IDT Reports Q3 Fiscal Year 2015 Financial Results

                             
 
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
Dec. 28, Sept. 28, Dec. 29, Dec. 28, Dec. 29,
  2014     2014     2013     2014     2013  
Revenues $ 151,160 $ 137,093 $ 124,628 $ 414,555 $ 366,139
Cost of revenues   59,796     55,217     49,689     167,306     154,317  
Gross profit 91,364 81,876 74,939 247,249 211,822
Operating expenses:
Research and development 32,825 30,742 31,063 95,617 107,939
Selling, general and administrative   27,165     26,795     23,687     79,419     77,826  
Total operating expenses   59,990     57,537     54,750     175,036     185,765  
 
Operating income   31,374     24,339     20,189     72,213     26,057  
 
Gain (loss) from divestiture - - (3,415 ) - 78,934
Other income, net   1,558     405     1,108     2,825     1,921  
Income from continuing operations before income taxes 32,932 24,744 17,882 75,038 106,912
Provision for income taxes   91     498     543     840     661  
 
Net income from continuing operations 32,841 24,246 17,339 74,198 106,251
 
Discontinued operations:
Gain from divestiture - - - 16,840 -
Loss from discontinued operations (14,538 ) (9,747 ) (10,123 ) (36,438 ) (17,922 )
Provision for (benefit from) income taxes   (55 )   57     268     (43 )   (6 )
Net loss from discontinued operations (14,483 ) (9,804 ) (10,391 ) (19,555 ) (17,916 )
 
Net income $ 18,358   $ 14,442   $ 6,948   $ 54,643   $ 88,335  
 
Basic net income per share - continuing operations $ 0.22 $ 0.16 $ 0.11 $ 0.50 $ 0.71
Basic net loss per share - discontinued operations   (0.10 )   (0.06 )   (0.06 )   (0.13 )   (0.12 )
Basic net income per share $ 0.12   $ 0.10   $ 0.05   $ 0.37   $ 0.59  
 
Diluted net income per share - continuing operations $ 0.21 $ 0.16 $ 0.11 $ 0.48 $ 0.70
Diluted net loss per share - discontinued operations   (0.09 )   (0.07 )   (0.07 )   (0.12 )   (0.12 )
Diluted net income per share $ 0.12   $ 0.09   $ 0.04   $ 0.36   $ 0.58  
 
Weighted average shares:
Basic   148,552     148,683     151,018     148,844     148,835  
Diluted   153,973     153,784     155,035     153,904     152,560  
                               
 
INTEGRATED DEVICE TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (a)
(Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
Dec. 28,

Sept. 28,

Dec. 29, Dec. 28, Dec. 29,
  2014     2014     2013     2014     2013  
 
GAAP net income from continuing operations $ 32,841  

 

$ 24,246   $ 17,339   $ 74,198   $ 106,251  
GAAP diluted net income per share continuing operations $ 0.21  

 

$ 0.16   $ 0.11   $ 0.48   $ 0.70  
Acquisition related:
Amortization of acquisition related intangibles 1,347

 

1,676 3,322 5,572 9,965
Acquisition related legal and consulting fees (125 )

 

- 21 (125 ) 729
Restructuring related:
Severance and retention costs 129

 

319 400 974 6,073
Facility closure costs 209

 

20 6 276 27
Loss (gain) from divestiture -

 

- 3,415 - (78,934 )
Assets impairment and other -

 

401 (151 ) 2,703 3,893
Other:
Stock-based compensation expense 5,878

 

5,929 3,169 16,769 10,309
Gain from divestiture (104 ) - - (104 ) -
Assets impairment and other -

 

-

(114 ) - (114 )
Compensation expense (benefit) - deferred compensation plan 525

 

(242 ) 557 777 1,080
(Gain) loss on deferred compensation plan securities (500 )

 

245 (627 ) (735 ) (1,145 )
Tax effects of Non-GAAP adjustments   (1,521 )

 

  (826 )   (1,402 )   (3,206 )   (3,058 )
Non-GAAP net income from continuing operations $ 38,679

 

$ 31,768 $ 25,935 $ 97,099 $ 55,076
GAAP weighted average shares - diluted 153,973

 

153,784 155,035 153,904 152,560
Non-GAAP adjustment   1,463  

 

  2,128     2,099     1,802     2,659  
Non-GAAP weighted average shares - diluted   155,436  

 

  155,912     157,134     155,706     155,219  
Non-GAAP diluted net income per share continuing operations $ 0.25  

 

$ 0.20   $ 0.17   $ 0.62   $ 0.35  
 
GAAP gross profit $ 91,364  

 

$ 81,876   $ 74,939   $ 247,249   $ 211,822  
Acquisition related:
Amortization of acquisition related intangibles 959

 

1,264 2,435 3,909 7,305
Restructuring related:
Severance and retention costs (96 )

 

96 - 23

 

87
Facility closure costs -

 

- 2 - 8
Assets impairment and other -

 

334 (28 ) 2,269 (102 )
Other:
Assets impairment and other - - (114 ) - (114 )
Compensation expense (benefit) - deferred compensation plan 156

 

(70 ) 172 233 333
Stock-based compensation expense   592  

 

  436     403     1,347     1,128  
Non-GAAP gross profit $ 92,975  

 

$ 83,936   $ 77,809   $ 255,030   $ 220,467  
 
GAAP R&D expenses: $ 32,825  

 

$ 30,742   $ 31,063   $ 95,617   $ 107,939  
Restructuring related:
Severance and retention costs (91 )

 

(136 ) (86 ) (467 ) (3,929 )
Facility closure costs (209 )

 

- (2 ) (209 ) (9 )
Assets impairment and other - (67 ) - (434 ) -
Other:
Assets impairment and other - - 123 - (3,995 )
Compensation expense (benefit) - deferred compensation plan (255 )

 

114 (289 ) (381 ) (560 )
Stock-based compensation expense   (2,562 )

 

  (2,464 )   (1,514 )   (7,547 )   (4,212 )
Non-GAAP R&D expenses $ 29,708  

 

$ 28,189   $ 29,295   $ 86,579   $ 95,234  
 
GAAP SG&A expenses: $ 27,165  

 

$ 26,795   $ 23,687   $ 79,419   $ 77,826  
Acquisition related:
Amortization of acquisition related intangibles (388 )

 

(412 ) (887 ) (1,663 ) (2,660 )
Acquisition related legal and consulting fees 125

 

- (21 ) 125 (729 )
Restructuring related:
Severance and retention costs (134 )

 

(87 ) (314 ) (484 ) (2,057 )
Facility closure costs -

 

(20 ) (2 ) (67 ) (10 )
Other:
Compensation expense (benefit) - deferred compensation plan (114 )

 

58 (96 ) (163 ) (187 )
Stock-based compensation expense   (2,724 )

 

  (3,029 )   (1,252 )   (7,875 )   (4,969 )
Non-GAAP SG&A expenses $ 23,930  

 

$ 23,305   $ 21,115   $ 69,292   $ 67,214  
 
GAAP interest income and other, net $ 1,558

 

$ 405 $ 1,108 $ 2,825 $ 1,921
Gain from divestiture (104 ) - - (104 ) -
(Gain) loss on deferred compensation plan securities   (500 )

 

  245     (627 )   (735 )   (1,145 )
Non-GAAP interest income and other, net $ 954  

 

$ 650   $ 481   $ 1,986   $ 776  
 
GAAP provision for income taxes - continuing operations $ 91

 

$ 498 $ 543 $ 840 $ 661
Tax effects of Non-GAAP adjustments   1,521  

 

  826     1,402     3,206     3,058  
Non-GAAP provision for income taxes - continuing operations $ 1,612  

 

$ 1,324   $ 1,945   $ 4,046   $ 3,719  
 
 
(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)
 
Dec. 28, March 30,
(In thousands)   2014   2014
 
ASSETS
Current assets:
Cash and cash equivalents $ 127,787 $ 91,211
Short-term investments 383,566 362,604
Accounts receivable, net 76,294 68,904
Inventories 40,945 49,622
Prepaid and other current assets   15,203   13,034
Total current assets 643,795 585,375
 
Property, plant and equipment, net 64,744 69,827
Goodwill 135,644 135,644
Acquisition-related intangibles 6,535 18,741
Other assets   26,556   21,373
TOTAL ASSETS $ 877,274 $ 830,960
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 26,043 $ 25,442
Accrued compensation and related expenses 37,949 24,343
Deferred income on shipments to distributors 15,244 14,006
Deferred taxes liabilities 1,396 1,346
Other accrued liabilities   22,385   11,525
Total current liabilities 103,017 76,662
 
Deferred tax liabilities 1,494 1,494
Long term income taxes payable 353 266
Other long-term obligations   18,469   18,683
Total liabilities 123,333 97,105
 
Stockholders' equity   753,941   733,855
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 877,274 $ 830,960

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