Blaming the computer industry's persistent sales slump, Silicon Systems Inc. of Tustin reported Thursday that third fiscal quarter profits plunged nearly 90% from a year ago while revenues dropped by 33%.
For the three months ended June 28, the integrated circuit manufacturer posted profits of $261,000, compared to $2.5 million in the year-ago period. Revenues for the quarter were $11.1 million, versus $16.3 million last year.
For the first nine months of the company's fiscal year, revenues were $40.1 million, about 5% higher than a year ago. However, profits for the nine months were $2.7 million, about half the $5.3 million posted a year ago.
Despite the bleak performance, Carmelo J. Santoro, Silicon Systems' president and chief executive, said the company has noticed a modest upswing in orders for its silicon chips, the tiny devices that make up the artificial brain and nervous system of any piece of computerized equipment.