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ISSI Announces Third Fiscal Quarter 2011 Results

SAN JOSE, Calif. July 27, 2011 June 30, 2011

Fiscal Third Quarter Highlights:

  • $69.8 million March 2011
  • $0.28 $0.34
  • $16.8 million
  • March 2011 June 2010
  • ®
  • Released 512Mb SDR and DDR Mobile DRAMs targeted for automotive, portable medical, industrial and mobile communication applications.

June 30, 2011 $69.8 million $65.3 million $4.5 million March 2011 June 2010 March 2011 June 2010 March 2011 June 2010

$8.1 million $0.28 $5.8 million $0.20 March 2011 $16.0 million $0.57 June 2010

$9.6 million $0.34 $1.0 million $0.5 million $7.4 million $0.26 March 2011 $16.6 million $0.59 June 2010

Scott Howarth Japan

September Quarter Outlook

$68.0 and $73.0 million $63.5 million and $67.5 million $4.5 and $5.5 million $16.0 million and $16.5 million $0.22 and $0.27 $0.27 and $0.32

Conference Call Information

1:30 p.m. Pacific Time 888-293-6979 1:20 p.m. Pacific Time 2499261 http://www.issi.com

Non-GAAP Financial Information

In addition to disclosing results determined in accordance with GAAP, ISSI discloses its non-GAAP gross margin, operating income and net income for certain periods that exclude stock based compensation 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 and amortization of intangibles related to the acquisition of Si En. 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

September 2011 Japan September 30, 2010 March 31, 2011

Integrated Silicon Solution, Inc.  

Condensed Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data)

Three Months Ended

June 30,

March 31,

June 30,

2011

2011

2010

Net sales

$             69,809

$             63,257

$             71,228

Cost of sales

46,639

42,322

43,904

Gross profit

23,170

20,935

27,324

Operating expenses:

 Research and development

6,525

6,821

5,900

 Selling, general and administrative

9,120

8,612

8,121

   Total operating expenses

15,645

15,433

14,021

Operating income

7,525

5,502

13,303

Interest and other income, net

409

273

585

Gain on sale of investments

2,561

Equity in net income of affiliate

251

18

Income before income taxes

8,185

5,793

16,449

Provision for income taxes

90

35

272

Consolidated net income

8,095

5,758

16,177

Net (income) loss attributable to

    noncontrolling interests

(5)

23

(136)

Net income attributable to ISSI

$               8,090

$               5,781

$             16,041

Basic net income per share

$                 0.30

$                 0.22

$                 0.62

Shares used in basic per share calculation

26,768

26,563

25,965

Diluted net income per share

$                 0.28

$                 0.20

$                 0.57

Shares used in diluted per share calculation

28,551

28,498

28,026

Reconciliation of GAAP to Non-GAAP Financial Measures

Three Months Ended

(In thousands, except per share data)

June 30,

March 31,

June 30,

2011

2011

2010

Gross profit:

   GAAP gross profit

$             23,170

$             20,935

$             27,324

   GAAP gross margin

33.2%

33.1%

38.4%

Adjustments:

   Si En acquisition related inventory write up

39

230

   Si En intangible asset amortization

160

97

   Stock-based compensation expense

34

57

41

      Total adjustments

233

384

41

   Non-GAAP gross profit

$             23,403

$             21,319

$             27,365

   Non-GAAP gross margin

33.5%

33.7%

38.4%

Operating income:

   GAAP operating income

$               7,525

$               5,502

$             13,303

Adjustments:

   Si En acquisition related inventory write up

39

230

   Si En intangible asset amortization and charge

537

251

   Legal fees related to Si En acquisition

105

   Stock-based compensation expense

983

1,097

601

      Total adjustments

1,559

1,683

601

   Non-GAAP operating income

$               9,084

$               7,185

$             13,904

Net income:

   On a GAAP basis

$               8,090

$               5,781

$             16,041

Adjustments:

   Si En acquisition related inventory write up

39

230

   Si En intangible asset amortization and charge

537

251

   Legal fees related to Si En acquisition

105

   Stock-based compensation expense

983

1,097

601

   Tax effect of Si En acquisition related items

(82)

(79)

      Total adjustments

1,477

1,604

601

   Non-GAAP net income

$               9,567

$               7,385

$             16,642

Non-GAAP net income per share:

   Basic

$                 0.36

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