IDT Reports Q4 and Fiscal Year 2014 Financial Results

Q4 Revenue of $118.6M, up 10 Percent Y/Y

Q4 Cash from Operations of $27.4M, 23% of revenue

SAN JOSE, Calif. — (BUSINESS WIRE) — May 5, 2014 — Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions, today announced results for the fiscal fourth quarter and fiscal year ended March 30, 2014.

“We concluded fiscal year 2014 on a high note with strong Q4 revenue, non-GAAP operating margin and earnings per share,” said Greg Waters, president and chief executive officer. “The strength in revenues for the fourth fiscal quarter was primarily driven by sales in our Communications end market as the build-out of global 4G/LTE infrastructure accelerated. Non-GAAP gross margin was slightly impacted by inventory reserves associated with our previous fab closure transition and product mix. However, with our continued focus on expense control, we exceeded our guidance for non-GAAP operating margins and non-GAAP EPS, delivering 19.5% and $0.14 per fully diluted share, respectively.”

“We have successfully transformed IDT into a company that generates earnings power as our revenue continues to grow, all supported by a very strong balance sheet. We are investing in high-growth markets and believe we can grow market share in all of our target market segments through the course of this fiscal year,” concluded Mr. Waters.

Recent Business Highlights

  • Nominated for four prestigious ACE awards, presented by UBM Tech's EE Times and EDN publications, IDT won top prize in the “Ultimate Products” category for its third generation Universal Frequency Translator (UFT) clocking family. The three other nominations were for the Timing Commander™ software, an RF-PLL and DDR4 data buffer.
  • IDT announced the mass production of its JEDEC 1.0-compliant DDR4 chipset—already validated by Intel® to meet the requirements of the future Intel Xeon™ processor E5-2600 v3 product family--for use in RDIMMs and LRDIMMs.
  • IDT extended its leadership in the timing market with the VersaClock 5 family of programmable clock generators, the best-in-class, complete clock tree solution for cost-sensitive, low-power consumer and low-jitter communication timing applications.
  • IDT introduced the industry’s first Ethernet and IEEE 1588 timing devices optimized for smart grid and industrial automation applications. The new low-jitter timing products improve the accuracy and reliability of IEEE 1588 time transport and offer important flexibility with an integrated Ethernet digital PLL (DPLL) and digitally-controlled oscillator (DCO) in a single chip.
  • IDT announced a new family of ultra-compact wireless power receivers offering a board area footprint reduction up to 70% compared to switching regulator-based solutions. The latest Wireless Power Consortium's (WPC) and Power Matter's Alliance (PMA)-compliant devices expand IDT's industry-leading wireless power portfolio to address densely populated, cost-sensitive portable applications.
  • IDT introduced the industry's first dual-mode wireless power receiver compatible with both the WPC 1.1 standard, as well as the PMA 1.1 standard. The innovative solution enables OEMs to use a single wireless power receiver IC to develop mobile devices fully compatible with the latest versions of both Qi and PMA charging bases.

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 high speed data converter business is classified as assets held for sale and is treated as discontinued operations for all periods presented. IDT has excluded results from the high speed data converter business from current and historical 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.

  • Revenue from continuing operations for the fiscal fourth quarter of 2014 was $118.6 million, compared with $107.8 million reported in the same period one year ago.
  • GAAP net income from continuing operations for the fiscal fourth quarter of 2014 was $5.4 million, or $0.04 per diluted share, versus a GAAP net loss from continuing operations of $5.5 million or a loss of $0.04 per share in the same period one year ago. Fiscal fourth quarter 2014 GAAP results include a $14.5 million loss relating to amortization and impairment of intangible assets and other acquisition/divestiture related charges, $2.4 million in stock-based compensation expense, $1.1 million in restructuring related charges, and $1.3 million expense from related tax effects.
  • Non-GAAP net income for the fiscal fourth quarter of 2014 was $22.1 million or $0.14 per diluted share, compared with non-GAAP net income of $4.9 million or $0.03 per diluted share reported in the same period one year ago.
  • GAAP gross profit from continuing operations for the fiscal fourth quarter of 2014 was $61.1 million, or 51.5 percent, compared with GAAP gross profit of $59.5 million, or 55.2 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal fourth quarter of 2014 was $72.5 million, or 61.1 percent, compared with non-GAAP gross profit of $62.7 million, or 58.2 percent, reported in the same period one year ago.
  • GAAP R&D expense for the fiscal fourth quarter of 2014 was $32.7 million, compared with GAAP R&D expense of $42.1 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal fourth quarter of 2014 was $28.4 million, compared with non-GAAP R&D of $35.0 million in the same period one year ago.
  • GAAP SG&A expense for the fiscal fourth quarter of 2014 was $23.2 million, compared with GAAP SG&A expense of $27.8 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal fourth quarter of 2014 was $20.9 million, compared with non-GAAP SG&A expense of $22.1 million in the same period one year ago.

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