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Integrated Silicon Solution's CEO Discusses F3Q 2011 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 and our most recent Form 10-Q filed in May. 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.

Scott Howarth – President and Chief Executive Officer

Thank you, John. We are pleased with our overall performance in the June quarter as we once again demonstrated the strength of our high-quality specialty memory focus and our long-term consistent supply relationships with customers. We experienced strong demand across our key targets and achieved another solid quarter profits cash flow and design wins.

Our GAAP net income was $8.1 million or $0.28 per share and our non-GAAP net income was $9.6 million or $0.34 per share. We also achieved $16.8 million in cash flow from operations.

Revenue in the June quarter was $69.8 million, which was at the end of our guidance range and driven by an almost 10% sequential increase in our SRAM and DRAM revenue which totaled $65.3 million. The end contributed $4.5 million in analog revenue, which was slightly lower than expected due to weakness in the Chinese non-branded cell phone market.

As we guided last quarter, we had expected our SRAM and DRAM revenue to be in the range of flat to up 8%. We exceeded these expectations primarily due to our SRAM revenue increasing 16% sequentially as a result of strong demand in the communications market. DRAM revenue grew 6% sequentially driven mainly by demand from our automotive and industrial customers.

Growth in both of these product families reflects continued share gains across our target markets. In terms of our revenue growth by end market, automotive revenue grew 13% from the March quarter and 51% from the year ago quarter. In addition, we saw strong growth in the communications market with 10% sequential growth and 3% year-over-year growth as that market rebounded from an industry correction.

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