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October 11, 1998

SILICON STORAGE PREDICTS JUMP IN Q3 LOSSES

By CBR Staff Writer

Silicon Storage Technology Inc, the troubled Flash memory maker from Sunnyvale, California, said Friday that its third quarter results will show triple the expected level of losses due to a change in accounting policy. After discussions with its auditors the company said its losses (accumulated over the past two years) had grown to such a level that it could no longer continue to offset potential future corporation tax benefits against reported loses in its accounts. Hence Silicon Storage said it expects to report losses of around $0.32 per share and not the previously anticipated $0.12 per share. Quarterly revenues at the company have fallen by 40% over the last two years and the already depressed shares fell a further 13% to $1.63 on Friday.

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