Tech Industry

Silicon Storage Technology sets 3-for-1 stock split

Silicon Storage Technology delivered some good news after the bell Monday, setting a 3-for-1 stock split.

The maker of flash memory chips for the digital consumer, networking, wireless communication and Internet computing markets said the split will take effect Aug. 11 for all shareholders of record on July 28.

Silicon Storage Technology (Nasdaq: SSTI) shares closed up 4 3/8 to 89 7/16 ahead of the announcement.

This marks the first stock split in the company's history.

After the split, SSTI will have approximately 89.1 million shares outstanding.

Last quarter, Silicon Storage Technology raked in $9.6 million, or 34 cents a share, on sales of $62.3 million.

First Call Corp. consensus predicts the Sunnyvale, Calif. company will earn 39 cents a share in its second quarter and $1.70 a share in the fiscal year.

Its shares peaked at 108 3/4 in May after falling to a 52-week low of 5 7/8 last June.

All eight analysts following the stock rate it either a "buy" or "strong buy." >