Integrated Silicon Solution CEO Discusses F1Q2011 Results - Earnings Call Transcript
We refer you to the documents ISSI files from time-to-time with the SEC, specifically our most recent Form 10-K filed in December 2010. These documents contain and identify important factors that could cause our actual future results to differ materially from those contained in our financial guidance, projections, comments or other forward-looking statements.
Thank you, John. Over the past few months, we have made significant progress on our key strategic objectives. In fact, we believe the relative strength of our December quarter results doing an inventory end market correction further demonstrates the success of our focus on high quality specialty memory products in more stable end market segments.
During the quarter, we signed an agreement with Micron to become an alternate supplier of RLDRAM 3. We are very pleased that major communications customers have shown a tremendous amount of interest in ISSI as an alternative supplier of high performance RLDRAM 3.Shortly after the quarter ended, we also announced that we completed the spin-off of our low-margin Giantec, ASSP business, which was then followed by announcement this week to acquire Si En Integration, adding high margin analog and mixed signal products to our portfolio. We believe these collective efforts have better positioned ISSI for sustainable growth in revenue and profit. With that, let me now discuss our December quarter results and then discuss these recent strategic events in greater detail. Revenue in the December quarter was $66.1 million, which represents a 10.2% of sequential decline and a 30.8% increase over the December 2009 quarter. As we mentioned on our last earnings call, the sequential decrease in revenue was due to a slowdown in customer orders that began in late summer and extended into December quarter. Also impacting the quarter was an end market inventory correction occurring in electronics markets in Asia as well as in some industrial, telecom and networking markets.
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