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
September 30,
    Year Ended
September 30,
 
     2009     2008     2009     2008  
                       (1)  

Net sales

   $ 46,432      $ 55,341      $ 154,251      $ 235,229   

Cost of sales

     29,503        41,953        113,373        182,033   
                                

Gross profit

     16,929        13,388        40,878        53,196   
                                

Operating expenses:

        

Research and development

     5,646        5,598        20,020        20,848   

Selling, general and administrative

     6,554        8,202        26,221        31,429   

Acquired in-process technology charge

     —          —          710        —     

Impairment of goodwill

     —          25,338        —          25,338   
                                

Total operating expenses

     12,200        39,138        46,951        77,615   
                                

Operating income (loss)

     4,729        (25,750     (6,073     (24,419

Interest and other income (expense), net

     165        1,160        961        5,102   

Gain on sale of investments

     —          —          —          1,814   
                                

Income (loss) before income taxes and minority interest

     4,894        (24,590     (5,112     (17,503

Provision (benefit) for income taxes

     34        56        (18     197   
                                

Income (loss) before minority interest

     4,860        (24,646     (5,094     (17,700

Minority interest in net income of consolidated subsidiary

     (88     (65     44        (63
                                

Net income (loss)

   $ 4,772      $ (24,711   $ (5,050   $ (17,763
                                

Basic net income (loss) per share

   $ 0.19      $ (0.92   $ (0.20   $ (0.60
                                

Shares used in basic per share calculation

     25,244        26,756        25,441        29,541   
                                

Diluted net income (loss) per share

   $ 0.19      $ (0.92   $ (0.20   $ (0.60
                                

Shares used in diluted per share calculation

     25,595        26,756        25,441        29,541   
                                

 

(1) Derived from audited financial statements.


Integrated Silicon Solution, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

 

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

Current assets:

    

Cash and cash equivalents

   $ 54,944      $ 42,175   

Short-term investments

     28,542        7,840   

Accounts receivable, net

     26,501        34,741   

Inventories

     19,275        39,222   

Other current assets

     2,922        4,717   
                

Total current assets

     132,184        128,695   

Property, equipment and leasehold improvements, net

     23,218        24,555   

Long-term investments

     1,408        19,304   

Purchased intangible assets, net

     2,313        2,000   

Goodwill

     1,251        —     

Other assets

     1,556        1,397   
                

Total assets

   $ 161,930      $ 175,951   
                
LIABILITIES AND STOCKHOLDERS’ EQUITY   

Current liabilities:

    

Accounts payable

   $ 26,825      $ 35,171   

Accrued compensation and benefits

     4,364        3,729   

Accrued expenses

     5,368        8,157   
                

Total current liabilities

     36,557        47,057   

Other long-term liabilities

     797        715   
                

Total liabilities

     37,354        47,772   

Commitments and contingencies

    

Minority interest

     1,750        789   

Stockholders’ equity:

    

Common stock

     2        3   

Additional paid-in capital

     309,649        310,712   

Accumulated deficit

     (185,481     (180,431

Accumulated other comprehensive loss

     (1,344     (2,894
                

Total stockholders’ equity

     122,826        127,390   
                

Total liabilities and stockholders’ equity

   $ 161,930      $ 175,951   
                

 

(1) Derived from audited financial statements.