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ISSI Announces Second Fiscal Quarter 2012 Results

SAN JOSE, Calif. April 25, 2012 March 31, 2012

Fiscal Second Quarter Results and Recent Highlights:

  • $62.5 million
  • Achieved record automotive market revenue, increasing 45 percent over the prior year period;
  • $3.6 million $0.12 $6.1 million $0.21
  • $7.4 million $106.9 million
  • Began sampling 576Mb RLDRAM® 3 memory devices; and
  • Announced an SRAM technology licensing agreement with IBM.

March 31, 2012 $62.5 million $66.2 million December 2011 $63.3 million March 2011 December 2011 March 2011

$3.6 million $0.12 $3.8 million $0.13 December 2011 $5.8 million $0.20 March 2011

$6.1 million $0.21 $1.3 million $0.4 million $0.8 million $6.3 million $0.22 December 2011 $7.4 million $0.26 March 2011

Scott Howarth

"During the March quarter, we won our first large RLDRAM® 2 design with a major communications customer and began sampling RLDRAM® 3 memory, plus we are seeing many design wins for SRAM.  We expect to begin shipping both RLDRAM® 2 and RLDRAM® 3 products in the second half of calendar 2012 then ramping into 2013 along with our high performance SRAM. We believe that our specialty memory focus, expanded product offerings and strong customer relationships have positioned ISSI for sustainable long-term revenue and profit growth."

June Quarter Outlook

$63.0 and $68.0 million $60.5 million to $65.0 million $2.5 million to $3.0 million $16.5 million and $17.1 million $0.12 and $0.19 $0.21 and $0.28

Conference Call Information

1:30 p.m. Pacific Time 4:30 p.m. Eastern Time 888-437-9357 1:20 p.m. Pacific Time 1777497 http://www.issi.com

Non-GAAP Financial Information

In addition to disclosing results determined in accordance with GAAP, ISSI discloses its non-GAAP net income for certain periods that exclude the non-cash income tax expense related to the utilization of deferred tax assets, stock based compensation and amortization of intangibles related to acquisitions. 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 non-cash income tax expense related to the utilization of deferred tax assets, the impact of stock based compensation, and amortization of intangibles related to acquisitions. 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 the GAAP and non-GAAP measures.

About the Company

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

Forward Looking Statements

June 2012 September 30, 2011 December 31, 2011

  

Condensed Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data)

Three Months Ended

Three Months Ended

March 31,

December 31,

2012

2011

2011

Net sales

$  62,505

$  63,257

$                  66,164

Cost of sales

41,384

42,322

43,966

Gross profit

21,121

20,935

22,198

Operating expenses:

 

6,506

6,821

7,601

 

9,418

8,612

9,497

   

15,924

15,433

17,098

Operating income

5,197

5,502

5,100

Interest and other income (expense), net

(194)

291

213

Income before income taxes

5,003

5,793

5,313

Provision for income taxes

1,406

35

1,544

Consolidated net income

3,597

5,758

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