IDT Reports Fiscal First Quarter 2009 Results

INTEGRATED DEVICE TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)

(In thousands)

    Three Months Ended
  June 29,   March 30,   July 1,
  2008     2008     2007  
 
GAAP Net Income (Loss) $ 9,154   $ 17,099   $ (1,096 )
GAAP Diluted Income (Loss) Per Share $ 0.05   $ 0.10   $ (0.01 )
Acquisition Related:
Amortization of acquisition related intangibles 20,860 24,485 31,075
Acquisition related costs (1) (3 ) 244 1,108
Restructuring Related:
Severance and retention costs 834 522 (9 )
Assembly transition costs (2) - - 275
Facility closure costs (3) 76 106 151
Other:
Acquisition related interest income (4) - (781 ) -
Stock-based compensation expense 8,129 8,221 11,830
Tax effects of Non-GAAP adjustments (5)   124     (7,216 )   801  
Non-GAAP Net Income $ 39,174   $ 42,680   $ 44,135  
Non-GAAP Diluted Earnings Per Share $ 0.23   $ 0.24   $ 0.22  
Weighted average shares:
Basic 171,080 178,132 193,254
Diluted 171,366 178,190 197,898
 
GAAP gross profit   84,459     77,930     84,888  
Acquisition Related:
Amortization of acquisition related intangibles 14,771 15,522 15,630
Acquisition related costs (1) - 139 453
Restructuring Related:
Severance and retention costs 656 15 (9 )
Assembly transition costs (2) - - 275
Facility closure costs (3) 25 64 92
Other:
Stock-based compensation expense   786     748     1,053  
Non-GAAP gross profit   100,697     94,418     102,382  
 
GAAP R&D Expenses:   43,619     38,408     44,699  
Acquisition Related:
Amortization of acquisition related intangibles (19 ) (19 ) (62 )
Acquisition related costs (1) 2 (56 ) (96 )
Restructuring Related:
Severance and retention costs (7 ) (468 ) -
Facility closure costs (3) (37 ) (28 ) (41 )
Other:
Stock-based compensation expense   (5,152 )   (4,791 )   (6,731 )
Non-GAAP R&D Expenses   38,406     33,046     37,769  
 
GAAP SG&A Expenses:   32,965     34,051     45,114  
Acquisition Related:
Amortization of acquisition related intangibles (6,070 ) (8,944 ) (15,383 )
Acquisition related costs (1) 1 (50 ) (559 )
Restructuring Related:
Severance and retention costs (171 ) (38 ) -
Facility closure costs (3) (14 ) (14 ) (18 )
Other:
Stock-based compensation expense   (2,191 )   (2,682 )   (4,046 )
Non-GAAP SG&A Expenses   24,520     22,323     25,108  
 
GAAP Interest income and other, net   1,447     3,062     5,811  
Acquisition related interest income (4) - (781 ) -
Non-GAAP Interest income and other, net   1,447     2,281     5,811  
 
GAAP Provision (benefit) for Income Taxes   168     (8,566 )   1,982  
Tax effects of Non-GAAP adjustments (5) (124 ) 7,216 (801 )
Non-GAAP Provision (benefit) for Income Taxes   44     (1,350 )   1,181  

 

(1) Consists of costs incurred in connection with merger and acquisition-related activities, including legal and accounting fees. Also includes costs associated with our merger with ICS, such as additional depreciation resulting from purchase accounting and costs associated with the exit of previously leased facilities.

 

(2) Consists of the costs incurred as the Company transitioned its assembly operations in Malaysia to a third-party.

 

(3) Consists of ongoing costs associated with the exit of our leased facilities.

 

(4) Consists of interest income from the tax settlement with IRS related to ICS pre-acquisition tax returns.

 

(5) Consists of the tax effects of acquisition-related non-GAAP adjustments. Q4 2008 includes the impact of adjustments to our tax liabilities as result of extension of the pioneer tax status in Singapore.


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