IDT Revises Revenue Outlook for First Quarter of Fiscal 2006
SAN JOSE, Calif., July 6, 2005 — IDT™ (Integrated Device Technology, Inc.; NASDAQ: IDTI), a leading communications IC Company, today announced that it has reduced its revenue outlook for the first quarter of fiscal 2006 ending July 3, 2005. Based on recent shipment trends to customers, IDT now projects revenue to be down approximately 3 to 4 percent from the immediate preceding quarter’s revenue of $97.1 million. Previously, the Company estimated revenues for the quarter to be flat to up 4 percent relative to the prior quarter.
The lower revenue forecast is a result of a combination of factors, including general weakness across most end markets other than Enterprise, as well as unanticipated softness in distribution revenue.
IDT is scheduled to report its first quarter fiscal 2006 results during a Webcast and conference call taking place on July 28, 2005 at 1:30 p.m. PDT. The Webcast will be accessible via the Investor Relations page located at www.IDT.com.
The company is included in the S&P 1000, which is a combination of the S&P MidCap 400 and S&P SmallCap 600 Indices, and is also part of the S&P SuperComposite 1500, which combines the S&P 500, MidCap 400, and SmallCap 600.
Safe Harbor Statement
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. We urge investors to review in detail the risks and uncertainties in the Company’s Securities and Exchange Commission filings, including but not limited to those identified in the section entitled “Factors Affecting Future Results” in the Annual Report on Form 10-K for the year ended April 3, 2005.