GSI Technology (GSIT) 10-Q 1 Aug 14 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document And Entity Information	'	'
Entity Registrant Name	'GSI TECHNOLOGY INC	'
Entity Central Index Key	'0001126741	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--03-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	27,499,632
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2015	'

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
ASSETS.	'	'
Cash and cash equivalents	$43,346	$41,520
Short-term investments	40,660	39,412
Accounts receivable, net	8,958	8,238
Inventories	8,363	8,185
Prepaid expenses and other current assets	4,890	5,152
Total current assets	106,217	102,507
Property and equipment, net	9,242	9,683
Long-term investments	23,045	28,819
Other assets	634	668
Total assets	139,138	141,677
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'
Accounts payable	3,627	4,870
Accrued expenses and other liabilities	3,463	4,444
Deferred revenue	3,658	2,523
Total current liabilities	10,748	11,837
Income taxes payable	1,477	1,462
Total liabilities	12,225	13,299
Commitments and contingencies (Note 6)	'	'
Stockholders' equity:	'	'
Preferred stock: $0.001 par value authorized: 5,000,000 shares; issued and outstanding: none	'	'
Common Stock: $0.001 par value authorized: 150,000,000 shares; issued and outstanding: 27,499,632 and 27,561,482 shares, respectively	27	28
Additional paid-in capital	56,376	56,399
Accumulated other comprehensive income	38	33
Retained earnings	70,472	71,918
Total stockholders' equity	126,913	128,378
Total liabilities and stockholders' equity	$139,138	$141,677

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Mar. 31, 2014
Stockholders' Equity	'	'
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	27,499,632	27,561,482
Common stock, shares outstanding	27,499,632	27,561,482

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Income Statement	'	'
Net revenues	$12,945	$16,412
Cost of revenues	7,006	8,946
Gross profit	5,939	7,466
Operating expenses:	'	'
Research and development	3,073	2,997
Selling, general and administrative	4,335	5,010
Total operating expenses	7,408	8,007
Loss from operations	-1,469	-541
Interest income, net	96	105
Other income (expense), net	-25	6
Loss before income taxes	-1,398	-430
Provision for income taxes	48	11
Net loss	($1,446)	($441)
Net loss per share:	'	'
Basic	($0.05)	($0.02)
Diluted	($0.05)	($0.02)
Weighted average shares used in per share calculations:	'	'
Basic	27,495	27,178
Diluted	27,495	27,178

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Consolidated Statements Of Comprehensive Income	'	'
Net loss	($1,446)	($441)
Net unrealized gain (loss) on available-for-sale investments, net of tax	5	-85
Total comprehensive loss	($1,441)	($526)

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net loss	($1,446)	($441)
Adjustments to reconcile loss to net cash provided by operating activities:	'	'
Allowance for sales returns, doubtful accounts and other	-11	-16
Provision for excess and obsolete inventories	356	507
Depreciation and amortization	510	494
Stock-based compensation.	573	565
Deferred income taxes	'	126
Windfall tax benefits from stock options exercised	0	-177
Amortization of bond premium on investments	187	220
Changes in assets and liabilities:	'	'
Accounts receivable	-709	-27
Inventory	-534	1,125
Prepaid expenses and other assets	249	282
Accounts payable	-1,243	-346
Accrued expenses and other liabilities	-966	98
Deferred revenue	1,135	-488
Net cash provided by (used in) operating activities	-1,899	1,922
Cash flows from investing activities:	'	'
Purchase of investments	-250	-11,584
Sales and maturities of short-term investments	4,596	10,383
Purchases of property and equipment	-24	-34
Net cash provided by (used in) investing activities	4,322	-1,235
Cash flows from financing activities:	'	'
Repurchase of common stock	-913	'
Windfall tax benefits from stock options exercised	'	177
Proceeds from issuance of common stock under employee stock plans	316	797
Net cash provided by (used in) financing activities	-597	974
Net increase in cash and cash equivalents	1,826	1,661
Cash and cash equivalents at beginning of the year	41,520	41,120
Cash and cash equivalents at end of the period	43,346	42,781
Non-cash financing activities:	'	'
Purchases of property and equipment through accounts payable and accruals	'	17
Supplemental cash flow information:	'	'
Net cash paid for income taxes	$31	'

1_THE_COMPANY_AND_SUMMARY_OF_S

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Jun. 30, 2014
Company And Summary Of Significant Accounting Policies Details Narrative	'
NOTE 1-THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	NOTE 1—THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of presentation
	The accompanying unaudited condensed consolidated financial statements of GSI Technology, Inc. and its subsidiaries (“GSI” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission.  Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for annual financial statements.  These interim financial statements contain all adjustments (which consist of only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the interim financial information included therein.  The Company believes that the disclosures are adequate to make the information not misleading.  However, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014.
	The consolidated results of operations for the three months ended June 30, 2014 are not necessarily indicative of the results to be expected for the entire fiscal year.
	Significant accounting policies
	The Company’s significant accounting policies are disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014.
	Litigation and settlement costs
	From time to time, the Company is involved in legal actions. The Company currently is a party to pending legal proceedings which it is defending aggressively.  See Note 6 for additional information regarding this pending litigation.  There are many uncertainties associated with any litigation, and the Company may not prevail.  The litigation, regardless of its eventual outcome, will be costly and time consuming and, should the outcome be adverse to the Company, could result in the Company being required to pay significant monetary damages.  If that occurs, our business, financial condition and results of operations could be materially and adversely affected. If information becomes available that causes us to determine that a loss in any of our pending litigation, or the settlement of such litigation, is probable, and we can reasonably estimate the loss associated with such events, we will record the loss in accordance with GAAP. However, the actual liability in any such litigation may be materially different from our estimates, which could require us to record additional costs.
	Recent accounting pronouncements
	In July 2013, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) on Income Taxes, to improve the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is expected to reduce diversity in practice and is expected to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. Implementation of this guidance in the quarter ended June 30, 2014 did not have a material impact on the Company’s financial position or results of operations.
	In May 2014, the FASB issued a new financial accounting standard on revenue from contracts with customers, ASU No. 2014-09, "Revenue from Contracts with Customers." The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements.

2_NET_LOSS_PER_COMMON_SHARE

2. NET LOSS PER COMMON SHARE	3 Months Ended
	Jun. 30, 2014
Net loss per share:	'
NOTE 2 - NET LOSS PER COMMON SHARE	'
	NOTE 2—NET LOSS PER COMMON SHARE
	The Company uses the treasury stock method to calculate the weighted average shares used in computing diluted net loss per share. The following table sets forth the computation of basic and diluted net loss per share:
		Three Months Ended June 30,
		2014			2013
		(In thousands, except per share amounts)
	Net loss	$	-1,446		$	-441
	Denominators:
	Weighted average shares—Basic		27,495			27,178
	Dilutive effect of employee stock options		-			-
	Dilutive effect of employee stock purchase plan options		-			-
	Weighted average shares—Dilutive		27,495			27,178
	Net loss per common share—Basic	$	-0.05		$	-0.02
	Net loss per common share—Diluted	$	-0.05		$	-0.02
	The following shares of common stock underlying outstanding stock options, determined on a weighted average basis, were excluded from the computation of diluted net loss per share as they had an anti-dilutive effect:
		Three Months Ended June 30,
		2014		2013
		(In thousands)
	Shares underlying options	3,260		3,377

3_BALANCE_SHEET_DETAIL

3. BALANCE SHEET DETAIL	3 Months Ended
	Jun. 30, 2014
Balance Sheet Detail	'
NOTE 3 - BALANCE SHEET DETAIL	'
	NOTE 3—BALANCE SHEET DETAIL
		30-Jun-14		31-Mar-14
		(In thousands)
	Inventories:
	Work-in-progress	$	2,274	$	2,011
	Finished goods		5,255		5,588
	Inventory at distributors		834		586
		$	8,363	$	8,185
		30-Jun-14		31-Mar-14
		(In thousands)
	Accounts receivable, net:
	Accounts receivable	$	9,058	$	8,349
	Less: Allowances for sales returns, doubtful accounts and other		-100		-111
		$	8,958	$	8,238
		30-Jun-14		31-Mar-14
		(In thousands)
	Prepaid expenses and other current assets:
	Prepaid tooling and masks	$	852	$	833
	Prepaid income taxes		2,601		2,598
	Other receivables		441		596
	Other prepaid expenses		996		1,125
		$	4,890	$	5,152
		30-Jun-14		31-Mar-14
		(In thousands)
	Property and equipment, net:
	Computer and other equipment	$	17,014	$	16,990
	Software		4,780		4,780
	Land		3,900		3,900
	Building and building improvements		2,256		2,256
	Furniture and fixtures		110		110
	Leasehold improvements		791		791
			28,851		28,827
	Less: Accumulated depreciation and amortization		-19,609		-19,144
		$	9,242	$	9,683
	Depreciation and amortization expense was $465,000 and $449,000, respectively, for the three months ended June 30, 2014 and 2013.
		30-Jun-14		31-Mar-14
		(In thousands)
	Other Assets:
	Non-current deferred income taxes	$	34	$	24
	Intangibles, net		519		564
	Deposits		81		80
		$	634	$	668
	The following table summarizes the components of intangible assets and related accumulated amortization balances at June 30, 2014 (in thousands):
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	Intangible assets:
	Product designs	$	590	$	407	$	183
	Patents		720		387		333
	Software		80		77		3
	Total	$	1,390	$	871	$	519
	Amortization of intangible assets included in cost of revenues was $45,000 and $45,000, respectively, for the three months ended June 30, 2014 and 2013.
		30-Jun-14		31-Mar-14
		(In thousands)
	Accrued expenses and other liabilities:
	Accrued compensation	$	1,746	$	2,330
	Accrued professional fees		533		824
	Accrued commissions		292		307
	Other accrued expenses		892		983
		$	3,463	$	4,444

4_INCOME_TAXES

4. INCOME TAXES	3 Months Ended
	Jun. 30, 2014
Income Taxes	'
NOTE 4-INCOME TAXES	'
	NOTE 4—INCOME TAXES
	The current portion of the Company’s unrecognized tax benefits was $0 at both June 30, 2014 and March 31, 2014. The long-term portion at June 30, 2014 and March 31, 2014 was $1,477,000 and $1,462,000, respectively, of which the timing of the resolution is uncertain.  As of June 30, 2014, $1,082,000 of unrecognized tax benefits had been recorded as a reduction to net deferred tax assets.  As of June 30, 2014 and March 31, 2014, our net deferred tax assets of $4.3 million and $3.7 million, respectively, were subject to a full valuation allowance.
	Management believes that it is reasonably possible that within the next twelve months the Company could have a reduction in uncertain tax benefits of up to $775,000, including interest and penalties, related to positions taken with respect to credits and loss carryforwards on previously filed tax returns.
	The Company’s policy is to include interest and penalties related to unrecognized tax benefits within the provision for income taxes in the Condensed Consolidated Statements of Operations.
	The Company is subject to taxation in the United States and various state and foreign jurisdictions.  Fiscal years 2011 through 2014 remain open to examination by federal tax authorities, and fiscal years 2010 through 2014 remain open to examination by California tax authorities
	The Company’s estimated annual effective income tax rate was approximately 5.05% and 3.3% as of June 30, 2014 and 2013, respectively.  The annual effective tax rate as of June 30, 2014 varies from the United States statutory income tax rate primarily due to valuation allowances in the United States whereby pre-tax losses do not result in the recognition of corresponding income tax benefits and expenses. The difference between the effective income tax rate and the applicable United States statutory income tax rate as of June 30, 2013 was primarily due to the effects of tax credits, foreign tax rate differentials and tax free interest income, offset by stock-based compensation expense.

5_FINANCIAL_INSTRUMENTS

5. FINANCIAL INSTRUMENTS	3 Months Ended
	Jun. 30, 2014
Financial Instruments.	'
NOTE 5-FINANCIAL INSTRUMENTS	'
	NOTE 5—FINANCIAL INSTRUMENTS
	Fair value measurements
	The authoritative accounting guidance for fair value measurements provides a framework for measuring fair value and related disclosures.  The guidance applies to all financial assets and financial liabilities that are measured on a recurring basis.  The guidance requires fair value measurement to be classified and disclosed in one of the following three categories:
	Level 1: Valuations based on quoted prices in active markets for identical assets and liabilities.  The fair value of available-for-sale securities included in the Level 1 category is based on quoted prices that are readily and regularly available in an active market.  As of June 30, 2014, the Level 1 category included money market funds of $7.6 million, which were included in cash and cash equivalents in the Condensed Consolidated Balance Sheet.
	Level 2: Valuations based on observable inputs (other than Level 1 prices), such as quoted prices for similar assets at the measurement date; quoted prices in markets that are not active; or other inputs that are observable, either directly or indirectly. The fair value of available-for-sale securities included in the Level 2 category is based on the market values obtained from an independent pricing service that were evaluated using pricing models that vary by asset class and may incorporate available trade, bid and other market information and price quotes from well established independent pricing vendors and broker-dealers. As of June 30, 2014, the Level 2 category included short-term investments of $40.7 million and long-term investments of $23.0 million, which were comprised of certificates of deposit, corporate debt securities and government and agency securities.
	Level 3: Valuations based on inputs that are unobservable and involve management judgment and the reporting entity’s own assumptions about market participants and pricing.  As of June 30, 2014, the Company had no Level 3 financial assets measured at fair value in the Condensed Consolidated Balance Sheet.
	As of June 30, 2014, there were no liabilities measured at fair value on a recurring basis.
	The fair value of financial assets and liabilities measured on a recurring basis is as follows (in thousands):
				Fair Value Measurements at Reporting Date Using
				Quoted Prices in Active Markets for Identical Assets and Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
		30-Jun-14		(Level 1)		(Level 2)		(Level 3)
	Assets:
	Money market funds	$	7,565	$	7,565	$	-	$	-
	Marketable securities		63,705		-		63,705		-
	Total	$	71,270	$	7,565	$	63,705	$	-
				Fair Value Measurements at Reporting Date Using
				Quoted Prices in Active Markets for Identical Assets and Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
		31-Mar-14		(Level 1)		(Level 2)		(Level 3)
	Assets:
	Money market funds	$	3,852	$	3,852	$	-	$	-
	Marketable securities		68,231		-		68,231		-
	Total	$	72,083	$	3,852	$	68,231	$	-
	Short-term and long-term investments
	All of the Company’s short-term and long-term investments are classified as available-for-sale.  Available-for-sale debt securities with maturities greater than twelve months are classified as long-term investments when they are not intended for use in current operations.  Investments in available-for-sale securities are reported at fair value with unrecognized gains (losses), net of tax, as a component of accumulated other comprehensive income in the Condensed Consolidated Balance Sheets.  The Company had money market funds of $7.6 million and $3.9 million at June 30, 2014 and March 31, 2014, respectively, included in cash and cash equivalents in the Condensed Consolidated Balance Sheet.  The Company monitors its investments for impairment periodically and records appropriate reductions in carrying values when declines are determined to be other-than-temporary.
	The following table summarizes the Company’s available-for-sale investments:
		30-Jun-14
				Gross		Gross
				Unrealized		Unrealized		Fair
		Cost		Gains		Losses		Value
		(In thousands)
	Short-term investments:
	State and municipal obligations	$	11,602	$	5	$	-	$	11,607
	Corporate notes		5,013		8		-		5,021
	Agency bonds		3,523		2		-		3,525
	Certificates of deposit		14,499		5		-		14,504
	International government obligations		6,003		-		-		6,003
	Total short-term investments	$	40,640	$	20	$	-	$	40,660
	Long-term investments:
	State and municipal obligations	$	3,946	$	10	$	-	$	3,956
	Corporate notes		6,385		22		-		6,407
	Certificates of deposit		9,000		7		-		9,007
	Agency bonds		2,009		-		-2		2,007
	International government obligations		1,673		-		-5		1,668
	Total long-term investments	$	23,013	$	39	$	-7	$	23,045
		31-Mar-14
				Gross		Gross
				Unrealized		Unrealized		Fair
		Cost		Gains		Losses		Value
		(In thousands)
	Short-term investments:
	State and municipal obligations	$	8,336	$	4	$	-	$	8,340
	Corporate notes		5,023		12		-		5,035
	Agency bonds		3,523		2		-		3,525
	Certificates of deposit		14,997		6		-		15,003
	International government obligations		7,507		2		-		7,509
	Total short-term investments	$	39,386	$	26	$	-	$	39,412
	Long-term investments:
	State and municipal obligations	$	8,227	$	10	$	-	$	8,237
	Corporate notes		6,392		16				6,408
	Certificates of deposit		10,500		-		-2		10,498
	Agency bonds		2,011		-		-5		2,006
	International government obligations		1,670		-		-		1,670
	Total long-term investments	$	28,800	$	26	$	-7	$	28,819
The Company’s investment portfolio consists of both corporate and governmental securities that have a maximum maturity of three years. All unrealized gains are due to changes in interest rates and bond yields.  Subject to normal credit risks, the Company has the ability to realize the full value of all these investments upon maturity.
The deferred tax liability related to unrecognized gains and losses on short-term and long-term investments was $13,000 and $11,000 at June 30, 2014 and March 31, 2014, respectively.
As of June 30, 2014, contractual maturities of the Company’s available-for-sale non-equity investments were as follows:
							Fair
					Cost		Value
					(In thousands)
Maturing within one year					$	40,640	$	40,660
Maturing in one to three years						23,013		23,045
Maturing in more than three years						-		-
					$	63,653	$	63,705
The Company classifies its short-term investments as “available-for-sale” as they are intended to be available for use in current operations.

6_COMMITMENTS_AND_CONTINGENCIE

6. COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure	'
NOTE 6-COMMITMENTS AND CONTINGENCIES	'
	NOTE 6—COMMITMENTS AND CONTINGENCIES
	Indemnification obligations
	The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify the other party with respect to certain matters. Typically, these obligations arise in the context of contracts entered into by the Company, under which the Company agrees to hold the other party harmless against losses arising from a breach of representations and covenants related to such matters as title to assets sold and certain intellectual property rights. In each of these circumstances, the Company’s indemnification obligations are conditioned on the other party making a claim pursuant to the procedures specified in the particular contract, which procedures typically allow the Company to challenge the other party’s claims. Further, the Company’s obligations under these agreements may be limited in terms of time and/or amount, and in some instances, the Company may have recourse against third parties for certain payments made by it under these agreements.
	It is not possible to predict the maximum potential amount of future payments that may be required under these or similar agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, payments made by the Company under these agreements have not had a material effect on its business, financial condition, cash flows or results of operations.
	Product warranties
	The Company warrants its products to be free of defects generally for a period of three years. The Company estimates its warranty costs based on historical warranty claim experience and includes such costs in cost of revenues. Warranty costs were not significant for the three months ended June 30, 2014 or 2013.
	Legal proceedings
	In March 2011, Cypress Semiconductor Corporation, a semiconductor manufacturer, filed a lawsuit against the Company in the United States District Court for the District of Minnesota alleging that the Company’s products, including its SigmaDDR and SigmaQuad families of Very Fast SRAMs, infringe five patents held by Cypress.  The complaint seeks unspecified damages for past infringement and a permanent injunction against future infringement.
	On June 10, 2011, Cypress filed a complaint against the Company with the United States International Trade Commission (the “ITC”).  The ITC complaint, as subsequently amended, alleged infringement by the Company of three of the five patents involved in the District Court case and one additional patent and also alleged infringement by three of our distributors and 11 of our customers who allegedly incorporate the Company’s SRAMs in their products.  The ITC complaint sought a limited exclusion order excluding the allegedly infringing SRAMs, and products containing them, from entry into the United States and permanent orders directing the Company and the other respondents to cease and desist from selling or distributing such products in the United States.  On July 21, 2011, the ITC formally instituted an investigation in response to Cypress’s complaint.   On June 7, 2013, the ITC announced that the full Commission had affirmed the determination of Chief Administrative Judge Charles E. Bullock that GSI’s SRAM devices, and products containing them, do not infringe the Cypress patents and that Cypress had failed to establish existence of a domestic industry that practices the patents.  Moreover, the Commission reversed a portion of Judge Bullock’s determination with respect to the validity of the patents, finding the asserted claims of one of the patents to have been anticipated by prior art and, therefore, invalid.  The Commission ordered the investigation terminated, and Cypress did not appeal the ruling.
	The Minnesota District Court case had been stayed pending the conclusion of the ITC proceeding. Following the termination of the ITC investigation, the stay was lifted.  On May 1, 2013, Cypress filed an additional lawsuit in the United States District Court for the Northern District of California alleging infringement by our products of five additional Cypress patents.  Like the Minnesota case, the complaint in the California lawsuit seeks unspecified damages for past infringement and a permanent injunction against future infringement.  The Company filed answers in both cases denying liability and asserting affirmative defenses.  On August 7, 2013, the parties stipulated that the claims in the Minnesota case with respect to three of the asserted patents would be dismissed without prejudice and that the claims with respect to the remaining two patents would be transferred to, and consolidated with, the California case.  On August 20, 2013, the Court in the California case ordered the cases consolidated.  Discovery in the case is proceeding.
	The Company believes that it has strong defenses against Cypress’ patent infringement claims and intends to continue to defend itself vigorously. However, the litigation process is inherently uncertain, and the Company may not prevail.  Patent litigation is particularly complex and can extend for a protracted period of time, which can substantially increase the cost of such litigation.  The Company has not recorded any loss contingency during fiscal 2012, fiscal 2013, fiscal 2014 or in fiscal 2015 in connection with these legal proceedings as the Company cannot predict their outcome and cannot estimate the likelihood or potential dollar amount of any adverse results.  However, an unfavorable outcome in these proceedings could have a material adverse impact on the Company’s financial position, results of operations or cash flows for the period in which the outcome occurs and in future periods.

7_STOCK_BASED_COMPENSATION

7. STOCK- BASED COMPENSATION	3 Months Ended
	Jun. 30, 2014
Stock-Based Compensation	'
NOTE 7-STOCK- BASED COMPENSATION	'
	NOTE 7—STOCK-BASED COMPENSATION
	As of June 30, 2014, 6,911,519 shares of common stock were available for grant under the Company’s 2007 Equity Incentive Plan.
	The following table summarizes the Company’s stock option activities for the three months ended June 30, 2014:
							Weighted
					Number of Shares		Average		Weighted
			Shares		Underlying		Remaining		Average
			Available for		Options		Contractual		Exercise			Intrinsic
			Grant		Outstanding		Life (Years)		Price			Value
	Balance at March 31, 2014		5,585,500		6,143,980					5.13
	Options reserved		1,378,074		-					-
	Granted		-53,930		53,930					5.75
	Exercised		-		-23,500					3.49			58,481
	Forfeited		1,875		-1,875					6.08
	Balance at June 30, 2014		6,911,519		6,172,535				$	5.14
	Options vested and exercisable				4,085,844		4.54		$	4.75		$	5,526,601
	Options vested and expected to vest				6,131,192		5.75		$	5.14		$	6,450,115
	The weighted average fair value per underlying share of options granted during the three months ended June 30, 2014 and 2013 was $2.34 and $2.45, respectively.
	Options outstanding by exercise price at June 30, 2014 were as follows:
						Number of		Options Outstanding					Options Exercisable
						Shares		Weighted			Weighted Average			Weighted
						Underlying		Average			Remaining		Number	Average
						Options		Exercise			Contractual		Vested and	Exercise
	Exercise Price					Outstanding		Price			Life (Years)		Exercisable	Price
	$	2.43	-	3.38		628,219		$	3.02		4.30		628,219	$	3.02
	$	3.43	-	3.94		469,266		$	3.55		4.76		469,266	$	3.55
	$	4				669,303		$	4.00		4.91		669,303	$	4.00
	$	4.17	-	4.5		633,245		$	4.26		5.35		384,517	$	4.32
	$	4.81	-	4.92		507,885		$	4.87		7.68		164,730	$	4.87
	$	5.5				801,433		$	5.50		2.37		801,433	$	5.50
	$	5.59	-	5.76		675,410		$	5.70		7.28		222,171	$	5.71
	$	6	-	6.54		799,483		$	6.32		6.90		385,217	$	6.19
	$	6.61	-	6.86		666,978		$	6.77		8.64		90,580	$	6.83
	$	7	-	9.2		321,313		$	7.78		6.24		270,408	$	7.51
						6,172,535		$	5.14		5.77		4,085,844
	The following table summarizes stock-based compensation expense by line item in the Condensed Consolidated Statements of Operations, all relating to employee stock plans:
			Three Months Ended June 30,
			2014			2013
			(In thousands)
	Cost of revenues		$	99		$	94
	Research and development			242			258
	Selling, general and administrative			232			213
	Total		$	573		$	565
	As stock-based compensation expense recognized in the Condensed Consolidated Statement of Operations is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures in accordance with authoritative guidance.  The Company estimates forfeitures at the time of grant and revises the original estimates, if necessary, in subsequent periods if actual forfeitures differ from those estimates.
	The Company recognized related income tax benefits of $0 and $17,000, respectively, for the three months ended June 30, 2014 and 2013.  Windfall tax benefits realized from exercised stock options were $0, and $177,000, respectively, for the three months ended June 30, 2014 and 2013.  Compensation cost capitalized within inventory at June 30, 2014 was insignificant. As of June 30, 2014, the Company’s total unrecognized compensation cost was $3.3 million, which will be recognized over a weighted average period of 1.91 years.   The Company calculated the fair value of stock-based awards in the periods presented using the Black-Scholes option pricing model and the following weighted average assumptions:
			Three Months Ended June 30,
			2014			2013
	Stock Option Plans:
	Risk-free interest rate		1.66	%		0.91	%
	Expected life (in years)		5.00			5.00
	Volatility		44.52	%		48.4	%
	Dividend yield		-	%		-	%
	Employee Stock Purchase Plan:
	Risk-free interest rate		0.05	%		0.09	%
	Expected life (in years)		0.50			0.50
	Volatility		30.8	%		30.4	%
	Dividend yield		-	%		-	%

8_SEGMENT_AND_GEOGRAPHIC_INFOR

8. SEGMENT AND GEOGRAPHIC INFORMATION	3 Months Ended
	Jun. 30, 2014
Segment And Geographic Information	'
NOTE 8-SEGMENT AND GEOGRAPHIC INFORMATION	'
	NOTE 8—SEGMENT AND GEOGRAPHIC INFORMATION
	Based on its operating management and financial reporting structure, the Company has determined that it has one reportable business segment: the design, development and sale of integrated circuits.
	The following is a summary of net revenues by geographic area based on the location to which product is shipped:
		Three Months Ended June 30,
		2014		2013
		(In thousands)
	United States	$	3,618	$	5,971
	China		3,530		3,477
	Malaysia		1,603		2,347
	Singapore		1,666		1,453
	Rest of the world		2,528		3,164
		$	12,945	$	16,412
	All sales are denominated in United States dollars.

9_MODIFIED_DUTCH_AUCTION_TENDE

9. MODIFIED DUTCH AUCTION TENDER OFFER	3 Months Ended
	Jun. 30, 2014
Modified Dutch Auction Tender Offer	'
NOTE 9-MODIFIED DUTCH AUCTION TENDER OFFER	'
	NOTE 9—MODIFIED DUTCH AUCTION TENDER OFFER
	On July 9, 2014 the Company announced that it commenced a modified “Dutch auction” self-tender offer to repurchase for cash shares of its common stock up to an aggregate purchase price of $25 million. The tender offer began on July 9, 2014, and will expire at 5:00 p.m., New York City time, on August 6, 2014, unless extended or earlier terminated by the Company. Under the terms of the proposed tender offer, the Company’s stockholders will have the opportunity to tender some or all of their shares at a price within the range of $6.50 to $6.70 per share. The closing price of the Company’s common stock on July 31, 2014 was $6.40 per share.

1_THE_COMPANY_AND_SUMMARY_OF_S1

1. THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jun. 30, 2014
Company And Summary Of Significant Accounting Policies Details Narrative	'
Basis of consolidation	'
	Basis of presentation
	The accompanying unaudited condensed consolidated financial statements of GSI Technology, Inc. and its subsidiaries (“GSI” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission.  Accordingly, the interim financial statements do not include all of the information and footnotes required by GAAP for annual financial statements.  These interim financial statements contain all adjustments (which consist of only normal, recurring adjustments) that are, in the opinion of management, necessary to state fairly the interim financial information included therein.  The Company believes that the disclosures are adequate to make the information not misleading.  However, these financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014.
	The consolidated results of operations for the three months ended June 30, 2014 are not necessarily indicative of the results to be expected for the entire fiscal year.
Significant accounting policies	'
	Significant accounting policies
	The Company’s significant accounting policies are disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014.
Litigation and settlement costs	'
	Litigation and settlement costs
	From time to time, the Company is involved in legal actions. The Company currently is a party to pending legal proceedings which it is defending aggressively.  See Note 6 for additional information regarding this pending litigation.  There are many uncertainties associated with any litigation, and the Company may not prevail.  The litigation, regardless of its eventual outcome, will be costly and time consuming and, should the outcome be adverse to the Company, could result in the Company being required to pay significant monetary damages.  If that occurs, our business, financial condition and results of operations could be materially and adversely affected. If information becomes available that causes us to determine that a loss in any of our pending litigation, or the settlement of such litigation, is probable, and we can reasonably estimate the loss associated with such events, we will record the loss in accordance with GAAP. However, the actual liability in any such litigation may be materially different from our estimates, which could require us to record additional costs.
Recent accounting pronouncements	'
	Recent accounting pronouncements
	In July 2013, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) on Income Taxes, to improve the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is expected to reduce diversity in practice and is expected to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exist. Implementation of this guidance in the quarter ended June 30, 2014 did not have a material impact on the Company’s financial position or results of operations.
	In May 2014, the FASB issued a new financial accounting standard on revenue from contracts with customers, ASU No. 2014-09, "Revenue from Contracts with Customers." The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The accounting standard is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of this accounting standard on its consolidated financial statements.

2_NET_LOSS_PER_COMMON_SHARE_Ta

2. NET LOSS PER COMMON SHARE (Tables)	3 Months Ended
	Jun. 30, 2014
Net loss per share:	'
Basic and diluted net loss per share	'
		Three Months Ended June 30,
		2014			2013
		(In thousands, except per share amounts)
	Net loss	$	-1,446		$	-441
	Denominators:
	Weighted average shares—Basic		27,495			27,178
	Dilutive effect of employee stock options		-			-
	Dilutive effect of employee stock purchase plan options		-			-
	Weighted average shares—Dilutive		27,495			27,178
	Net loss per common share—Basic	$	-0.05		$	-0.02
	Net loss per common share—Diluted	$	-0.05		$	-0.02
Anti-dilutive shares	'
		Three Months Ended June 30,
		2014		2013
		(In thousands)
	Shares underlying options	3,260		3,377

3_BALANCE_SHEET_DETAIL_Tables

3. BALANCE SHEET DETAIL (Tables)	3 Months Ended
	Jun. 30, 2014
Balance Sheet Detail	'
Schedule of Inventories	'
		30-Jun-14		31-Mar-14
		(In thousands)
	Inventories:
	Work-in-progress	$	2,274	$	2,011
	Finished goods		5,255		5,588
	Inventory at distributors		834		586
		$	8,363	$	8,185
Schedule of Accounts Receivable, Net	'
		30-Jun-14		31-Mar-14
		(In thousands)
	Accounts receivable, net:
	Accounts receivable	$	9,058	$	8,349
	Less: Allowances for sales returns, doubtful accounts and other		-100		-111
		$	8,958	$	8,238
Schedule of Prepaid Expenses and Other Current Assets	'
		30-Jun-14		31-Mar-14
		(In thousands)
	Prepaid expenses and other current assets:
	Prepaid tooling and masks	$	852	$	833
	Prepaid income taxes		2,601		2,598
	Other receivables		441		596
	Other prepaid expenses		996		1,125
		$	4,890	$	5,152
Schedule of Property and Equipment, Net	'
		30-Jun-14		31-Mar-14
		(In thousands)
	Property and equipment, net:
	Computer and other equipment	$	17,014	$	16,990
	Software		4,780		4,780
	Land		3,900		3,900
	Building and building improvements		2,256		2,256
	Furniture and fixtures		110		110
	Leasehold improvements		791		791
			28,851		28,827
	Less: Accumulated depreciation and amortization		-19,609		-19,144
		$	9,242	$	9,683
Schedule of Other Assets	'
		30-Jun-14		31-Mar-14
		(In thousands)
	Other Assets:
	Non-current deferred income taxes	$	34	$	24
	Intangibles, net		519		564
	Deposits		81		80
		$	634	$	668
Schedule of Intangible Assets	'
	The following table summarizes the components of intangible assets and related accumulated amortization balances at June 30, 2014 (in thousands):
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
	Intangible assets:
	Product designs	$	590	$	407	$	183
	Patents		720		387		333
	Software		80		77		3
	Total	$	1,390	$	871	$	519
Schedule of Accrued Expenses and Other Liabilities	'
		30-Jun-14		31-Mar-14
		(In thousands)
	Accrued expenses and other liabilities:
	Accrued compensation	$	1,746	$	2,330
	Accrued professional fees		533		824
	Accrued commissions		292		307
	Other accrued expenses		892		983
		$	3,463	$	4,444

5_FINANCIAL_INSTRUMENTS_Tables

5. FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Jun. 30, 2014
Financial Instruments.	'
Schedule of Fair value of financial assets and liabilities measured on a recurring basis	'
	The fair value of financial assets and liabilities measured on a recurring basis is as follows (in thousands):
				Fair Value Measurements at Reporting Date Using
				Quoted Prices in Active Markets for Identical Assets and Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
		30-Jun-14		(Level 1)		(Level 2)		(Level 3)
	Assets:
	Money market funds	$	7,565	$	7,565	$	-	$	-
	Marketable securities		63,705		-		63,705		-
	Total	$	71,270	$	7,565	$	63,705	$	-
				Fair Value Measurements at Reporting Date Using
				Quoted Prices in Active Markets for Identical Assets and Liabilities		Significant Other Observable Inputs		Significant Unobservable Inputs
		31-Mar-14		(Level 1)		(Level 2)		(Level 3)
	Assets:
	Money market funds	$	3,852	$	3,852	$	-	$	-
	Marketable securities		68,231		-		68,231		-
	Total	$	72,083	$	3,852	$	68,231	$	-
Schedule of Available-for-sale investments	'
		30-Jun-14
				Gross		Gross
				Unrealized		Unrealized		Fair
		Cost		Gains		Losses		Value
		(In thousands)
	Short-term investments:
	State and municipal obligations	$	11,602	$	5	$	-	$	11,607
	Corporate notes		5,013		8		-		5,021
	Agency bonds		3,523		2		-		3,525
	Certificates of deposit		14,499		5		-		14,504
	International government obligations		6,003		-		-		6,003
	Total short-term investments	$	40,640	$	20	$	-	$	40,660
	Long-term investments:
	State and municipal obligations	$	3,946	$	10	$	-	$	3,956
	Corporate notes		6,385		22		-		6,407
	Certificates of deposit		9,000		7		-		9,007
	Agency bonds		2,009		-		-2		2,007
	International government obligations		1,673		-		-5		1,668
	Total long-term investments	$	23,013	$	39	$	-7	$	23,045
		31-Mar-14
				Gross		Gross
				Unrealized		Unrealized		Fair
		Cost		Gains		Losses		Value
		(In thousands)
	Short-term investments:
	State and municipal obligations	$	8,336	$	4	$	-	$	8,340
	Corporate notes		5,023		12		-		5,035
	Agency bonds		3,523		2		-		3,525
	Certificates of deposit		14,997		6		-		15,003
	International government obligations		7,507		2		-		7,509
	Total short-term investments	$	39,386	$	26	$	-	$	39,412
	Long-term investments:
	State and municipal obligations	$	8,227	$	10	$	-	$	8,237
	Corporate notes		6,392		16				6,408
	Certificates of deposit		10,500		-		-2		10,498
	Agency bonds		2,011		-		-5		2,006
	International government obligations		1,670		-		-		1,670
	Total long-term investments	$	28,800	$	26	$	-7	$	28,819
Schedule of Contractual maturities of the available-for-sale non-equity investments	'
								Fair
						Cost		Value
						(In thousands)
	Maturing within one year					$	40,640	$	40,660
	Maturing in one to three years						23,013		23,045
	Maturing in more than three years						-		-
						$	63,653	$	63,705

7_STOCK_BASED_COMPENSATION_Tab

7. STOCK- BASED COMPENSATION (Tables)	3 Months Ended
	Jun. 30, 2014
Stock-Based Compensation	'
Summary of stock option activities	'
							Weighted
					Number of Shares		Average		Weighted
			Shares		Underlying		Remaining		Average
			Available for		Options		Contractual		Exercise			Intrinsic
			Grant		Outstanding		Life (Years)		Price			Value
	Balance at March 31, 2014		5,585,500		6,143,980					5.13
	Options reserved		1,378,074		-					-
	Granted		-53,930		53,930					5.75
	Exercised		-		-23,500					3.49			58,481
	Forfeited		1,875		-1,875					6.08
	Balance at June 30, 2014		6,911,519		6,172,535				$	5.14
	Options vested and exercisable				4,085,844		4.54		$	4.75		$	5,526,601
	Options vested and expected to vest				6,131,192		5.75		$	5.14		$	6,450,115
Schedule of options outstanding by exercise price	'
						Number of		Options Outstanding					Options Exercisable
						Shares		Weighted			Weighted Average			Weighted
						Underlying		Average			Remaining		Number	Average
						Options		Exercise			Contractual		Vested and	Exercise
	Exercise Price					Outstanding		Price			Life (Years)		Exercisable	Price
	$	2.43	-	3.38		628,219		$	3.02		4.30		628,219	$	3.02
	$	3.43	-	3.94		469,266		$	3.55		4.76		469,266	$	3.55
	$	4				669,303		$	4.00		4.91		669,303	$	4.00
	$	4.17	-	4.5		633,245		$	4.26		5.35		384,517	$	4.32
	$	4.81	-	4.92		507,885		$	4.87		7.68		164,730	$	4.87
	$	5.5				801,433		$	5.50		2.37		801,433	$	5.50
	$	5.59	-	5.76		675,410		$	5.70		7.28		222,171	$	5.71
	$	6	-	6.54		799,483		$	6.32		6.90		385,217	$	6.19
	$	6.61	-	6.86		666,978		$	6.77		8.64		90,580	$	6.83
	$	7	-	9.2		321,313		$	7.78		6.24		270,408	$	7.51
						6,172,535		$	5.14		5.77		4,085,844
Summary of stock-based compensation expense by line item	'
			Three Months Ended June 30,
			2014			2013
			(In thousands)
	Cost of revenues		$	99		$	94
	Research and development			242			258
	Selling, general and administrative			232			213
	Total		$	573		$	565
Schedule of weighted average assumptions	'
			Three Months Ended June 30,
			2014			2013
	Stock Option Plans:
	Risk-free interest rate		1.66	%		0.91	%
	Expected life (in years)		5.00			5.00
	Volatility		44.52	%		48.4	%
	Dividend yield		-	%		-	%
	Employee Stock Purchase Plan:
	Risk-free interest rate		0.05	%		0.09	%
	Expected life (in years)		0.50			0.50
	Volatility		30.8	%		30.4	%
	Dividend yield		-	%		-	%

8_SEGMENT_AND_GEOGRAPHIC_INFOR1

8. SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	3 Months Ended
	Jun. 30, 2014
Segment And Geographic Information	'
Net revenues by geographic area	'
		Three Months Ended June 30,
		2014		2013
		(In thousands)
	United States	$	3,618	$	5,971
	China		3,530		3,477
	Malaysia		1,603		2,347
	Singapore		1,666		1,453
	Rest of the world		2,528		3,164
		$	12,945	$	16,412

2_NET_LOSS_PER_COMMON_SHARE_De

2. NET LOSS PER COMMON SHARE (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Net loss per share:	'	'
Net loss	($1,446)	($441)
Weighted average shares-Basic	27,495	27,178
Weighted average shares-Dilutive	27,495	27,178
Net loss per common share - Basic	($0.05)	($0.02)
Net loss per common share - Diluted	($0.05)	($0.02)

2_NET_LOSS_PER_COMMON_SHARE_De1

2. NET LOSS PER COMMON SHARE (Details 2)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Net loss per share:	'	'
Antidilutive shares excluded from computation of EPS	3,260	3,377

3_BALANCE_SHEET_DETAIL_Details

3. BALANCE SHEET DETAIL (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Inventories:	'	'
Work-in-progress	$2,274	$2,011
Finished goods	5,255	5,588
Inventory at distributors	834	586
Total Inventory	$8,363	$8,185

3_BALANCE_SHEET_DETAIL_Details1

3. BALANCE SHEET DETAIL (Details 2) (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Accounts receivable, net:	'	'
Accounts receivable	$9,058	$8,349
Less: Allowances for sales returns, doubtful accounts and other	-100	-111
Total accounts receivable, net	$8,958	$8,238

3_BALANCE_SHEET_DETAIL_Details2

3. BALANCE SHEET DETAIL (Details 3) (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Prepaid expenses and other current assets:	'	'
Prepaid tooling and masks	$852	$833
Prepaid income taxes	2,601	2,598
Other receivables	441	596
Other prepaid expenses	996	1,125
Total prepaid expenses and other current assets	$4,890	$5,152

3BALANCE_SHEET_DETAIL_Property

3.BALANCE SHEET DETAIL - Property, Plant and Equipment (Details 4) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
Property and equipment, net:	'	'	'
Property and equipment, gross	$28,851,000	'	$28,827,000
Less: Accumulated depreciation and amortization	-19,609,000	'	-19,144,000
Property, Plant and Equipment, Net, Total	9,242,000	'	9,683,000
Depreciation and amortization	465,000	449,000	'
Computer and other equipment	'	'	'
Property and equipment, net:	'	'	'
Property and equipment, gross	17,014,000	'	16,990,000
Software	'	'	'
Property and equipment, net:	'	'	'
Property and equipment, gross	4,780,000	'	4,780,000
Land	'	'	'
Property and equipment, net:	'	'	'
Property and equipment, gross	3,900,000	'	3,900,000
Building and building improvements	'	'	'
Property and equipment, net:	'	'	'
Property and equipment, gross	2,256,000	'	2,256,000
Furniture and fixtures	'	'	'
Property and equipment, net:	'	'	'
Property and equipment, gross	110,000	'	110,000
Leasehold improvements	'	'	'
Property and equipment, net:	'	'	'
Property and equipment, gross	$791,000	'	$791,000

3_BALANCE_SHEET_DETAIL_Details3

3. BALANCE SHEET DETAIL (Details 5) (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Other assets:	'	'
Non-current deferred income taxes	$34	$24
Intangibles, net	519	564
Deposits	81	80
Total Other Assets	$634	$668

3_BALANCE_SHEET_DETAIL_Details4

3. BALANCE SHEET DETAIL (Details 6) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
Gross Carrying Amount	$1,390,000	'	'
Accumulated Amortization	871,000	'	'
Net Carrying Amount	519,000	'	564,000
Amortization of intangible assets	45,000	45,000	'
Product designs	'	'	'
Gross Carrying Amount	590,000	'	'
Accumulated Amortization	407,000	'	'
Net Carrying Amount	183,000	'	'
Patents	'	'	'
Gross Carrying Amount	720,000	'	'
Accumulated Amortization	387,000	'	'
Net Carrying Amount	333,000	'	'
Software.	'	'	'
Gross Carrying Amount	80,000	'	'
Accumulated Amortization	77,000	'	'
Net Carrying Amount	$3,000	'	'

3_BALANCE_SHEET_DETAIL_Details5

3. BALANCE SHEET DETAIL (Details 7) (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Accrued expenses and other liabilities:	'	'
Accrued compensation	$1,746	$2,330
Accrued professional fees	533	824
Accrued commissions	292	307
Other accrued expenses	892	983
Total Accrued Expenses and Other Liabilities	$3,463	$4,444

4_INCOME_TAXES_Details

4. INCOME TAXES (Details) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
Income Taxes	'	'	'
Unrecognized tax benefits, current	$0	'	$0
Unrecognized tax benefits, noncurrent	1,477,000	'	1,462,000
Deferred tax assets unrecognized tax benefit	1,082,000	'	'
Possible reduction in uncertain tax benefits	775,000	'	'
Deferred tax assets, net	$4,300,000	'	$3,700,000
Effective annual income tax rate	5.05%	3.30%	'

5_FINANCIAL_INSTRUMENTS_Detail

5. FINANCIAL INSTRUMENTS (Details) (USD $)	Jun. 30, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Fair value measurements	'	'
Short-term investments	$40,660	$39,412
Long-term investments	23,045	28,819
Recurring	'	'
Fair value measurements	'	'
Money market funds included in cash and cash equivalents	7,565	3,852
Marketable securities	63,705	68,231
Assets	71,270	72,083
Liabilities	0	'
Recurring | Level 1	'	'
Fair value measurements	'	'
Money market funds included in cash and cash equivalents	7,565	3,852
Assets	7,565	3,852
Recurring | Level 2	'	'
Fair value measurements	'	'
Marketable securities	63,705	68,231
Assets	63,705	68,231
Recurring | Level 3	'	'
Fair value measurements	'	'
Assets	$0	'

5_FINANCIAL_INSTRUMENTS_Detail1

5. FINANCIAL INSTRUMENTS (Details 2) (USD $)	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2014
Available-for-sale investments	'	'
Fair Value	$63,705,000	'
Other information	'	'
Maximum maturity period of investment portfolio	'3 years	'
Deferred tax liability related to unrecognized gains and losses on short-term and long-term investments	13,000	11,000
Short-term investments	'	'
Available-for-sale investments	'	'
Cost	40,640,000	39,386,000
Gross Unrealized Gains	20,000	26,000
Fair Value	40,660,000	39,412,000
Short-term investments | State and municipal obligations	'	'
Available-for-sale investments	'	'
Cost	11,602,000	8,336,000
Gross Unrealized Gains	5,000	4,000
Fair Value	11,607,000	8,340,000
Short-term investments | Corporate notes	'	'
Available-for-sale investments	'	'
Cost	5,013,000	5,023,000
Gross Unrealized Gains	8,000	12,000
Fair Value	5,021,000	5,035,000
Short-term investments | Agency bonds	'	'
Available-for-sale investments	'	'
Cost	3,523,000	3,523,000
Gross Unrealized Gains	2,000	2,000
Fair Value	3,525,000	3,525,000
Short-term investments | Certificates of deposits	'	'
Available-for-sale investments	'	'
Cost	14,499,000	14,997,000
Gross Unrealized Gains	5,000	6,000
Fair Value	14,504,000	15,003,000
Short-term investments | Other Debt Securities [Member]	'	'
Available-for-sale investments	'	'
Cost	6,003,000	'
Fair Value	6,003,000	'
Short-term investments | International government obligations	'	'
Available-for-sale investments	'	'
Cost	'	7,507,000
Gross Unrealized Gains	'	2,000
Fair Value	'	7,509,000
Long-term investment	'	'
Available-for-sale investments	'	'
Cost	23,013,000	28,800,000
Gross Unrealized Gains	39,000	26,000
Gross Unrealized Losses	-7,000	-7,000
Fair Value	23,045,000	28,819,000
Long-term investment | State and municipal obligations	'	'
Available-for-sale investments	'	'
Cost	3,946,000	8,227,000
Gross Unrealized Gains	10,000	10,000
Fair Value	3,956,000	8,237,000
Long-term investment | Corporate notes	'	'
Available-for-sale investments	'	'
Cost	6,385,000	6,392,000
Gross Unrealized Gains	22,000	16,000
Fair Value	6,407,000	6,408,000
Long-term investment | Agency bonds	'	'
Available-for-sale investments	'	'
Cost	2,009,000	2,011,000
Gross Unrealized Losses	-2,000	-5,000
Fair Value	2,007,000	2,006,000
Long-term investment | Certificates of deposits	'	'
Available-for-sale investments	'	'
Cost	9,000,000	10,500,000
Gross Unrealized Gains	7,000	'
Gross Unrealized Losses	'	-2,000
Fair Value	9,007,000	10,498,000
Long-term investment | Other Debt Securities [Member]	'	'
Available-for-sale investments	'	'
Cost	1,673,000	1,670,000
Gross Unrealized Losses	-5,000	'
Fair Value	$1,668,000	$1,670,000

5_FINANCIAL_INSTRUMENTS_Detail2

5. FINANCIAL INSTRUMENTS (Details 3) (USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified
Financial Instruments.	'
Maturing within one year, Cost	$40,640
Maturing in one to three years, Cost	23,013
Total	63,653
Maturing within one year, Fair Value	40,660
Maturing in one to three years, Fair Value	23,045
Fair Value	$63,705

6COMMITMENTS_AND_CONTINGENCIES

6-COMMITMENTS AND CONTINGENCIES - Royalties and Product Warranties (Details)	3 Months Ended
	Jun. 30, 2014
Product warranties	'
Warranty period	'3 years

6COMMITMENTS_AND_CONTINGENCIES1

6-COMMITMENTS AND CONTINGENCIES - Legal proceedings (Details 2)	3 Months Ended
	Jun. 30, 2014
	patent
Cypress Semiconductor Litigation	'
Legal proceedings	'
Number of patents infringed	5
Cypress Semiconductor International Trade Commission	'
Legal proceedings	'
Number of patents infringed	3
Number of additional patent infringement complaints	1
Number of distributors	3
Number of customers who infringed patents	11
Number of terminated or dismissed patent claims	1
Cypress Semiconductor Northern District Litigation	'
Legal proceedings	'
Number of terminated or dismissed patent claims	3
Number of patent claims transferred	2

7_STOCK_BASED_COMPENSATION_Det

7. STOCK- BASED COMPENSATION (Details) (USD $)	3 Months Ended
	Jun. 30, 2014
Stock-Based Compensation	'
Shares available for grant, Beginning	5,585,500
Options reserved (in shares)	1,378,074
Granted (in shares)	-53,930
Forfeited (in shares)	1,875
Shares available for grant, Ending	6,911,519
Number of Shares Underlying Options Outstanding	'
Balance at the beginning of the period (in shares)	6,143,980
Granted (in shares)	53,930
Exercised (in shares)	-23,500
Forfeited (in shares)	-1,875
Balance at the end of the period (in shares)	6,172,535
Options vested and exercisable (in shares)	4,085,844
Options vested and expected to vest (in shares)	6,131,192
Weighted Average Remaining Contractual Life	'
Options vested and exercisable (in dollars per share)	'4 years 6 months 15 days
Options vested and expected to vest (in dollars per share)	'5 years 9 months
Weighted Average Exercise Price	'
Balance at the beginning of the period (in dollars per share)	$5.13
Granted (in dollars per share)	$5.75
Exercised (in dollars per share)	$3.49
Forfeited (in dollars per share)	$6.08
Balance at the end of the period (in dollars per share)	$5.14
Options vested and exercisable (in dollars per share)	$4.75
Options vested and expected to vest (in dollars per share)	$5.14
Intrinsic Value	'
Exercised (in dollars)	$58,481
Options vested and exercisable (in dollars)	5,526,601
Options vested and expected to vest (in dollars)	$6,450,115

7_STOCK_BASED_COMPENSATION_Det1

7. STOCK- BASED COMPENSATION (Details 2) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2014
Stock-Based Compensation	'	'	'
Weighted average fair value per underlying share of options granted (in dollars per share)	$2.34	$2.45	'
Options outstanding by exercise price	'	'	'
Exercise Price (in dollars per share)	$5.14	'	$5.13
Number of Shares Underlying Options Outstanding (in shares)	6,172,535	'	'
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$5.14	'	'
Options Outstanding, Weighted Average Remaining Contractual Life	'5 years 9 months 7 days	'	'
Options Exercisable, Number Vested and Exercisable (in shares)	4,085,844	'	'
$2.43 - $3.38	'	'	'
Options outstanding by exercise price	'	'	'
Exercise Price, low end of range (in dollars per share)	$2.43	'	'
Exercise Price, high end of range (in dollars per share)	$3.38	'	'
Number of Shares Underlying Options Outstanding (in shares)	628,219	'	'
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$3.02	'	'
Options Outstanding, Weighted Average Remaining Contractual Life	'4 years 3 months 18 days	'	'
Options Exercisable, Number Vested and Exercisable (in shares)	628,219	'	'
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$3.02	'	'
$3.43 - $3.94	'	'	'
Options outstanding by exercise price	'	'	'
Exercise Price, low end of range (in dollars per share)	$3.43	'	'
Exercise Price, high end of range (in dollars per share)	$3.94	'	'
Number of Shares Underlying Options Outstanding (in shares)	469,266	'	'
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$3.55	'	'
Options Outstanding, Weighted Average Remaining Contractual Life	'4 years 9 months 4 days	'	'
Options Exercisable, Number Vested and Exercisable (in shares)	469,266	'	'
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$3.55	'	'
$4.00	'	'	'
Options outstanding by exercise price	'	'	'
Exercise Price (in dollars per share)	$4	'	'
Number of Shares Underlying Options Outstanding (in shares)	669,303	'	'
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$4	'	'
Options Outstanding, Weighted Average Remaining Contractual Life	'4 years 10 months 28 days	'	'
Options Exercisable, Number Vested and Exercisable (in shares)	669,303	'	'
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$4	'	'
$4.17 - $4.50	'	'	'
Options outstanding by exercise price	'	'	'
Exercise Price, low end of range (in dollars per share)	$4.17	'	'
Exercise Price, high end of range (in dollars per share)	$4.50	'	'
Number of Shares Underlying Options Outstanding (in shares)	633,245	'	'
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$4.26	'	'
Options Outstanding, Weighted Average Remaining Contractual Life	'5 years 4 months 6 days	'	'
Options Exercisable, Number Vested and Exercisable (in shares)	384,517	'	'
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$4.32	'	'
$4.81 - $4.92	'	'	'
Options outstanding by exercise price	'	'	'
Exercise Price, low end of range (in dollars per share)	$4.81	'	'
Exercise Price, high end of range (in dollars per share)	$4.92	'	'
Number of Shares Underlying Options Outstanding (in shares)	507,885	'	'
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$4.87	'	'
Options Outstanding, Weighted Average Remaining Contractual Life	'7 years 8 months 5 days	'	'
Options Exercisable, Number Vested and Exercisable (in shares)	164,730	'	'
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$4.87	'	'
$5.50	'	'	'
Options outstanding by exercise price	'	'	'
Exercise Price (in dollars per share)	$5.50	'	'
Number of Shares Underlying Options Outstanding (in shares)	801,433	'	'
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$5.50	'	'
Options Outstanding, Weighted Average Remaining Contractual Life	'2 years 4 months 13 days	'	'
Options Exercisable, Number Vested and Exercisable (in shares)	801,433	'	'
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$5.50	'	'
$5.59 - $5.76	'	'	'
Options outstanding by exercise price	'	'	'
Exercise Price, low end of range (in dollars per share)	$5.59	'	'
Exercise Price, high end of range (in dollars per share)	$5.76	'	'
Number of Shares Underlying Options Outstanding (in shares)	675,410	'	'
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$5.70	'	'
Options Outstanding, Weighted Average Remaining Contractual Life	'7 years 3 months 11 days	'	'
Options Exercisable, Number Vested and Exercisable (in shares)	222,171	'	'
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$5.71	'	'
$6.00 - $6.54	'	'	'
Options outstanding by exercise price	'	'	'
Exercise Price, low end of range (in dollars per share)	$6	'	'
Exercise Price, high end of range (in dollars per share)	$6.54	'	'
Number of Shares Underlying Options Outstanding (in shares)	799,483	'	'
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$6.32	'	'
Options Outstanding, Weighted Average Remaining Contractual Life	'6 years 10 months 24 days	'	'
Options Exercisable, Number Vested and Exercisable (in shares)	385,217	'	'
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$6.19	'	'
$6.61 - $6.86	'	'	'
Options outstanding by exercise price	'	'	'
Exercise Price, low end of range (in dollars per share)	$6.61	'	'
Exercise Price, high end of range (in dollars per share)	$6.86	'	'
Number of Shares Underlying Options Outstanding (in shares)	666,978	'	'
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$6.77	'	'
Options Outstanding, Weighted Average Remaining Contractual Life	'8 years 7 months 21 days	'	'
Options Exercisable, Number Vested and Exercisable (in shares)	90,580	'	'
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$6.83	'	'
$7.00 - $9.20	'	'	'
Options outstanding by exercise price	'	'	'
Exercise Price, low end of range (in dollars per share)	$7	'	'
Exercise Price, high end of range (in dollars per share)	$9.20	'	'
Number of Shares Underlying Options Outstanding (in shares)	321,313	'	'
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$7.78	'	'
Options Outstanding, Weighted Average Remaining Contractual Life	'6 years 2 months 27 days	'	'
Options Exercisable, Number Vested and Exercisable (in shares)	270,408	'	'
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$7.51	'	'

7_STOCK_BASED_COMPENSATION_Det2

7. STOCK- BASED COMPENSATION (Details 3) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Stock-based compensation expense by line item	'	'
Stock-based compensation expense	$573,000	$565,000
Other information	'	'
Income tax benefit recognized from allocation of share-based compensation expense	0	17,000
windfall tax benefits recognized	0	177,000
Unrecognized compensation costs	3,300,000	'
Weighted average period of recognition of unrecognized compensation costs	'1 year 10 months 28 days	'
Cost of revenues	'	'
Stock-based compensation expense by line item	'	'
Stock-based compensation expense	99,000	94,000
Research and Development Expense	'	'
Stock-based compensation expense by line item	'	'
Stock-based compensation expense	242,000	258,000
Selling, general and administrative	'	'
Stock-based compensation expense by line item	'	'
Stock-based compensation expense	$232,000	$213,000

7_STOCK_BASED_COMPENSATION_Det3

7. STOCK- BASED COMPENSATION (Details 4)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Employee Consultants And Directors Stock Options	'	'
Stock-based compensation	'	'
Risk-free interest rate (as a percent)	1.66%	0.91%
Expected life	'5 years	'5 years
Volatility (as a percent)	44.52%	48.40%
Dividend yield (as a percent)	0.00%	0.00%
Employee stock purchase plan	'	'
Stock-based compensation	'	'
Risk-free interest rate (as a percent)	0.05%	0.09%
Expected life	'6 months	'6 months
Volatility (as a percent)	30.80%	30.40%
Dividend yield (as a percent)	0.00%	0.00%

8_SEGMENT_AND_GEOGRAPHIC_INFOR2

8. SEGMENT AND GEOGRAPHIC INFORMATION (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
	segment
Segment And Geographic Information	'	'
Number of reportable business segments	1	'
Net revenues by geographic area	'	'
Net revenues	$12,945	$16,412
United States	'	'
Net revenues by geographic area	'	'
Net revenues	3,618	5,971
China	'	'
Net revenues by geographic area	'	'
Net revenues	3,530	3,477
Malaysia	'	'
Net revenues by geographic area	'	'
Net revenues	1,603	2,347
Singapore	'	'
Net revenues by geographic area	'	'
Net revenues	1,666	1,453
Rest of the world	'	'
Net revenues by geographic area	'	'
Net revenues	$2,528	$3,164

9_MODIFIED_DUTCH_AUCTION_TENDE1

9. MODIFIED DUTCH AUCTION TENDER OFFER (Details) (Subsequent Event [Member], USD $)	Jul. 31, 2014	Jul. 09, 2014	Jul. 09, 2014	Jul. 09, 2014
In Millions, except Per Share data, unless otherwise specified		July 9, 2014 Modified Dutch Auction [Member]	July 9, 2014 Modified Dutch Auction [Member]	July 9, 2014 Modified Dutch Auction [Member]
			Minimum	Maximum
Subsequent Event [Line Items]	'	'	'	'
Stock Repurchase Program, Authorized Amount	'	$25	'	'
Share Price	$6.40	'	$6.50	$6.70