IDT Reports Fiscal Q1 2011 Financial Results

Revenue up 15 Percent Sequentially to $158.3 Million

Revenue from New Products up 18 Percent Q/Q

Gross Margin Reaches Four-Year High

SAN JOSE, Calif. — (BUSINESS WIRE) — July 26, 2010 — Integrated Device Technology, Inc. (IDT®)(NASDAQ: IDTI), a leading provider of essential mixed signal semiconductor solutions that enrich the digital media experience, today announced results for the fiscal first quarter ended June 27, 2010.

“We outgrew the broader semiconductor market in Q1 with a 15 percent sequential increase in revenue driven by broad based strength across our communications, computing and consumer end markets,” said Dr. Ted Tewksbury, president and CEO of IDT. “Our secular growth story is beginning to materialize in fiscal 2011. We are defending and growing our core businesses while expanding our content in customers’ systems with new analog-intensive mixed signal solutions to achieve higher growth rates. In addition, gross margin reached its highest level in four years, reflecting improved product mix and enabling us to deliver stronger than anticipated operating margins.”

Recent Highlights

IDT recently announced:

  • Its entry into the smart grid market with its first family of metering ICs
  • The industry’s most flexible, intelligent power management IC for portable consumer applications, with integrated CPU, audio, touch controller, battery charger, power management and other key functions
  • The industry’s first motion-compensated frame rate conversion processors with integrated resolution-enhancement engine for use in 120Hz and 240Hz televisions and high-definition video projectors
  • The industry’s first embedded DisplayPort®-based timing controller to support 3-D resolution in notebooks that use a Liquid Crystal Display (LCD) monitor
  • The world's first PCI Express® Gen3 family of timing devices
  • The world’s first family of Serial RapidIO® Gen2 switches for use in the wireless infrastructure, defense, medical and industrial imaging, and professional video markets.
  • It extended its leadership in the memory interface market by announcing a next-generation integrated register and phase-locked loop (PLL) for DDR3 registered dual in-line memory modules (RDIMMs).
  • The newest members of the PureTouch® family of capacitive touch devices, targeting low-channel consumer, white goods and portable devices.

The following highlights the Company’s financial performance on both a GAAP and non-GAAP basis. The GAAP results include certain costs, charges, gains and losses which are excluded from non-GAAP results based on management’s determination that they are not directly reflective of on-going operations. 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 is attached to this press release.

  • Revenue for the fiscal first quarter of 2011 was $158.3 million, up 36 percent from $116.0 million reported in the same period one year ago.
  • GAAP net income for the fiscal first quarter of 2011 was $10.4 million or $0.06 per diluted share, versus a GAAP net loss of $14.1 million or a loss of approximately $0.09 per diluted share in the same period one year ago. Fiscal first quarter 2011 GAAP results include $5.8 million in acquisition and divestiture related charges, $4.7 million in stock-based compensation and $2.3 million in restructuring related costs.
  • Non-GAAP net income for the fiscal first quarter of 2011 was $23.3 million or $0.14 per diluted share, compared with non-GAAP net income of $3.5 million or $0.02 per diluted share reported in the same period one year ago.
  • GAAP gross profit for the fiscal first quarter of 2011 was $82.2 million, or 51.9 percent, compared with GAAP gross profit of $47.2 million in the same period one year ago. Non-GAAP gross profit for the fiscal first quarter of 2010 was $87.9 million, or 55.6 percent, compared with non-GAAP gross profit of $53.9 million reported in the same period one year ago.
  • GAAP R&D expense for the fiscal first quarter of 2011 was $43.7 million, compared with GAAP R&D expense of $36.3 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal first quarter of 2011 was $40.2 million, compared with Non-GAAP R&D of $32.2 million in the same period one year ago.
  • GAAP SG&A expense for the fiscal first quarter of 2011 was $27.4 million, compared with GAAP SG&A expense of $25.4 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal first quarter of 2011 was $24.0 million, compared with non-GAAP SG&A expense of $18.9 million in the same period one year ago.

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