SUNNYVALE, Calif. -- Silicon Storage Technology Inc. here told investors that it expects to report record results for the second quarter, including a 50% increase in revenues compared to the first three months of 2000. SST also said it now anticipates posting earnings greater than $0.50 per share for the second quarter period, which ends today.
The company estimated that its Q2 revenues will be more than 300% higher than the $23.0 million recorded in the second quarter of 1999, when SST took a net loss of $3.6 million, or -$0.15 per share. In the first quarter of this year, SST posted revenues of $62.3 million and a net income of $9.6 million, or $0.34 per share.
The developer of flash memory technology said current estimates show the company beating the consensus on Wall Street, which until now has placed SST's earnings at $0.39 per share, based on a survey of financial analysts by First Call/Thomson Financial.
"With our diversified product offering, the company has continued to experience rapid revenue growth," said Bing Yeh, president and CEO of the Sunnyvale company. "These products serve a very broad range of applications in digital consumer, networking, wireless communications and Internet computing markets.
"We believe the flash market is very fragmented, characterized by the coexistence and continued growth of all memory densities and various configurations to meet the specific requirements in many emerging applications," Yeh said. He said SST continues to increase its manufacturing resources for its SuperFlash technology, which is a NOR type, split-gate cell architecture using thick-oxide processes. The company believes its approach requires fewer manufacturing steps, compared to other flash technologies, resulting in lower cost with higher reliability.