Integrated Silicon Solution, Inc. (ISSI) has reported revenues of $37.7 million for the first quarter of fiscal 2009, down 40.5%, compared with the revenues of $63.3 million in the year-ago quarter. It has also reported a net loss of $4.1 million, or $0.16 loss per diluted share, for the first quarter of fiscal 2009, compared with the net income of $3 million, or $0.08 per diluted share, in the year-ago quarter.

Revenue in this quarter is a 31.9% decrease from revenue of $55.3 million in the September 2008 quarter. Gross margin for the quarter was 20.5%, compared with 24.2% in the September 2008 quarter and 20.8% in the December 2007 quarter.

These net loss results compare with a net loss for the September 2008 quarter of $24.7 million, or ($0.92) per share, which included a goodwill charge of $25.3 million.

The company’s cash, cash equivalents and short-term investments totaled $45.7 million at December 31, 2008, compared to $50.0 million at September 30, 2008. In addition, the Company had long-term investments of $21.2 million at December 31, 2008, compared to $19.3 million at September 30, 2008. During the December quarter the Company repurchased 1.4 million shares of its common stock for an aggregate amount of $3.0 million. The Company’s inventory at December 31, 2008 totaled $38.0 million, a reduction of $1.2 million from September 30, 2008.

‘Demand in all of our markets was weak during the December quarter due to the worldwide economic crisis,’ said Scott Howarth, ISSI’s president and chief executive officer. ‘As we announced in December, we have taken additional actions to reduce our spending and preserve our cash. We are very pleased that, despite the decline in our revenue, we successfully reduced our inventory and had positive cash flow from operations during the quarter. Our balance sheet remains very strong as we had $66.9 million in cash and investments at December 31,’ added Howarth.