GSI Technology, a provider of static random access memory products, has reported total net revenue of $22.9m for the first quarter of fiscal year 2011, an increase of 61.2% compared to $14.2m for the same period last year.
The company posted an operating income of $5.5m for the first quarter of 2011, compared to $2.4m for the same period last year.
For the first quarter ended June 30, 2010, the company posted net income of $4.4m, an increase of 110% compared to a net income of $2.1m for the same quarter a year ago. Net income per diluted share was up by 88% to $0.15 from $0.08 per share for year ago quarter.
Lee-Lean Shu, chairman and CEO of GSI Technology, said: "Given the lackluster economy, we are pleased that in the June quarter, our twenty-seventh consecutive quarter of profitability we were able to report net revenues and net income that were at record levels.
"This achievement came despite the fact that, due to a push out of orders related to our customers’ difficulty in getting certain components from other vendors, net revenues were slightly lower than we had anticipated. The record net income was accompanied by an unusually strong gross margin of 47.2%, an increase of 4 percentage points over the prior quarter."
