Scott Howarth

Thank you John. We are pleased with our overall performance in the March quarter. We believe the quarter demonstrated the strength of our high-quality specialty business during an otherwise seasonally slower March quarter, and it also marked the end of the market inventory correction that began last summer.

We experienced strong demand in the industrial market, which nearly offset the normal seasonal slowdown and general softness in the communications market. In addition, we completed our acquisition of Si En Integrations, adding high margin, analog and mixed signal products to our portfolio.

I will discuss Si En in more detail later after a brief review of our March quarter performance. Revenue in the March quarter was $63.3 million, which was at the high end of our guidance range. Our SRAM and DRAM revenue was $59.6 million and declined less than 1% from the December quarter, but increased 15.6% over the year ago quarter.

Si En contributed $3.7 million in analog revenue in the two months after our integration, or after acquisition, which is also at the high end of our guidance range.

As we discussed on our last earnings call, we had expected our SRAM and DRAM revenue to be flat to down sequentially due to normal March seasonal quarterly activity. Looking at the breakout, SRAM revenue decline 8% sequentially due to seasonality and general softness in the communications market. However, our DRAM revenue actually grew 3% sequentially driven partially by strong demand from our industrial customers.

The end market inventory correction that began late last summer was completed early in the March quarter as customers returned to normal ordering patterns.

GAAP gross margin in the March quarter was 33.1% and non-GAAP gross margin was 33.7%. The gross margin was at the low end of our guidance range due to a higher mix of DRAM and less SRAM and also due to foreign currency fluctuations. John will explain the gross margin in more detail.

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