Q4 Revenue of $108.5 Million, FY13 Revenue of $487.2 Million
New Product Revenue up 6 Percent Q/Q & up 56 Percent Y/Y
SAN JOSE, Calif. — (BUSINESS WIRE) — April 29, 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 fourth quarter and year ended March 31, 2013.
“We delivered Q4 results that were in line with our prior projections,” said Dr. Ted Tewksbury, president and CEO of IDT. “Revenue from new products was up 6 percent sequentially which was offset by weakness in our core and base businesses. Despite the sequential decline in total revenue, gross margins were slightly higher on better product mix, we were able to maintain non-GAAP profitability as expected, and we generated positive cash flow from operations during the quarter.”
“Despite a challenging fiscal year 2013, revenue from new product categories grew 56 percent year-over-year and represented 18 percent of total revenue, in line with our projections from our analyst day a year ago. This highlights the success we are seeing in these new areas but that growth was offset by declines in our base and core businesses, reflecting a difficult demand environment across all of our end markets. We also drove gross margins to 10-year highs in fiscal 2013 by adopting a fabless model and focusing on higher margin products. As we enter fiscal 2014, we believe that the continued momentum of new product adoption, recovery in our core and base businesses, continued strength in gross margins and planned reductions in operating expenses will enable us to expand our operating margins throughout the year.”
IDT recently announced:
- The divestiture of its smart meter business to Atmel in an all-cash transaction
- The industry’s first dual-mode wireless power receiver IC compatible with both WPC and PMA standards. The innovative solution eliminates compatibility barriers between wireless power transmission standards, allowing OEMs to address multiple standards with a single device
- The industry’s first intelligent, scalable power management solution with distributed output current capability to meet varying SoC power requirements and overcome thermal limitations
- It won the Prestigious 2013 China ACE Award and China Electronic Market Magazine’s Editor’s Choice Award for its wireless power solution
- The industry’s first low-overshoot RF digital step attenuator with integrated coupling capacitors. This drop-in Glitch-Free™ DSA integrates DC-blocking capacitors to simplify the bill-of-materials and maximize performance in base station and industrial applications
- Data compression IP offering industry’s highest performance for 3G and 4G wireless infrastructure applications. The patent-protected compression IP reduces system cost by enabling the use of low cost fiber to connect remote radio units to the baseband unit in wireless infrastructure
- The world’s lowest jitter MEMS oscillators with integrated frequency margining capability. The MEMS oscillators offer only 100 femtoseconds of typical phase jitter and adaptable output frequency to reduce bit error rates in high-performance 10GbE and networking applications
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 fourth quarter of 2013 was $108.5 million, compared with $119.1 million reported in the same period one year ago. Revenue for fiscal year 2013 was $487.2 million, compared with $526.7 million in fiscal year 2012.
- GAAP net loss from continuing operations for the fiscal fourth quarter of 2013 was $10.6 million, or a loss of $0.07 per diluted share, versus GAAP net income from continuing operations of $17.4 million or $0.12 per diluted share in the same period one year ago. Fiscal fourth quarter 2013 GAAP results include $6.4 million in asset impairments and other adjustments, $4.0 million in stock-based compensation, $0.2 million in acquisition and restructuring related charges and $1.5 million from related tax effects.
- Non-GAAP net income from continuing operations for the fiscal fourth quarter of 2013 was $1.5 million or $0.01 per diluted share, compared with non-GAAP net income from continuing operations of $7.1 million or $0.05 per diluted share reported in the same period one year ago. Non-GAAP net income from continuing operations for fiscal year 2013 was $31.3 million, compared with $56.6 million in fiscal year 2012.
- GAAP gross profit for the fiscal fourth quarter of 2013 was $59.5 million, or 54.8 percent, compared with GAAP gross profit of $63.6 million, or 53.4 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal fourth quarter of 2013 was $63.2 million, or 58.2 percent, compared with non-GAAP gross profit of $68.7 million, or 57.7 percent, reported in the same period one year ago.
- GAAP R&D expense for the fiscal fourth quarter of 2013 was $45.7 million, compared with GAAP R&D expense of $41.3 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal fourth quarter of 2013 was $38.5 million, which was flat with non-GAAP R&D of $38.5 million in the same period one year ago.
- GAAP SG&A expense for the fiscal fourth quarter of 2013 was $29.1 million, compared with GAAP SG&A expense of $26.4 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal fourth quarter of 2013 was $22.5 million, compared with non-GAAP SG&A expense of $22.4 million in the same period one year ago.