IDT Reports Fiscal First Quarter 2010 Results

SAN JOSE, Calif. — (BUSINESS WIRE) — July 28, 2009 IDT® (Integrated Device Technology, Inc.) (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 28, 2009.

“Our fiscal first quarter 2010 top- and bottom-line results were above the high end of our prior projections provided on April 30, 2009,” said Dr. Ted Tewksbury, president and CEO of IDT. “We were pleased to record eight percent sequential revenue growth driven by increased demand for products serving our computing and communications end markets, while we reduced inventory on our balance sheet and in the channel. In addition, our recent cost cutting measures allowed us to deliver better-than-expected earnings for the quarter despite a less favorable product mix.”

Recent Highlights

Recently, IDT announced:

  • The closing of the Tundra® Semiconductor Corporation acquisition
  • The purchase of touch sensor technology assets from Leadis Technology
  • The signing of a co-development agreement with Micron Technology for enterprise flash controllers
  • The world’s first PCI Express® (PCIe®) Gen2 switches integrating a temperature sensor and IDT Power Smart technology to provide system thermal management while providing high performance, line rate and throughput
  • A new family of timing and power management ICs for DisplayPort™-based notebook LCD panels, including the industry’s first DisplayPort-based timing controller with integrated digital LED backlight driver
  • The IDT PanelPort™ ViewXpand™ controller -- The world’s first DisplayPort-based controller that provides complete plug-and-play, high-definition multi-monitor capability without the need for additional graphics cards
  • The IDT HQV® Vida™ processor -- The third generation Hollywood Quality Video® processor providing real-time clean up of low-quality compressed video to fully enrich the consumers viewing experience
  • The FemtoClock Next Generation (NG) family of clock synthesizers, featuring ultra-low phase noise and significantly improved power-supply noise rejection
  • VersaClock III programmable clock generators, which are specifically optimized for use in high-performance consumer, telecommunications, networking and data communications applications

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 in accordance with GAAP 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 2010 was $116.0 million, compared with $188.2 million reported in the same period one year ago.
  • GAAP net loss for the fiscal first quarter of 2010 was $14.1 million or a loss of $0.09 per diluted share, versus GAAP net income of $9.2 million or approximately $0.05 per diluted share in the same period one year ago. Fiscal first quarter 2010 GAAP results include $5.2 million in amortization of intangibles, $4.3 million of stock-based compensation, $3.6 million in acquisition-related costs, $2.0 million asset impairment charge, and $1.5 million of severance-related expense.
  • Non-GAAP net income for the fiscal first quarter of 2010 was $3.5 million or $0.02 per diluted share, compared with non-GAAP net income of $39.2 million or $0.23 per diluted share reported in the same period one year ago.
  • GAAP gross profit for the fiscal first quarter of 2010 was $47.2 million, compared with GAAP gross profit of $84.5 million in the same period one year ago. Non-GAAP gross profit for the fiscal first quarter of 2010 was $53.8 million, compared with non-GAAP gross profit of $100.7 million reported in the same period one year ago.
  • GAAP R&D expense for the fiscal first quarter of 2010 was $36.3 million, compared with GAAP R&D expense of $43.6 million in the same period one year ago. Non-GAAP R&D expense for the fiscal first quarter of 2010 was $32.6 million, compared with non-GAAP R&D expense of $38.4 million in the same period one year ago.
  • GAAP SG&A expense for the fiscal first quarter of 2010 was $25.4 million, compared with GAAP SG&A expense of $33.0 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal first quarter of 2010 was $19.2 million, compared with non-GAAP SG&A expense of $24.5 million in the same period one year ago.

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