Revenue Up 7 Percent From Same Period One Year Ago
SAN JOSE, Calif., Jul. 26, 2007 — IDTTM (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 July 1, 2007.
“We delivered seven percent revenue growth from the same period one year ago primarily due to strong sales into our computing end market,” stated Greg Lang, president and CEO of IDT. “Our advanced memory buffer business delivered its sixth consecutive quarter of double digit growth, while sales of other computing products such as PC clocks and PCI Express switches delivered better-than-seasonal expectations. Our communications clock and telecom businesses also grew sequentially which helped offset weaker demand in our gaming sub segment.”
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. A complete reconciliation of GAAP to non-GAAP results is attached to this press release.
- Revenue for the fiscal first quarter of 2008 was $199.0 million, up seven percent from the $185.5 million reported in the same period one year ago.
- GAAP net loss for the fiscal first quarter of 2008 was $1.1 million or a loss of $0.01 per diluted share, compared to a GAAP net loss of $1.6 million or $0.01 per diluted share in same period one year ago. Fiscal first quarter 2008 GAAP results include $32.2 million of acquisition-related charges (including $31.1 million in amortization of intangibles and $1.1 million of other acquisition-related charges), $11.8 million of stock-based compensation, $0.8 million in tax effects related to acquisition related items and $0.4 million of restructuring related charges.
- Non-GAAP net income for the fiscal first quarter of 2008 was $44.1 million or $0.22 per diluted share, compared to non-GAAP net income of $50.6 million or $0.25 per diluted share reported in the same period one year ago.
- GAAP gross profit for the fiscal first quarter of 2008 was $84.9 million, compared to GAAP gross profit of $84.2 million in the same period one year ago. Non-GAAP gross profit for the fiscal first quarter of 2008 was $102.4 million, compared to non-GAAP gross profit of $105.4 million reported in the same period one year ago.
- GAAP R&D expense for the fiscal first quarter of 2008 was $44.7 million, compared with GAAP R&D expense of $39.6 million in the same period one year ago. Non-GAAP R&D expense for the fiscal first quarter of 2008 was $37.8 million, compared to non-GAAP R&D expense of $32.3 million in the same period one year ago.
- GAAP SG&A expense for the fiscal first quarter of 2008 was $45.1 million, compared to GAAP SG&A expense of $48.0 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal first quarter of 2008 was $25.1 million, compared to non-GAAP SG&A expense of $24.2 million in the same periodone year ago.
Share Repurchase Program Update
During the fiscal first quarter of 2008, the Company repurchased approximately $100 million of IDT shares. The Company has approximately $75 million dollars remaining under the current repurchase program.
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. PT on July 26, 2007. The webcast replay will be available after 5:00 p.m. PT on July 26, 2007.
Investors can also listen to the live call at 1:30 p.m. PT on July 26, 2007 by calling (877) 209-0397 or (612) 332-0932. The conference call replay will be available after 5:00 p.m. PT on July 26, 2007 through 11:59 p.m. PT on August 2, 2007 at (800) 475-6701 or (320) 365-3844. The access code is 880289.
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 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 supply 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 April 1, 2007.