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 2009 and our Form 10-Q filed in May. 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 forward-looking statements.Scott Howarth We are very pleased with our results in the June quarter. Demand growth and market share gains accelerated this quarter continuing the strong recovery from last year's recession and pushing ISSI revenue to a new record for the company. Revenue growth was a strong 24.9% from the previous quarter and over 80% higher from the same period last year. Our demand is being driven by secular growth in our key markets such as networking, telecommunications, industrial and automotive coupled with market share gains in the same segments as customers see stable long-term supply. Pricing remain stable as other memory suppliers continue to deemphasize legacy and lower density segments of the memory industry. This pricing environment shows a growing demand for DRAM and also a much healthier balance between market supply and demand. Overall we expect these trends to continue for the foreseeable future. Our product mix also shifted to higher margin products and market segments such as networking and telecommunications, which help to grow our margins this quarter. Looking forward, we think much of this momentum will continue into the September quarter. We entered the September quarter with very strong backlog, higher than the June quarter, and so far our bookings this quarter have also been very good. In addition, we had a very strong quarter of design wins and continue to see a high level of customer design activity in both DRAM and SRAM. Our employees continue to work hard, do everything they could to improve the company, grow our business and support our customers and these results show their hard work and dedication.
I will now discuss the result of this recent quarter. Our top line growth this June quarter was 24.9% from the prior quarter, allowing us to achieve the highest revenue in the company’s 22-year history.Our revenue for the June quarter was $71.2 million. This compares to $57 million in the March quarter and $38.9 million in the June 2009 quarter, which was a growth of 83.1% from the June quarter in 2009. Revenue growth this quarter was very strong and surpassed the high end of our guidance and also showed dramatic recovery from the depth of recession a year ago, plus the strength of our business model as we gain market share in our key markets. Our gross margin was also highlight for the quarter, as we achieved a gross margin of 38.4% in the June quarter. This margin includes a 1.7% point net benefit from the utilization of reserves. This compares to the 37.2% gross margin in the March quarter, which included a 1.1 percentage point benefit from the utilization of reserves. Our gross margin increase, again this quarter as we saw the benefits of improved mix and accumulative effect of better pricing in certain target markets. With the higher revenue and strong gross margin we were able to achieve $13.3 million of operating income. Our net income in the June quarter was $16 million. We are very proud of the fact that we are able to come out the recession so strong and demonstrate the strength of our business strategy and support the growth in many of our end-markets to deliver profitable results for four consecutive quarters. Looking ahead, demand is strong and visibility is improving, despite continue global economic uncertainty. We believe that our strategy is sound. We had the right products for our key markets, a very strong customer base, and we remain focused on long-term revenue and profit growth. When we entered the global downturn, we focused on strengthening the company. We now delivered four consecutive quarters of strong profitability. Read the rest of this transcript for free on seekingalpha.com