ISSI Announces First Fiscal Quarter 2015 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, 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 continuing to extend our design win traction across our end markets as customers transition to more advanced products and higher densities, continuing to make significant progress on our flash and analog initiatives targeting automotive and industrial customers, NOR flash products supporting long-term system reliability in harsh operating environments, actively pursuing increased design activity for our analog products and having identified many analog design opportunities with automotive customers, and our outlook for the March 2015 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 industrial market), unexpected reductions in average selling prices for our products, our ability to sell our products in our key markets (including automotive and industrial) and the pricing and gross margins achieved on such sales, our ability to continue to control or reduce operating expenses (including proxy related 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, the outcome of any existing or future litigation involving intellectual property or other matters (including our existing litigation with GSI) 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, 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





December 31,



September 30,





2014


2013



2014






















Net sales



$  80,910


$  79,123



$                  84,152


Cost of sales



51,765


53,594



54,471


Gross profit



29,145


25,529



29,681












Operating expenses:










  Research and development



12,248


10,558



12,880


  Selling, general and administrative



12,897


11,434



11,450


    Total operating expenses



25,145


21,992



24,330












Operating income



4,000


3,537



5,351


Interest and other income (expense), net



162


431



204


Gain on sale of investments



-


3,121



-












Income before income taxes



4,162


7,089



5,555


Provision for income taxes



926


1,643



2,697












Consolidated net income



3,236


5,446



2,858












  Net income attributable to










     noncontrolling interests



(50)


(11)



(26)












Net income attributable to ISSI



$    3,186


$    5,435



$                    2,832












Basic net income per share



$     0.10


$     0.19



$                      0.09


Shares used in basic per share calculation



30,990


29,318



30,699












Diluted net income per share



$     0.10


$     0.19



$                      0.09


Shares used in diluted per share calculation



32,521


30,717



32,383






















Reconciliation of GAAP to Non-GAAP Financial Measures




















Operating income:










    GAAP operating income



$    4,000


$    3,537



$                    5,351


Adjustments:










    Litigation & Proxy



981


282



418


    Chingis intangible asset amortization



347


347



347


    Stock-based compensation expense



1,526


1,491



1,507


       Total adjustments



2,854


2,120



2,272


    Non-GAAP operating income



$    6,854


$    5,657



$                    7,623












Provision for income taxes:










    On a GAAP basis



$      926


$    1,643



$                    2,697


Adjustments:










    Non-cash tax expense



309


186



1,053


    Tax impact of gains on sale of investments



-


1,092



-


       Total adjustments



309


1,278



1,053


    Non-GAAP provision for income taxes



$      617


$      365



$                    1,644












Net income attributable to ISSI:










    On a GAAP basis



$    3,186


$    5,435



$                    2,832


Adjustments:










    Litigation & Proxy



981


282



418


    Chingis intangible asset amortization



347


347



347


    Stock-based compensation expense



1,526


1,491



1,507


    Gain on sales of investment



-


(3,121)



-


    Non-cash tax expense



309


186



1,053


    Tax impact of gains on sale of investments



-


1,092



-


       Total adjustments



3,163


277



3,325


    Non-GAAP net income



$    6,349


$    5,712



$                    6,157












Non-GAAP net income per share:










    Basic



$     0.20


$     0.19



$                      0.20


    Diluted



$     0.20


$     0.19



$                      0.19



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