GSI Technology, Inc. (Nasdaq: GSIT) announced today, that, on the basis of preliminary financial results, the Company expects to report net revenues of approximately $20.8 million for its second fiscal quarter ended September 30, 2011. These estimated results compare to guidance of $22.8 million to $23.8 million that the Company provided early in the second quarter. GSI also reported that direct and indirect sales to its largest customer, Cisco Systems, are expected to be approximately $7.9 million, compared to $9.6 million in the previous quarter, and that softness in demand from Asian OEM customers also contributed to weaker-than-expected second-quarter sales.
The Company cautioned that these results are preliminary and subject to change. The Company expects to release its second-quarter financial results at the market close on Thursday, October 27, 2011. Management will also conduct a conference call to review the Company’s financial results and its current business outlook.
Any investor or interested individual can listen to the teleconference, which is scheduled to begin at 1:30 p.m. PDT (4:30 p.m. EDT) on October 27, 2011. To participate in the teleconference, please call toll-free 877-717-3046 (or 706-634-6364 for international calls) approximately 10 minutes prior to the above start time and provide Conference ID 18143841. You may also listen to the teleconference live via the Internet at www.gsitechnology.com. For those unable to attend, this web site will host an archive of the call.
About GSI TechnologyFounded in 1995, GSI Technology, Inc. is a leading provider of high-performance static random access memory, or SRAM, products primarily incorporated in networking and telecommunications equipment. Headquartered in Santa Clara, California, GSI Technology is ISO 9001 certified and has worldwide factory and sales locations. For more information, please visit www.gsitechnology.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements included in this press release are based upon information available to GSI Technology as of the date hereof, and GSI Technology assumes no obligation to update any such forward-looking statements. Forward-looking statements involve a variety of risks and uncertainties, which could cause actual results to differ materially from those projected. These risks include those associated with the normal quarterly financial closing process, which could result in adjustments to the preliminary second quarter financial results contained in this release. Further information regarding other risks relating to GSI Technology’s business is contained in the Company’s filings with the Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV