IDT Reports Q2 Fiscal Year 2014 Financial Results

           
 
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended Six Months Ended
Sept. 29, June 30, Sept. 30, Sept. 29, Sept. 30,
2013

 

2013 2012 2013 2012
Revenues $ 124,649 $ 117,982 $ 133,401 $ 242,631 $ 263,562
Cost of revenues   53,800   51,809     58,774     105,609       116,422  
Gross profit 70,849 66,173 74,627 137,022 147,140
Operating expenses:
Research and development 42,216 40,849 42,387 83,065 83,931
Selling, general and administrative   28,045   27,843     32,750     55,888       69,162  
Total operating expenses   70,261   68,692     75,137     138,953       153,093  
 
Operating income (loss)   588   (2,519 )   (510 )   (1,931 )     (5,953 )
 
Gain from divestiture 82,349 - - 82,349 -
Other income (expense), net   756   57     (206 )   813     1,794  
Income (loss) from continuing operations before income taxes 83,693 (2,462 ) (716 ) 81,231 (4,159 )
Provision (benefit) for income taxes   42   (198 )   (33 )   (156 )     (4,019 )
 
Net income (loss) from continuing operations 83,651 (2,264 ) (683 ) 81,387 (140 )
 
Discontinued operations:
Gain from divestiture - - 886 - 886
Loss from discontinued operations - - (273 ) - (5,131 )
Provision for income taxes   -   -     3     -       3  
Net income (loss) from discontinued operations - - 610 - (4,248 )
 
Net income (loss) $ 83,651 $ (2,264 ) $ (73 ) $ 81,387     $ (4,388 )
 
Basic net income (loss) per share continuing operations $ 0.56 $ (0.02 ) $ - $ 0.55 $ -
Basic net income (loss) per share discontinued operations   -   -     -     -       (0.03 )
Basic net income (loss) per share $ 0.56 $ (0.02 ) $ -   $ 0.55     $ (0.03 )
 
Diluted net income (loss) per share continuing operations $ 0.54 $ (0.02 ) $ - $ 0.54 $ -
Diluted net income (loss) per share discontinued operations   -   -     -     -       (0.03 )
Diluted net income (loss) per share $ 0.54 $ (0.02 ) $ -   $ 0.54     $ (0.03 )
 
Weighted average shares:
Basic   149,814   147,056     143,519     148,157       143,055  
Diluted   153,497   147,056     143,519     151,630       143,055  
 
 
INTEGRATED DEVICE TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (a)
(Unaudited)
(In thousands, except per share data)              
Three Months Ended

Six Months Ended

Sept. 29, June 30, Sept. 30, Sept. 29, Sept. 30,
  2013     2013     2012     2013     2012  
 
GAAP net income (loss) from continuing operations $ 83,651   $ (2,264 ) $ (683 ) $ 81,387   $ (140 )
GAAP diluted net income (loss) per share continuing operations $ 0.54   $ (0.02 ) $ -   $ 0.54   $ -  
Acquisition related:
Amortization of acquisition related intangibles 4,238 4,321 5,573 8,559 10,464
Acquisition related legal and consulting fees 271 730 3,630 1,001 8,466
Other acquisition related costs - - 1,200 - 3,000
Fair market value adjustment to acquired inventory sold - - 100 - 458
Restructuring related:
Severance and retention costs 4,499 1,174 2,237 5,673 2,952
Facility closure costs 13 8 34 21 47
Gain on divestiture (82,349 ) - - (82,349 ) -
Assets impairment and other 4,080 (36 ) (59 ) 4,044 (118 )
Other:
Stock-based compensation expense 2,492 4,986 3,617 7,478 6,739
Expenses related to stockholder activities - - 38 - 2,614
Compensation expense (benefit)—deferred compensation plan 623 (100 ) 480 523 344
Loss (gain) on deferred compensation plan securities (619 ) 101 (477 ) (518 ) (163 )
Life insurance proceeds received - - - - (2,313 )
Tax effects of Non-GAAP adjustments   (1,169 )   (761 )   (3,076 )   (1,930 )   (8,753 )
Non-GAAP net income from continuing operations $ 15,730 $ 8,159 $ 12,614 $ 23,889 $ 23,597
GAAP weighted average shares - diluted 153,497 147,056 143,519 151,630 143,055
Non-GAAP adjustment   3,065     5,884     2,907     2,836     2,929  
Non-GAAP weighted average shares - diluted   156,562     152,940     146,426     154,466     145,984  
Non-GAAP diluted net income per share continuing operations $ 0.10   $ 0.05   $ 0.09   $ 0.15   $ 0.16  
 
GAAP gross profit   70,849     66,173     74,627     137,022     147,140  
Acquisition and divestiture related:
Amortization of acquisition related intangibles 2,905 2,905 3,890 5,810 7,512
Fair market value adjustment to acquired inventory sold - - 100 - 458
Restructuring related:
Severance and retention costs 86 1 306 87 607
Facility closure costs 4 2 3 6 9
Assets impairment and other (38 ) (36 ) (59 ) (74 ) (118 )
Other:
Compensation expense (benefit)—deferred compensation plan 192 (31 ) 120 161 86
Stock-based compensation expense   392     333     252     725     555  
Non-GAAP gross profit   74,390     69,347     79,239     143,737     156,249  
 
GAAP R&D expenses:   42,216     40,849     42,387     83,065     83,931  
Restructuring related:
Severance and retention costs (2,751 ) (1,092 ) (1,070 ) (3,843 ) (1,410 )
Facility closure costs (5 ) (2 ) (28 ) (7 ) (32 )
Other:
Assets impairment & other (4,118 ) - - (4,118 ) -
Compensation expense (benefit)—deferred compensation plan (323 ) 52 (290 ) (271 ) (208 )
Stock-based compensation expense   (550 )   (2,472 )   (1,873 )   (3,022 )   (3,415 )
Non-GAAP R&D expenses   34,469     37,335     39,126     71,804     78,866  
 
GAAP SG&A expenses:   28,045     27,843     32,750     55,888     69,162  
Acquisition and divestiture related:
Amortization of acquisition related intangibles (1,333 ) (1,416 ) (1,683 ) (2,749 ) (2,952 )
Acquisition related legal and consulting fees (271 ) (730 ) (3,630 ) (1,001 ) (8,466 )
Other acquisition related costs - - (1,200 ) - (3,000 )
Restructuring related:
Severance and retention costs (1,662 ) (81 ) (861 ) (1,743 ) (935 )
Facility closure costs (4 ) (4 ) (3 ) (8 ) (6 )
Other:
Compensation expense (benefit)—deferred compensation plan (108 ) 17 (70 ) (91 ) (50 )
Stock-based compensation expense (1,550 ) (2,181 ) (1,492 ) (3,731 ) (2,769 )
Expenses related to stockholder activities   -     -     (38 )   -     (2,614 )
Non-GAAP SG&A expenses   23,117     23,448     23,773     46,565     48,370  
 
GAAP interest income and other, net 756 57 (206 ) 813 1,794
Loss (gain) on deferred compensation plan securities (619 ) 101 (477 ) (518 ) (163 )
Life insurance proceeds received   -     -     -     -     (2,313 )
Non-GAAP interest income and other, net   137     158     (683 )   295     (682 )
 
GAAP provision (benefit) for income taxes continuing operations 42 (198 ) (33 ) (156 ) (4,019 )
Tax effects of Non-GAAP adjustments (7)   1,169     761     3,076     1,930     8,753  
Non-GAAP provision for income taxes continuing operations   1,211     563     3,043     1,774     4,734  
 
(a) Refer to the accompanying “Notes to Non-GAAP Financial Measures” for a detailed discussion of management’s use of non-GAAP financial measures.
       
 
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
Sept. 29, March 31,
(In thousands) 2013 2013
 
ASSETS
Current assets:
Cash and cash equivalents $ 109,671 $ 130,837
Short-term investments 320,237 166,333
Accounts receivable, net 71,491 62,083
Inventories 57,675 56,555
Prepaid and other current assets   15,614   24,697
Total current assets 574,688 440,505
 
Property, plant and equipment, net 73,470 74,988
Goodwill 137,601 144,924
Acquisition-related intangibles 40,042 48,602
Other assets   18,992   19,560
TOTAL ASSETS $ 844,793 $ 728,579
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 27,928 $ 23,244
Accrued compensation and related expenses 20,931 21,090
Deferred income on shipments to distributors 13,566 14,539
Deferred taxes liabilities 997 1,000
Other accrued liabilities   14,943   14,652
Total current liabilities 78,365 74,525
 
Deferred tax liabilities 1,552 1,552
Long term income taxes payable 299 454
Other long term obligations   20,411   22,022
Total liabilities 100,627 98,553
 
Stockholders' equity   744,166   630,026
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 844,793 $ 728,579

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