ISSI Announces Third Fiscal Quarter 2014 Results

About the Company
ISSI is a fabless semiconductor company that designs and markets high performance integrated circuits for the following key markets: (i) automotive, (ii) communications, (iii) industrial, medical, and military, and (iv) digital consumer. The Company's primary products are low, medium  and high density DRAM and high speed and low power SRAM. The Company also designs and markets NOR flash products and high performance analog and mixed signal integrated circuits. ISSI is headquartered in Silicon Valley with worldwide offices in Taiwan, Japan, Singapore, China, Europe, Hong Kong, India, and Korea. Visit our web site at http://www.issi.com/.

Forward Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning our ongoing focus on cost reductions and operating leverage, opportunities for further share gains with new products and our expanded product line as our customers continue to seek long-term support for their memory needs, confidence in our financial performance and future cash flows and our outlook for the September 2014 quarter with respect to total revenue, SRAM and DRAM revenue, NOR flash revenue, analog revenue, gross margin, operating expenses and GAAP and Non-GAAP net income per share are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Such risks and uncertainties include supply and demand conditions in the market place (especially in the automotive market and the IMM market), unexpected reductions in average selling prices for our products, our ability to sell our products in our key markets (including automotive and IMM) and the pricing and gross margins achieved on such sales, our ability to continue to control or reduce operating expenses, our ability to obtain a sufficient supply of wafers, wafer pricing, our ability to maintain sufficient inventory of products to satisfy customer orders, our ability to realize the expected benefits of our acquisitions including maintaining relationships with key customers, vendors and employees, changes in manufacturing yields, order cancellations, order rescheduling, product warranty claims, competition, the level and value of inventory held by OEM customers or other risks listed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended September 30, 2013 and Form 10-Q for the period ended March 31, 2014. In addition, the financial information in this press release is unaudited and subject to any adjustments that may be made in connection with the year-end audit. The Company assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.

 

Integrated Silicon Solution, Inc.  

Condensed Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data)












Three Months Ended


Three Months Ended




June 30,


March 31,




2014


2013


2014

















Net sales



$    84,834


$    77,788


$    80,868

Cost of sales



55,538


51,741


53,118

Gross profit



29,296


26,047


27,750









Operating expenses:








  Research and development



10,978


10,583


10,827

  Selling, general and administrative



11,942


10,829


11,469

    Total operating expenses



22,920


21,412


22,296









Operating income



6,376


4,635


5,454

Interest and other income (expense), net



99


546


375

Gain on the sale of investments



2,140


7,280


6,039









Income before income taxes



8,615


12,461


11,868

Provision for income taxes



2,388


5,215


2,910









Consolidated net income



6,227


7,246


8,958









  Net income attributable to








     noncontrolling interests



(41)


(182)


(146)









Net income attributable to ISSI



$      6,186


$      7,064


$      8,812









Basic net income per share



$       0.20


$       0.25


$       0.30

Shares used in basic per share calculation



30,312


28,293


29,818









Diluted net income per share



$       0.19


$       0.24


$       0.28

Shares used in diluted per share calculation



31,963


29,755


31,244

















Reconciliation of GAAP to Non-GAAP Financial Measures












Operating income:








    GAAP operating income



$      6,376


$      4,635


$      5,454

Adjustments:








    Chingis intangible asset amortization



347


336


347

    Stock-based compensation expense



1,539


1,464


1,555

       Total adjustments



1,886


1,800


1,902

    Non-GAAP operating income



$      8,262


$      6,435


$      7,356









Provision for income taxes:








    On a GAAP basis



$      2,388


$      5,215


$      2,910

Adjustments:








    Tax impact of gains on sale of investments


749


2,839


2,114

    Non-cash tax expense



1,204


2,295


409

       Total adjustments



1,953


5,134


2,523

    Non-GAAP provision for income taxes



$        435


$          81


$        387









Net income attributable to ISSI:








    On a GAAP basis



$      6,186


$      7,064


$      8,812

Adjustments:








    Chingis intangible asset amortization



347


336


347

    Stock-based compensation expense



1,539


1,464


1,555

    Gain on sales of investment



(2,140)


(7,280)


(6,039)

    Tax impact of gains on sale of investments


749


2,839


2,114

    Non-cash tax expense



1,204


2,295


409

       Total adjustments



1,699


(346)


(1,614)

    Non-GAAP net income



$      7,885


$      6,718


$      7,198









Shares used in Non-GAAP net income per share:





    Basic



30,312


28,293


29,818

    Diluted



31,963


29,755


31,244









Non-GAAP net income per share:








    Basic



$       0.26


$       0.24


$       0.24

    Diluted



$       0.25


$       0.23


$       0.23


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