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 2011.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. Results for this quarter reflects two major themes with our memory business doing very well and performing as expected while our smaller analog business dropped significantly caused by the weak Chinese feature phone market. For our memory business, our first quarter results reflect solid performance even during a period of weaker demand in a couple of our end-markets.
We achieved record sales especially DRAM, primarily due to increased demand from our automotive and industrial medical and military customers while we continue to achieve strong demand in design win traction. These DRAM results reflect the diversity of our business across four large and differentiated end-markets and the continued success of our focus on high-quality specialty memory products.Our new product execution is on track as we continue to introduce new products and we are also seeing increased opportunities to gain market share as some of the largest competitors reach end of life on certain DRAM and SRAM products. In the communications market we experienced a higher level of weakness as our customers demand for base stations and networking equipments flows impacting our SRAM business. In regards to our analog products, revenue in December quarter declined significantly due to decreased sales of feature phones in the Chinese market. As a transition in demand from feature phones to smart phones accelerates in China, this trend will adversely impact our analog business in the short term. We are working to broaden our analog market opportunity inside and outside the China and in new product areas that we will expand our addressable market. Now let me discuss our results for the December quarter in more detail. Revenue was $66.2 million, which was within our guidance range. Our GAAP net income was $3.8 million or $0.13 per share.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts