EX-99.1 2 dex991.htm CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Condensed Consolidated Financial Statements

Exhibit 99.1

Integrated Silicon Solution, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share data)

 

     Three Months Ended
June 30,
    Nine Months Ended
June 30,
     2009     2008     2009     2008

Net sales

   $ 38,901      $ 58,494      $ 107,819      $ 179,888

Cost of sales

     29,152        45,183        83,870        140,080
                              

Gross profit

     9,749        13,311        23,949        39,808
                              

Operating expenses:

        

Research and development

     4,980        5,541        14,374        15,250

Selling, general and administrative

     5,958        8,102        19,667        23,227

Acquired in-process technology charge

     710        —          710        —  
                              

Total operating expenses

     11,648        13,643        34,751        38,477
                              

Operating income (loss)

     (1,899     (332     (10,802     1,331

Interest and other income (expense), net

     (68     763        796        3,942

Gain on sale of investments

     —          1,625        —          1,814
                              

Income (loss) before income taxes and minority interest

     (1,967     2,056        (10,006     7,087

Provision (benefit) for income taxes

     50        41        (52     141
                              

Income (loss) before minority interest

     (2,017     2,015        (9,954     6,946

Minority interest in net (income) loss of consolidated subsidiary

     91        (17     132        2
                              

Net income (loss)

   $ (1,926   $ 1,998      $ (9,822   $ 6,948
                              

Basic net income (loss) per share

   $ (0.08   $ 0.07      $ (0.39   $ 0.23
                              

Shares used in basic per share calculation

     25,410        26,658        25,507        30,469
                              

Diluted net income (loss) per share

   $ (0.08   $ 0.07      $ (0.39   $ 0.23
                              

Shares used in diluted per share calculation

     25,410        26,940        25,507        30,759
                              
Reconciliation of GAAP to Non-GAAP Financial Measures         

Net income (loss):

        

On a GAAP basis

   $ (1,926   $ 1,998      $ (9,822   $ 6,948

Acquired in-process technology charge

     710        —          710        —  
                              

On a non-GAAP basis

   $ (1,216   $ 1,998      $ (9,112   $ 6,948
                              

Diluted net income (loss) per share:

        

On a GAAP basis

   $ (0.08   $ 0.07      $ (0.39   $ 0.23

Acquired in-process technology charge

     0.03        —          0.03        —  
                              

On a non-GAAP basis

   $ (0.05   $ 0.07      $ (0.36   $ 0.23
                              


Integrated Silicon Solution, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

 

     June 30,
2009
    September 30,
2008
 
     (unaudited)     (1)  
ASSETS     

Current assets:

    

Cash and cash equivalents

   $ 40,912      $ 42,175   

Short-term investments

     30,674        7,840   

Accounts receivable, net

     24,617        34,741   

Inventories

     16,620        39,222   

Other current assets

     2,316        4,717   
                

Total current assets

     115,139        128,695   

Property, equipment and leasehold improvements, net

     23,443        24,555   

Long-term investments

     1,504        19,304   

Purchased intangible assets, net

     3,349        2,000   

Goodwill

     1,251        —     

Other assets

     1,429        1,397   
                

Total assets

   $ 146,115      $ 175,951   
                
LIABILITIES AND STOCKHOLDERS’ EQUITY     

Current liabilities:

    

Accounts payable

   $ 16,513      $ 35,171   

Accrued compensation and benefits

     3,671        3,729   

Accrued expenses

     5,494        8,157   
                

Total current liabilities

     25,678        47,057   

Other long-term liabilities

     656        715   
                

Total liabilities

     26,334        47,772   

Commitments and contingencies

    

Minority interest

     2,305        789   

Stockholders’ equity:

    

Common stock

     3        3   

Additional paid-in capital

     309,961        310,712   

Accumulated deficit

     (190,253     (180,431

Accumulated other comprehensive loss

     (2,235     (2,894
                

Total stockholders’ equity

     117,476        127,390   
                

Total liabilities and stockholders’ equity

   $ 146,115      $ 175,951   
                

 

(1) Derived from audited financial statements.