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Integrated Silicon Solution CEO Discusses F1Q 2012 Results - Earnings Call Transcript

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.

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