GSI Technology, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016; Provides Earnings Guidance for the Fourth Quarter of 2017 and First Quarter of Fiscal 2018
January 27, 2017
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GSI Technology, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended December 31, 2016. For the quarter, the company reported net revenues of $11,484,000 against $12,921,000 a year ago. Operating income was $234,000 against loss of $1,560,000 a year ago. Income before income taxes was $295,000 against loss of $1,471,000 a year ago. Net income was $348,000 or $0.02 per basic and diluted share against loss of $819,000 or $0.04 per basic and diluted share a year ago.
For the nine months, the company reported net revenues of $37,788,000 against $40,523,000 a year ago. Operating income was $1,003,000 against loss of $2,865,000 a year ago. Income before income taxes was $1,298,000 against loss of $2,681,000 a year ago. Net income was $1,234,000 or $0.06 per basic and diluted share against loss of $2,083,000 or $0.09 per basic and diluted share a year ago.
For the fourth quarter of fiscal 2017, the company currently expects net revenues to be in the range of $10.0 million to $10.8 million. The company expects gross margin of approximately 50% to 52% in the fourth quarter.
Based on very preliminary data, the company expects sales to improve substantially in the first quarter of fiscal 2018, with net revenues in the area of $13.0 million. The company expects a substantial rebound in revenues during the first quarter ending June 30, 2017.
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. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended December 31, 2016; Provides Earnings Guidance for the Fourth Quarter of 2017 and First Quarter of Fiscal 2018