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Integrated Silicon Solution's CEO Discusses F4Q2011 Results - Earnings Call Transcript

We refer you to the document 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 August. 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

Thank you, John. We are pleased with our overall performance of the quarter and year in which we achieved solid profits and cash flow. We achieved strong demand across our target markets as we continued to increase our design and momentum and gain market share with our expanded product offerings. We believe these financial results once again demonstrate the strength of our high-quality specialty memory focus and long-term consistent supply relationships with customers.

Revenue in the September quarter was $71.3 million, which was at the high end of our guidance range. Our GAAP net income was $34.9 million or $1.23 per share. This includes a $28.1 million income tax benefit which John will discuss in more detail shortly.

Our non-GAAP net income was $8.2 million or $0.29 per share. Our non-GAAP results exclude the income tax benefit, stock compensation and the amortization of Si En intangibles. We also achieved $11 million in cash flow from operations.

For fiscal 2011, revenue was a record $270.5 million increasing 7.1% from the prior year. GAAP net income was $56 million and non-GAAP net income was $33.4 million or $1.18 per share. On top of this solid net income numbers, we generated $30.6 million in cash flow from operations during the fiscal year.

SRAM and DRAM revenue in the fourth quarter increased 1.1% sequentially to $60 million which was within our guidance of relatively flat sequentially. DRAM revenue grew 6% sequentially driven mainly by demand from our automotive communications customers. SRAM revenue decreased 9% sequentially as a result of weaker demand in the industrial markets primarily in Europe.

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