SSI Announces Third Fiscal Quarter 2010 Results
finance.yahoo.com
Achieves Record Revenue
SAN JOSE, Calif., July 27 /PRNewswire-FirstCall/ -- Integrated Silicon Solution, Inc. (Nasdaq:ISSI) today reported its financial results for the third fiscal quarter ended June 30, 2010.
Revenue in the third fiscal quarter ended June 30, 2010 was a record $71.2 million, a 24.9% increase from revenue of $57.0 million in the March 2010 quarter and an 83.1% increase from revenue of $38.9 million in the June 2009 quarter. The June 2010 quarter revenue of $71.2 million was the highest in the Company's 22 year history. Gross margin for the third quarter was 38.4%, which compares with gross margin of 37.2% in the March 2010 quarter, and 25.1% in the June 2009 quarter.
The Company reported operating income in the third quarter of fiscal 2010 of $13.3 million, compared to operating income of $6.8 million in the March 2010 quarter, and an operating loss of $1.9 million in the June 2009 quarter. Net income for the third quarter was $16.0 million, or $0.57 per diluted share. This compares with net income for the March 2010 quarter of $7.2 million, or $0.27 per diluted share, and a net loss for the June 2009 quarter of $1.9 million, or $(0.08) per diluted share.
The Company's cash, cash equivalents and short-term investments totaled $90.0 million at June 30, 2010, compared to $83.0 million at March 31, 2010. The Company's inventory at June 30, 2010 totaled $45.4 million, an increase of $9.8 million from March 31, 2010.
"We are very pleased that we achieved record revenue in the June quarter. Demand for our products exceeded our expectations in our target markets and drove quarter to quarter revenue growth of almost 25%," said Scott Howarth, ISSI's President and CEO. "We also had another strong quarter of new design wins and the beginning backlog for the September quarter is the highest we have seen in several years," added Mr. Howarth. |
