Integrated Silicon Solution, the fabless San Jose chip company that designs devices used in digital consumer electronics, networking, mobile communications, and automobiles, reported a 46 percent drop in sales for its fiscal 2009 second quarter Tuesday, saying that demand weakened some more in all of its markets during the March quarter.
“However, we believe demand has now Read the rest of this entry »
Silicon Storage Technology, the Sunnyvale supplier of NOR flash memory semiconductor devices used in digital devices, said it’s not able to file its annual financial 10-K filing because it’s in the process of increasing the impairment charge it will be taking related to its investment in Grace Semiconductor Manufacturing, a privately held Cayman Islands company.
The company reported Feb. 4 that it would be taking a Read the rest of this entry »
Silicon Storage Technology, the Sunnyvale maker of flash memory, said it is in the process of cutting 120 employees, or 17 percent of its staff, according to a filing it made Friday. The action is being taken “to streamline the organization going forward” so as to “to reflect changes in anticipated levels of business.”
With so many companies laying off employees, the chance for a change in “anticipated levels of business” going forward keeps getting better and better.
The terminations are expected to cost the company $2.8 million, “nearly all of which” is going to expected severance payments, which works out on average to about $23,333 per employee. The company expects to complete the layoffs by Dec. 31 — Happy New Year.
Silicon Storage Technology reached an agreement with investor Bryant Riley, nominating him for a seat on its board in exchange for an agreement by him to call off his proxy fight with the company in which he named an opposition slate of nominees to the board. As a result the company pushed back its impending shareholder meeting from June 9 to June 27. Read the rest of this entry »
Silicon Storage Technology (SST) finally became up to date in its financial filing requirements with the SEC on Friday when it posted its quarterly 10-Q reports for the first three quarters of 2007. That followed the filing on Wednesday of its long-delayed 10-K report covering fiscal 2006, which also contained a summary of the findings by the chairman of its board on his investigation into the company’s historical stock option practices.
The picture isn’t pretty.
You have to forgive Silicon Storage Technology (ticker:SSTI) if it’s feeling a bit down in the dumps lately. The Sunnyvale maker of flash storage products for consumer devices could use a friend right about now. It’s struggling to sort out its potential backdated options problems, it’s fighting delisting by Nasdaq because it hasn’t filed financial statements in about a year, and its stock price has been hovering around $3 per share for the past few months.
On Thursday, SST got a big hug, but not necessarily the kind it wanted.
Los Angeles-based Riley Investment Partners filed a schedule 13-D indicating it now held about 6.1 percent of the company’s stock after going on a stock buying binge starting in late July. At the end, the fund attached a love letter of sorts explaining its interests:
“RIM believes the shares of the Issuer to be significantly undervalued…In fact, when one backs out cash and investments, the market is valuing SST’s NOR flash business, product pipeline and licensing revenue stream at only $60 million—which RIM believes to be an extremely low valuation by any measure.”
We all would like to hear we’re worth more than everyone thinks, right? But this love is not unconditional: Read the rest of this entry »
Subscribe via RSS all feeds - Tech feed - O'Brien feed - Docu-Drama feed - Pink Slip 2.0 feed
