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We refer you to the document ISSI files from time-to-time with the SEC, specifically our most recent Form 10-K filed in December 2010 and our most recent Form 10-Q filed in August. 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. We are pleased with our overall performance of the quarter and year in which we achieved solid profits and cash flow. We achieved strong demand across our target markets as we continued to increase our design and momentum and gain market share with our expanded product offerings. We believe these financial results once again demonstrate the strength of our high-quality specialty memory focus and long-term consistent supply relationships with customers. Revenue in the September quarter was $71.3 million, which was at the high end of our guidance range. Our GAAP net income was $34.9 million or $1.23 per share. This includes a $28.1 million income tax benefit which John will discuss in more detail shortly. Our non-GAAP net income was $8.2 million or $0.29 per share. Our non-GAAP results exclude the income tax benefit, stock compensation and the amortization of Si En intangibles. We also achieved $11 million in cash flow from operations. For fiscal 2011, revenue was a record $270.5 million increasing 7.1% from the prior year. GAAP net income was $56 million and non-GAAP net income was $33.4 million or $1.18 per share. On top of this solid net income numbers, we generated $30.6 million in cash flow from operations during the fiscal year. SRAM and DRAM revenue in the fourth quarter increased 1.1% sequentially to $60 million which was within our guidance of relatively flat sequentially. DRAM revenue grew 6% sequentially driven mainly by demand from our automotive communications customers. SRAM revenue decreased 9% sequentially as a result of weaker demand in the industrial markets primarily in Europe.
We also continue to successfully execute our strategy to gain share on our key markets. Automotive revenue grew 2% from the June quarter and 33% from the year-ago quarter. We also achieved strong sequential growth in the communications market with 8% revenue growth. However, our communications market revenue decreased 40% on the year-over-year basis due to overall end market weakness.The industrial, medical and military revenue decreased 15% sequentially as Europe demand was weaker during the quarter, but increased 41% from the year-ago quarter. We believe there are large and growing opportunities for ISSI in these markets where customers value our high quality products, [deteriorating] capability in long-life cycle report. Now, I will briefly review our key markets and products, including DRAM, SRAM and analog. During the September quarter Specialty DRAM represented 62% of our total revenues and increased 7% 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. For the year, DRAM revenue increased 13% over fiscal 2010. In terms of Specialty DRAM design wins, we had another strong quarter across all of our end markets including several large DDR2 design wins for automotive, communications and industrial applications. We also achieved a number of key design wins for both BI16 and BI32 configurations in the automotive, telecom and consumer markets. We also have strong design activity for our new DRAM products including our 256 megabit, 512 Megabit, 1 Gigabit and 2 Gigabit DDR2, our Mobile SDRAM and our 64 Megabit and 128 Megabit low power SDRAM KHD product. We expect these new devices to contribute to revenue growth in the coming quarters and further expand our market share. In addition, our SD RAM and DDR1 products are seeing increased share opportunities as some of the larger customers reach end-of-life on their equivalent products.
In August, we announced that we had began sampling a new 2 Gigabit DDR2 device. This 1.8 Volt device operates at speeds up to 332 Megahertz. By using this more advanced technology, we’re able to provide long-term product support required for long life cycle applications in automotive, communications and industrial memory markets.Read the rest of this transcript for free on seekingalpha.com