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. |