IDT Reports Q3 Fiscal Year 2014 Financial Results

Q3 GAAP Gross Margin (from Continuing Operations) of 60.1% (Non-GAAP 62.4%)

Q3 GAAP Operating Margin (from Continuing Operations) of 16.2% (Non-GAAP 22.0%)

Q3 GAAP EPS (from Continuing Operations) of $0.11 (Non-GAAP $0.17)

SAN JOSE, Calif. — (BUSINESS WIRE) — February 3, 2014 — 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 third quarter ended December 29, 2013. Third quarter non-GAAP results include the impact of classifying IDT’s high speed data converter business as assets held for sale and discontinued operations. The financial impact of this business has been reclassified out of results from continuing operations. IDT will comply with any works council and/or employee representative obligations that may be applicable in non-U.S. jurisdictions with respect to the contemplated divestiture.

“The third quarter of fiscal 2014 marked a breakthrough in terms of financial performance,” said Greg Waters, president and chief executive officer. “While revenue was in line with the guidance we provided last quarter, a favorable product mix contributed to non-GAAP gross margins above expectations at 62.4%, which, combined with our continued focus on expense control, drove non-GAAP operating margins and non-GAAP EPS from continuing operations to 22.0% and $0.17 per share, respectively.”

“Underpinning these financial results was the continued success in our Communications business, particularly with our RapidIO switching business, where we are seeing increasing sales due to the ongoing build-out of 4G/LTE infrastructure in China and beyond,” continued Mr. Waters. “In addition, we are proud to report that we achieved our stated goal of $1 million in sales of our wireless power products, and we continue to be optimistic about our ability to take share in this exciting new market.”

“We have several key opportunities for growth driven by new product ramps in each of our Communications, Computing and Consumer end markets. In parallel, we will continue to take the appropriate actions to create a business structure that drives increasing earnings power as our top line expands. We remain focused on operational leverage, continued leadership in our target markets, and taking share in our core businesses,” concluded Mr. Waters.

Recent Business Highlights

  • IDT announced the industry’s first single-chip 5V Wireless Power Transmitter Solution. This highly-integrated solution enables development of Qi-compliant USB-powered wireless charging bases with 75% fewer ICs than competing solutions.
  • IDT’s dual-mode wireless power receiver was awarded 'The most competitive wireless power product' in the China Electronics Market (CEM) 2013 Editor's Choice Awards. The IDTP9021 is the industry’s first dual-mode wireless power receiver IC that provides compatibility with both the Power Matters Alliance (PMA) Specification and Wireless Power Consortium (WPC) “Qi” standard.
  • A High-performance Digital Pre-Distortion Demodulator for Wireless Base Stations, further expanding IDT’s Industry-leading RF Signal Chain Portfolio. IDT’s New Integrated DPD Demodulator Improves System Performance while Reducing Solution Cost, Physical Size, and Power Consumption in Wireless Base Stations.
  • IDT RapidIO® 20 Gbps Interconnect Provides Breakthrough Performance in Data Center Products based on a New RapidIO Trade Association Specification. IDT Serial RapidIO Switches Provide 100ns Latency, Energy Efficiency, and Multi-processor Scalability for Data Center and Supercomputing Analytics Applications.
  • A Low-power LVDS Clock Fanout Buffers Offering 60% Power Savings versus competitive offerings. IDT’s Latest Differential Fanout Buffer Family Operates at 1.8V with Comparable AC Performance to 3.3V Versions, for High-performance Communication, Computing, and Networking Applications.
  • The High-performance Programmable Universal Frequency Translator Makes EDN Hot 100 List. The Industry’s Only Single-chip Programmable Solutions Capable of Generating Eight Different Output Frequencies with Less Than 300 Femtoseconds Jitter was Selected for this Honor.
  • IDT’s High performance differential MEMS oscillators and industry first dual-mode wireless power receiver won the 2013 EDN China Innovation Awards. IDT’s 4H-series MEMS Oscillators are the world’s first differential MEMS oscillators with only 100 femtosecond (fs) typical phase jitter performance and integrated frequency margining capability.

The following highlights the Company’s financial performance on both a GAAP and supplemental non-GAAP basis. The company is pursuing the divestiture of its high speed data converter business and is in active discussions with potential buyers. For financial statement purposes, the business will be classified as assets held for sale and will be treated as discontinued operations for all periods presented. IDT has excluded results from the high speed data converter business from current and historical GAAP and non-GAAP results. 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.

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