UPDATE 1-ISSI Q1 profit beats; forecasts strong Q2

Wed Jan 26, 2011 5:18pm EST

* Q1 adj. EPS $0.30 vs. est $0.28

* Revenue up 31 percent

* Sees Q2 EPS $0.22-$0.29/shr

* Stock up 3 percent after market

Jan 26 (Reuters) - Integrated Silicon Solution Inc (ISSI.O) posted a quarterly profit above market estimates, and forecast second-quarter earnings largely above analysts' estimates, sending its shares up 3 percent in after-market trade.

The chipmaker, which counts Cisco (CSCO.O), Samsung Electronics (005930.KS) and LG Electronics (066570.KS) as its customers, said it expects to earn 22-29 cents a share, excluding items, in the second quarter.

Analysts on average were expecting earnings of 22 cents a share, according to Thomson Reuters I/B/E/S.

Net income for October-December was $7.2 million, or 26 cents a share, compared with $7.2 million, or 28 cents a share, a year ago.

Excluding items, it earned 30 cents a share on revenue of $66.1 million.

Analysts were expecting earnings of 28 cents a share, before items, on revenue of $66.2 million.

Earlier this week, ISSI signed an agreement to acquire Si En, a privately held fabless provider of high performance analog and mixed signal integrated circuits based in Xiamen, China, for about $20 million in cash.

Shares of the San Jose, California-based company were up 3 percent at $10.20 in extended trade on Wednesday on Nasdaq. (Reporting by Isheeta Sanghi in Bangalore; Editing by Vyas Mohan)

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