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ISSI Announces First Fiscal Quarter 2011 Results

SAN JOSE, Calif. Jan 26, 2011 December 31, 2010

Fiscal First Quarter Results and Recent Highlights:

  • $66.1 million
  • $7.2 million $0.26 $8.3 million $0.30
  • Announced agreement to become an alternate supplier for Micron’s performance enhancing RLDRAM® 3 memory products for the communications market;
  • Completed the spin-off of its Giantec Semiconductor ASSP business; and
  • Signed an agreement to acquire Si En Integration Holdings Limited ("Si En"), adding complementary high margin analog and mixed signal products.

December 31, 2010 $66.1 million $73.6 million September 2010 $50.6 million December 2009 September 2010 December 2009

$7.2 million $0.26 $11.8 million $0.43 September 2010 $7.2 million $0.28 December 2009

$0.9 million $0.2 million $8.3 million $0.30 $12.6 million $0.46 September 2010 $7.7 million $0.30 December 2009

Scott Howarth China

Business Updates

January 24, 2011 Xiamen, China $20.0 million

December 30, 2010 December 2010 $6.1 million December 2010 December 31, 2010

March Quarter Outlook

$59.0 and $64.0 million $56.0 million and $60.0 million $60.0 million December 2010 $3.0 $15.0 million to $15.5 million $0.18 and $0.25 $0.22 and $0.29

Conference Call Information

1:30 p.m. Pacific Time 888-312-9841 1:20 p.m. Pacific Time 5165347 http://www.issi.com

Non-GAAP Financial Information

In addition to disclosing results determined in accordance with GAAP, ISSI discloses its non-GAAP operating expenses, operating income (loss) and net income (loss) for certain periods that exclude  stock based compensation, legal fees and other expenses related to the Si En acquisition,  and amortization of intangibles related to the acquisition of Si En. When presenting non-GAAP results, the Company includes a reconciliation of the non-GAAP results to the results under GAAP. Management believes that including the non-GAAP results assists investors in assessing the Company’s operational performance and its performance relative to its competitors. The Company has presented these non-GAAP results as a complement to its results provided in accordance with GAAP, and these results should not be regarded as a substitute for GAAP.  Management uses non-GAAP measures to plan and forecast future periods, to establish operational goals, to compare with its business plan and individual operating budgets, to assist the public in measuring the Company’s performance, to allocate resources and, relative to the Company’s historical financial performance, to enable comparability between periods. Management also considers such non-GAAP results to be an important supplemental measure of its performance. The economic substance behind management’s decision to use such non-GAAP measures relates to the non-GAAP measures being a useful measure of the potential future performance of the Company’s business. In line with common industry practice and to help enable comparability with other technology companies, the Company’s non-GAAP presentation excludes the impact of stock based compensation, legal fees related to the acquisition, and amortization of intangibles. Other companies may calculate non-GAAP results differently than the Company, limiting its usefulness as a comparative measure. In addition, such non-GAAP measures may exclude financial information that some may consider important in evaluating the Company’s performance. Management compensates for the foregoing limitations of non-GAAP measures by presenting certain information on both a GAAP and non-GAAP basis and providing reconciliations of these certain GAAP and non-GAAP measures.

About the Company

Taiwan Japan Singapore China Europe Hong Kong India http://www.issi.com

Forward Looking Statements

March 2011 September 30, 2010

Integrated Silicon Solution, Inc.  

Condensed Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data)

Three Months Ended

Three Months Ended

December 31,

September 30,

2010

2009

2010

Net sales

$ 66,103

$ 50,555

$                   73,632

Cost of sales

43,638

30,434

45,762

Gross profit

22,465

20,121

27,870

Operating expenses:

 Research and development

6,750

4,989

7,278

 Selling, general and administrative

9,367

7,626

8,212

   Total operating expenses

16,117

12,615

15,490

Operating income

6,348

7,506

12,380

Interest and other income, net

307

336

36

Gain on sale of investments

560

Income before income taxes

7,215

7,842

12,416

Provision for income taxes

1

644

191

Consolidated net income

7,214

7,198

12,225

 Less: Net income attributable to

    noncontrolling interests

(2)

(2)

(420)

Net income attributable to ISSI

$   7,212

$   7,196

$                   11,805

Basic net income per share

$     0.27

$     0.29

$                       0.45

Shares used in basic per share calculation

26,308

25,013

26,126

Diluted net income per share

$     0.26

$     0.28

$                       0.43

Shares used in diluted per share calculation

27,865

25,708

27,672

Reconciliation of GAAP to Non-GAAP Financial Measures

Net income:

   On a GAAP basis

$   7,212

$   7,196

$                   11,805

   Stock-based compensation expense

886

552

817

   Legal fees related to Si En acquisition

220

   On a non-GAAP basis

$   8,318

$   7,748

$                   12,622

Diluted net income per share:

   On a GAAP basis

$     0.26

$     0.28

$                       0.43

   Stock-based compensation expense

0.03

0.02

0.03

   Legal fees related to Si En acquisition

0.01

   On a non-GAAP basis

$     0.30

$     0.30

$                       0.46

Integrated Silicon Solution, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

December 31,

September 30,

2010

2010

(unaudited)

(1)

ASSETS

Current assets:

 Cash and cash equivalents

$        71,100

$         81,665

 Restricted cash

6,816

5,107

 Short-term investments

3,370

4,837

 Accounts receivable, net

37,591

41,148

 Inventories

56,065

54,560

 Other current assets

7,352

4,479

Total current assets

182,294

191,796

Property, equipment and leasehold improvements, net

26,916

28,078

Long-term investments

6,000

Purchased intangible assets, net

1,058

1,294

Goodwill

1,301

1,301

Other assets

11,463

11,562

Total assets

$      229,032

$       234,031

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

 Accounts payable

$        31,136

$         41,586

 Accrued compensation and benefits

4,596

6,406

 Accrued expenses

5,513

5,930

Total current liabilities

41,245

53,922

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