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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.
Combined SRAM and DRAM revenue in the March quarter was $60.3 million, a decrease of 5.4% sequentially and an increase of 1.9% over the prior year quarter. DRAM revenue decreased 10% sequentially as end market weakness in the consumer and communications market more than offset our sequential growth in automotive and industrial.SRAM was a highlight this quarter as revenue increased 5% sequentially, primarily due to stronger demand in industrial markets in Europe. Analog revenue in the March quarter was $2.2 million, which represented a 9% decrease from December quarter. Automotive revenue grew 1% from the December quarter and 45% from the year ago quarter. Automotive revenue was 38% of our total revenue in the March quarter, compared to 26% of our revenue in the same quarter a year ago. Revenue from the industrial, medical and military markets increased 1% sequentially, and 12% from the prior year quarter. Revenue from the communications market decreased 4% sequentially and 12% on a year-over-year basis, due to continued weakness in infrastructure spending. Revenue from the consumer market decreased 27% sequentially and 46% from the year ago quarter, due to overall weakness in a consumer electronics market and our continued transition away from lower margin business. Now I will briefly review our key markets and products including DRAM, SRAM and Analog. During the March quarter, DRAM represented 65% of our total revenue. We had another strong quarter of design wins across all end markets, including several high volumes DDR2 design wins for automotive, communications and industrial applications. We also achieved a number of key design wins for both x 16 and x 32 configurations in the automotive, telecommunications and industrial. Our industrial design is one -- one industrial example is our design wins for many smart meter applications worldwide that we believe will start ramping in volume in the second half of calendar 2012.
In addition, we had 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 KGD product. We expect these new devices to contribute to revenue growth in the coming quarters and further expand our market share.Read the rest of this transcript for free on seekingalpha.com