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. |