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Integrated Silicon Solution's CEO Discusses F2Q2012 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 2011 and our Form 10-Q filed in February 2012.

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. Our second quarter results reflect normal seasonality in our business as we saw continued softness in consumer and communications markets. Our automotive and industrial, medical, military markets showed growth this quarter, and we once again achieved record automotive sales.

We also had increasing design win traction for memory products in our automotive, communications and industrial, medical, military markets. Our new memory product execution is on track as we continue to introduce new products, which we expect to benefit us in future quarters.

We’re also seeing increase opportunities to gain market share in some of the larger -- as some of the larger competitors reach end of life on certain DRAM and SRAM products.

For analog products revenue in the March quarter decline slightly. As we discussed last quarter, the transition in demand from feature phones to smartphones in China as adversely impacted our analog business.

We are working to broaden our analog market opportunities in China and other Asian countries, and believe our new product expansion will broaden our addressable market and grow our future revenue. We are seeing strong design activity and expect to resume growth in our analog revenue.

Let me -- now, let me discuss our results for the March quarter in more detail. Revenue was $62.5 million. GAAP net income was $3.6 million or $0.12 per share and non-GAAP net income was $6.1 million or $0.21 per share.

Non-GAAP results excluded stock compensation, amortization of acquisition related intangibles and non-cash tax expenses. We also achieved $7.4 million in cash flow from operations.

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