IDT Reports Q1 Fiscal Year 2014 Financial Results

Q1 Revenue of $118.0 Million, up 9 Percent Q/Q

Record Sales of RapidIO® Solutions, Strong Recovery in Core Business

SAN JOSE, Calif. — (BUSINESS WIRE) — July 25, 2013 — Integrated Device Technology, Inc. (IDT® or the Company) (NASDAQ: IDTI), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions, today announced results for the fiscal first quarter ended June 30, 2013.

“We were pleased to deliver Q1 results that were ahead of our prior projections,” said Dr. Ted Tewksbury, president and CEO of IDT. “Revenue from RapidIO solutions serving our 4G/LTE base station customers hit record levels and sales from our core timing and memory interface product lines improved significantly from the prior quarter. We also expanded operating margins through continued improvements in gross margin and persistent focus on cost controls.”

“We’re off to a strong start for fiscal 2014 with improving fundamentals and leadership positions in timing, wireless power and interfaces. With major product declines behind us, new products designed in and revenue ramping, our attention is focused on continued operating margin expansion. We remain committed to delivering 60 percent non-GAAP gross margins and 20 percent non-GAAP operating margins through growth in our core and new product businesses combined with judicious cost reductions.”

Recent Highlights

IDT recently announced:

  • The divestiture of its PCI Express enterprise flash controller business to PMC-Sierra for approximately $96 million in cash.
  • The industry’s first low-power quad 16-bit DACs with high-speed JESD204B interface enabling wide bandwidth support and simplified board routing in 4G multi-carrier broadband wireless applications.
  • A low-noise timing chipset for wireless base station radio cards, offering engineers the tools needed to solve phase noise-related challenges and build cutting-edge wireless systems.
  • The World’s lowest jitter Synchronous Ethernet single-chip timing solution that reduces jitter by over 50 percent versus competing solutions and meets the industry’s most stringent 10G or 40G Ethernet performance requirements.
  • Breakthrough timing architectures enabling the industry’s lowest phase noise VCO and fractional output divider. The new designs empower customers to solve phase noise-related challenges in high-performance communication and networking applications.
  • A cross-platform power management solution system-validated by Intel, for Intel® Atom™ processors, Intel® Xeon® processors and Intel® Core™ processors. IDT’s innovative distributed power solution offers tremendous flexibility for point-of-load regulation, circuit board routing, and thermal distribution.
  • The industry’s most integrated WPC 1.1 Qi-certified wireless power transmitters, offering wireless charger manufacturers the smallest application footprint and bill-of-materials (BOM) of any solution on the market today.
  • Its wireless power transmitter has been selected for TYLT’s award-winning “VÜ” wireless charging base. IDT’s solution was selected for its multi-coil support, compact size, reduced bill-of-materials (BOM), functional flexibility, programmability, and superior customer support.

The following highlights the Company’s financial performance on both a GAAP and supplemental non-GAAP basis. The Company provides supplemental information regarding its operating performance on a non-GAAP basis that excludes certain gains, losses and charges which occur relatively infrequently and which management considers to be outside our core operating results. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP. A complete reconciliation of GAAP to non-GAAP results from continuing operations is attached to this press release.

  • Revenue for the fiscal first quarter of 2014 was $118.0 million, compared with $130.2 million reported in the same period one year ago.
  • GAAP net loss from continuing operations for the fiscal first quarter of 2014 was $2.3 million, or a loss of $0.02 per diluted share, versus GAAP net income from continuing operations of $0.5 million or breakeven per diluted share in the same period one year ago. Fiscal first quarter 2014 GAAP results include $6.2 million in acquisition and restructuring related charges, $5.0 million in stock-based compensation, and $0.8 million from related tax effects.
  • Non-GAAP net income from continuing operations for the fiscal first quarter of 2014 was $8.2 million or $0.05 per diluted share, compared with non-GAAP net income from continuing operations of $11.0 million or $0.08 per diluted share reported in the same period one year ago.
  • GAAP gross profit for the fiscal first quarter of 2014 was $66.2 million, or 56.1 percent, compared with GAAP gross profit of $72.5 million, or 55.7 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal first quarter of 2014 was $69.3 million, or 58.8 percent, compared with non-GAAP gross profit of $77.0 million, or 59.2 percent, reported in the same period one year ago.
  • GAAP R&D expense for the fiscal first quarter of 2014 was $40.8 million, compared with GAAP R&D expense of $41.5 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal first quarter of 2014 was $37.3 million, compared with non-GAAP R&D of $39.7 million in the same period one year ago.
  • GAAP SG&A expense for the fiscal first quarter of 2014 was $27.8 million, compared with GAAP SG&A expense of $36.4 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal first quarter of 2014 was $23.4 million, compared with non-GAAP SG&A expense of $24.6 million in the same period one year ago.

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