended Sept. 30, 2007.
Net revenues reported for this fiscal quarter have totaled $107.5 million, compared with $99.3 million in the second quarter of 2007 and $116.0 million in the third quarter of 2006. Product revenue for the third quarter of 2007 were $97.8 million, compared with $90.3 million in the second quarter of 2007 and with $107.5 million in the third quarter of 2006. Revenues from technology licensing for the third quarter of 2007 were $9.7 million compared with $9.0 million in the second quarter of 2007 and with $8.5 million in the third quarter of 2006. Furthermore, SST finished the third quarter 2007 with $160.2 million in cash, cash equivalents and short-term investments. These results represent a decrease of $7.0 million compared to the previous fiscal quarter.
Management for SST have begun taking extraordinary steps to audit the company’s historical stock option practices and various accounting issues. As this review continues and comes to an end, SST does not expect that they are in a position to announce additional financial results for the third quarter ended Sept. 30, 2007. However, SST currently expects to file all of its delinquent fiscal reports with the SEC by the end of year 2007.
“Over the past two years, our technology introduction and product development activities have been in full swing,” said Bing Yeh, president and CEO. “This work has resulted in our introduction of the FlashMate technology and several innovative, higher ASP non-commodity products, such as NANDrive, All-in-OneMemory and MelodyWing wireless audio products. I am very proud of the results achieved by our engineering and operations teams. The design-in cycle for these products with major accounts will be at least 12 months, therefore we expect to see their impact to our revenue in mid-2008. We believe that this progress, coupled with positive market conditions and an expansion of low-density NOR flash applications, will create numerous growth opportunities for us in the years ahead.”
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