Our non-GAAP net income was $6.3 million or $0.22 per share. Our non-GAAP results exclude stock compensation, the amortization of Si En intangibles and the non-cash tax expense from utilizing net deferred tax assets.
We also achieved $7.6 million in cash flow from operations. Combined SRAM and DRAM revenue in the December quarter decreased 3.4% sequentially to $63.8 million which was at the mid-point of our guidance range and represented an increase of 6% over the prior year quarter.
DRAM revenue grew 1% sequentially as we benefited from strength in the automotive market coupled with greater product diversity, long life cycle design wins and solid supply relationships with our customers.
As I mentioned previously, SRAM revenue decreased due to weakness in the communications market and was down 12% sequentially and our analog revenue in the December quarter was 55% or $2.9 million lower than the September quarter. We also continued to – because we execute our strategy to gain share in our key markets, automotive revenue grew 24% from the September quarter and 44% from the year ago quarter.We also achieved strong growth, in the industry, industrial, medical, and military markets with 5% sequential growth and 60% revenue growth over the prior year quarter. Overall, our communications market revenue decreased 24% sequentially and 28% on a year-over-year basis due to overall end-market weakness. We believe there are large and growing opportunities for ISSI in these markets where customers value our high-quality products, strong engineering capability and long life cycle support. Now I will briefly review our key markets and products including DRAM, SRAM and analog. During December quarter, especially DRAM represented 67% of our total revenue and increased 1% on a sequential basis, while commodity DRAM represented less than 1% of our total revenue, giving ISSI almost no exposure to this volatile memory market. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV