IDT Reports Fiscal Q1 2011 Financial 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 26, 2010. The webcast replay will be available after 5 p.m. Pacific time on July 26, 2010.

Investors can also listen to the live call at 1:30 p.m. Pacific time on July 26, 2010 by calling (800) 230-1085 or (612) 288-0329. The conference call replay will be available after 5 p.m. Pacific time on July 26, 2010 through 11:59 p.m. Pacific time on August 2, 2010 at (800) 475-6701 or (320) 365-3844. The access code is 164352.

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 help customers overcome their system challenges. 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 for the fiscal year ended March 28, 2010. 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 to financial community. The Company has reconciled 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 general accepted accounting standards in the United States (GAAP), 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, HQV, VersaClock, 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 27,   March 28,   June 28,
  2010     2010     2009  
Revenues $ 158,273 $ 137,968 $ 115,954
Cost of revenues   76,107     71,086     68,789  
Gross profit 82,166 66,882 47,165
Operating expenses:
Research and development 43,736 41,400 36,315
Selling, general and administrative   27,358     26,186     25,435  
Total operating expenses   71,094     67,586     61,750  
 
Operating gain (loss)   11,072     (704 )   (14,585 )
Gain on divestitures - 20 -
Interest income and other, net 275 711 1,425
Interest expense   (11 )   (10 )   (19 )
Income (loss) before income taxes 11,336 17 (13,179 )
Provision (benefit) for income taxes   923     (950 )   942  
 
Net income (loss) $ 10,413   $ 967   $ (14,121 )
 
Basic net income (loss) per share $ 0.06 $ 0.01 $ (0.09 )
Diluted net income (loss) per share $ 0.06 $ 0.01 $ (0.09 )
 
Weighted average shares:
Basic 161,659 164,660 165,430
Diluted 162,577 165,418 165,430
INTEGRATED DEVICE TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(In thousands, except per share data)
    Three Months Ended
  June 27,   March 28,   June 28,
  2010     2010     2009  
 
GAAP Net Income (Loss) $ 10,413   $ 967   $ (14,121 )
GAAP Diluted Net Income (Loss) Per Share $ 0.06   $ 0.01   $ (0.09 )
Acquisition and Divestiture Related:
Amortization of acquisition related intangibles 4,924 4,943 5,219
Acquisition related costs (1) 708 1,130 3,593
Gain on divestitures (2) - (20 ) -
Assets impairment (3) (94 ) (251 ) 2,002
Fair market value adjustment to acquired inventory sold 262 - -
Restructuring Related:
Severance and retention costs 520 2,717 1,479
Facility closure costs (4) 977 547 23
Fabrication production transfer costs (5) 829 1,239 -
Other:
Compensation expense (benefit)—deferred compensation plan (6)

(126

)

 

370 889
Loss (gain) on deferred compensation plan securities (6) 132 (373 ) (876 )
Stock-based compensation expense 4,708 4,333 4,260
Tax effects of Non-GAAP adjustments (7)   24     (729 )   1,008  
Non-GAAP Net Income $ 23,277 $ 14,873 $ 3,476
GAAP weighted average shares - diluted 162,577 165,418 165,430
Non-GAAP adjustment 2,002 1,782 1,668
Non-GAAP weighted average shares - diluted (8)   164,579     167,200     167,098  
Non-GAAP Diluted Net Income Per Share $ 0.14   $ 0.09   $ 0.02  
 
GAAP Gross Profit   82,166     66,882     47,165  
Acquisition and Divestiture Related:
Amortization of acquisition related intangibles 3,473 2,778 3,920
Acquisition related costs (1) 5 5 -
Assets impairment (3) (94 ) (251 ) 2,002
Fair market value adjustment to acquired inventory sold 262 - -
Restructuring Related:
Severance and retention costs 117 1,841 55
Facility closure costs (4) 699 182 8
Fabrication production transfer costs (5) 829 1,239 -
Other:
Compensation expense (benefit) - deferred compensation plan (6) (27 ) 52 124
Stock-based compensation expense   509     512     626  
Non-GAAP Gross Profit   87,939     73,240     53,900  
 
GAAP R&D Expenses:   43,736     41,400     36,315  
Acquisition and Divestiture Related:
Amortization of acquisition related intangibles - (469 ) -
Acquisition related costs (1) (394 ) (378 ) 2
Restructuring Related:
Severance and retention costs (433 ) (752 ) (930 )
Facility closure costs (4) (108 ) (86 ) (11 )
Other:
Compensation expense (benefit) - deferred compensation plan (6) 82 (200 ) (480 )
Stock-based compensation expense   (2,691 )   (2,278 )   (2,745 )
Non-GAAP R&D Expenses   40,192     37,237     32,151  
 
GAAP SG&A Expenses:   27,358     26,186     25,435  
Acquisition and Divestiture Related:
Amortization of acquisition related intangibles (1,451 ) (1,696 ) (1,299 )
Acquisition related costs (1) (309 ) (747 ) (3,595 )
Restructuring Related:
Severance and retention costs 30 (124 ) (494 )
Facility closure costs (4) (170 ) (279 ) (4 )
Other:
Compensation expense (benefit) - deferred compensation plan (6) 17 (118 ) (285 )
Stock-based compensation expense   (1,508 )   (1,543 )   (889 )
Non-GAAP SG&A Expenses   23,967     21,679     18,869  
 
GAAP Interest Income and Other, Net   264     701     1,406  
Loss (gain) on deferred compensation plan securities (6)   132     (373 )   (876 )
Non-GAAP Interest Income and Other, Net   396     328     530  
 
GAAP Provision (Benefit) for Income Taxes   923     (950 )   942  
Tax effects of Non-GAAP adjustments (7)   (24 )   729     (1,008 )
Non-GAAP Provision (Benefit) for Income Taxes   899     (221 )   (66 )

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