IDT Reports Fiscal First Quarter 2010 Results

Webcast and Conference Call Information

Investors can listen to a live or replay webcast of the Company’s quarterly financial conference call at http://www.IDT.com. The live webcast will begin at 1:30 p.m. Pacific time on July 28, 2009. The webcast replay will be available after 5:00 p.m. Pacific time on July 28, 2009.

Investors can also listen to the live call at 1:30 p.m. Pacific time on July 28, 2009 by calling (800) 230-1085 or (612) 332-0107. The conference call replay will be available after 5:00 p.m. Pacific time on July 28, 2009 through 11:59 p.m. Pacific time on August 4, 2009 at (800) 475-6701 or (320) 365-3844. The access code is 107115.

About IDT

With the goal of continuously improving the digital media experience, IDT integrates its fundamental semiconductor heritage with essential innovation, developing and delivering low-power, mixed signal solutions that solve customer problems. Headquartered in San Jose, Calif., IDT has design, manufacturing and sales facilities throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol "IDTI". Additional information about IDT is accessible at www.IDT.com.

Forward Looking Statements

Investors are cautioned that forward-looking statements in this release, including but not limited to statements regarding demand for Company products, customer ordering patterns, channel inventory, anticipated trends in Company sales, expenses and profits, and macroeconomic conditions involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include, but are not limited to, global business and economic conditions, fluctuations in product demand, manufacturing capacity and costs, inventory management, competition, pricing, patent and other intellectual property rights of third parties, timely development and introduction of new products and manufacturing processes, dependence on one or more customers for a significant portion of sales, successful integration of acquired businesses and technology, availability of capital, cash flow and other risk factors detailed in the Company’s Securities and Exchange Commission filings. The Company urges investors to review in detail the risks and uncertainties in the Company’s Securities and Exchange Commission filings, including but not limited to the Annual Report on Form 10-K as amended for the fiscal year ended March 29, 2009. All forward-looking statements are made as of the date of this release and the Company disclaims any duty to update such statements.

Non-GAAP Reporting

The Company presents non-GAAP financial measures because the financial community uses non-GAAP results in its analysis and comparison of historical results and projections of the Company's future operating results. These non-GAAP results exclude impairment charges, acquisition-related charges, share-based compensation expense and certain other expenses and benefits. Management uses these non-GAAP measures to manage and assess the profitability of the business. These non-GAAP results are also consistent with another way management internally analyzes IDT’s results and may be useful. The Company has reconciled such non-GAAP results to the most directly comparable GAAP financial measures in the financial tables at the end of this press release.

Reference to these non-GAAP results should be considered in addition to results that are prepared under current accounting standards, but should not be considered a substitute for results that are presented in accordance with GAAP. It should also be noted that IDT's non-GAAP information may be different from the non-GAAP information provided by other companies.

IDT and the IDT logo are trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners. IDT, Hollywood Quality Video, HQV, PanelPort, Tundra, Vida, ViewXpand and the IDT logo are trademarks or registered trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

 
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
    Three Months Ended
  June 28,   March 29, June 29,
2009 2009 2008
 
Revenues $ 115,954 $ 107,417 $ 188,208
 
Cost of revenues   68,789     74,250   (1 )   103,749  
 
Gross profit   47,165     33,167   (1 )   84,459  
 
Operating expenses:
 
Research and development 36,315 38,795 43,619
 
Selling, general and administrative 25,435 29,753 32,965
 
Goodwill and intangible assets impairment   -     686,634     -  
 
Total operating expenses   61,750     755,182     76,584  
 
Operating income (loss) (14,585 ) (722,015 ) (1 ) 7,875
 
Interest expense (19 ) (13 ) (18 )
 
Interest income and other, net   1,425     609     1,465  
 
Income (loss) before income taxes (13,179 ) (721,419 ) (1 ) 9,322
 
Provision (benefit) for income taxes   942     (683 )   168  
 
 
Net income (loss) $ (14,121 ) $ (720,736 ) (1 ) $ 9,154  
 
 
Net income (loss) per share:
 
Basic $ (0.09 ) $ (4.38 ) (1 ) $ 0.05
 
Diluted $ (0.09 ) $ (4.38 ) (1 ) $ 0.05
 
Weighted average shares:
 
Basic 165,430 164,735 171,080
 
Diluted 165,430 164,735 171,366
 

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