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We want to caution you that such statements are just predictions or opinions and that actual events or results may differ materially due to fluctuations in the marketplace, delays in developing new products, changes in demand or supply, availability of foundry capacity, risk related to completing the Chingis acquisition or adverse developments in the global economy.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 March 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. Let me start by providing a summary of the key highlights during the quarter. Our sequential growth in revenue is driven by record revenue achieved in the automotive market partially offset by continued weakness in the communications market. We had increased design win traction in our products in the automotive, communications, industrial, medical, military markets. New product execution is on a track as we continue to introduce additional products, which we expect to drive future revenue growth. We're also seeing increased opportunities to gain share as some of the larger competitors reach end of life on certain DRAM and SRAM products. Finally, last week we announced our tender offer for the shares of Chingis Technology Corporation, a Taiwanese company focused on NOR Flash. Now let me review the results for the June quarter and then I will discuss our acquisition of Chingis in more detail. Revenue was $64.8 million, a growth of 3.6%, sequentially. GAAP net income was $3.1 million or $0.11 per share and non-GAAP net income was $6.5 million or $0.22 per share. Non-GAAP results excluded stock compensation, amortization of acquisition related intangibles and non-cash tax expenses. We also achieve $2.6 million in cash flow from operations.
Combine SRAM and DRAM revenue in the June quarter was $62.7 million, an increase of 4%, sequentially, and a decrease of 3% from the prior year quarter. DRAM revenue increased 7%, sequentially, as strength in the automotive market more than offset in-market weakness in the communications and consumer markets.The weakness in the communications market also affected our SRAM products, contributing SRAM revenue decreasing 1%, sequentially. Analog in the June was $2.1 million, which was flat with the March quarter. Automotive revenue grew 18% from the March quarter and 51% from the year ago quarter, as I mentioned earlier, reached a quarterly record. Automotive revenue was 44% of our total revenue in the June compared to 27% of our revenue in the same quarter a year ago. Revenue from the industrial, medical and military market was flat, sequentially, and decreased 11% from the prior year quarter. Revenue from the communications market decreased 7%, sequentially, and 25% on a year-over-year basis due to continue weakness and communication infrastructure spending. Revenue from the consumer market decreased 10%, sequentially, and 50% from the year ago quarter due to overall weakness in the 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 June quarter DRAM represented 66% of our total revenue. We had another strong quarter of design wins across all end markets including several high-volume SDRAM design wins for automotive applications and a large DDR2 design win in the communications application. We also achieved a number of key design wins for both x16 and x32 configurations in automotive, communications and industrial. In addition, we had strong design activity for our new DRAM products, including our 256 megabit, 512 megabit, 1 gigabyte and 2 gigabyte 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. We're also seeing increased market opportunities for SDRAM and DDR1 products as our larger competitors reach end of life on their equivalent products.As we mentioned before, both Samsung and Hynix informed their customers that they will be exiting SDRAM and DDR1 markets by the end of 2012. We have made multiple crosses to replace both and recently had DDR design wins with Japanese automotive companies to provide long-term support once they start shipping. This shift provides an opportunity for ISSI to gain share and support customers as they seek stable supply to meet continuing demand for their products. Additionally, we have made significant progress with our growing number of customers for our growing number of customers for our new RLDRAM memory products. We have sampled our RLDRAM2 memory to over 20 customers who are currently evaluating and designing in our part. We expect to begin our first revenue shipments in the September quarter and then ramp revenue into 2013. Read the rest of this transcript for free on seekingalpha.com