ISSI Announces Second 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 guaranteed supply of wafers through 2021, ongoing wafer shortage, continuing to gain customer traction with key new products and completing the acquisition transaction in the third calendar quarter 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 obtaining stockholder approval of the acquisition transaction, the ability to complete the restructuring of ISSI's operations in Taiwan, the satisfaction of the other closing conditions in the definitive merger agreement (including regulatory approvals), supply and demand conditions in the market place (especially in the automotive market and the industrial market), unexpected reductions in average selling prices for ISSI's products, ISSI's ability to sell its products in its key markets (including automotive and industrial) and the pricing and gross margins achieved on such sales, ISSI's ability to continue to control or reduce operating expenses (including merger related expenses), ISSI's ability to obtain a sufficient supply of wafers, wafer pricing, ISSI's ability to maintain sufficient inventory of products to satisfy customer orders, ISSI's ability to realize the expected benefits of its 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 the acquisition transaction, intellectual property or other matters (including ISSI's existing litigation with GSI Technology) or other risks listed from time to time in ISSI's filings with the SEC, including ISSI's Form 10-Q for the quarter ended December 31, 2014. ISSI assumes no obligation to update or revise the forward-looking statements in this press release because of new information, future events, or otherwise. The information in this press release is unaudited and subject to any adjustments that may be made in connection with the year-end audit.

 


Integrated Silicon Solution, Inc.  

Condensed Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data)













Three Months Ended



Three Months Ended




March 31,



December 31,




2015


2014



2014



















Net sales



$ 80,104


$ 80,868



$                   80,910

Cost of sales



52,056


53,118



51,765

Gross profit



28,048


27,750



29,145










Operating expenses:









  Research and development



12,423


10,827



12,248

  Selling, general and administrative



14,177


11,469



12,897

    Total operating expenses



26,600


22,296



25,145










Operating income



1,448


5,454



4,000

Interest and other income (expense), net



365


375



162

Gain on the sale of investments



-


6,039



-










Income before income taxes



1,813


11,868



4,162

Provision for income taxes



682


2,910



926










Consolidated net income



1,131


8,958



3,236










  Net income attributable to noncontrolling interests



(15)


(146)



(50)










Net income attributable to ISSI



$  1,116


$  8,812



$                     3,186










Basic net income per share



$    0.04


$    0.30



$                       0.10

Shares used in basic per share calculation



31,544


29,818



30,990










Diluted net income per share



$    0.03


$    0.28



$                       0.10

Shares used in diluted per share calculation



33,270


31,244



32,521



















Reconciliation of GAAP to Non-GAAP Financial Measures














Operating income:









    GAAP operating income



$  1,448


$  5,454



$                     4,000

Adjustments:









    Merger related expenses



1,617


-



-

    GSI litigation



1,202


213



693

    Incremental proxy expenses



238


-



288

    Chingis intangible asset amortization



347


347



347

    Stock-based compensation expense



1,264


1,555



1,526

       Total adjustments



4,668


2,115



2,854

    Non-GAAP operating income



$  6,116


$  7,569



$                     6,854










Provision for income taxes:









    On a GAAP basis



$     682


$  2,910



$                        926

Adjustments:









    Non-cash tax expense



151


399



309

    Tax impact of gains on sale of investments


-


2,114



-

       Total adjustments



151


2,513



309

    Non-GAAP provision for income taxes



$     531


$     397



$                        617










Net income attributable to ISSI:









    On a GAAP basis



$  1,116


$  8,812



$                     3,186

Adjustments:









    Merger related expenses



1,617


-



-

    GSI litigation



1,202


213



693

    Incremental proxy expenses



238


-



288

    Chingis intangible asset amortization



347


347



347

    Stock-based compensation expense



1,264


1,555



1,526

    Gain on sales of investment



-


(6,039)



-

    Non-cash tax expense



151


399



309

    Tax impact of gains on sale of investments


-


2,114



-

       Total adjustments



4,819


(1,411)



3,163

    Non-GAAP net income



$  5,935


$  7,401



$                     6,349










Non-GAAP net income per share:









    Basic



$    0.19


$    0.25



$                       0.20

    Diluted



$    0.18


$    0.24



$                       0.20


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