7/19/2002 - IDT (Integrated Device Technology, Inc.; Nasdaq: IDTI), a leading communications IC company, today announced results for the quarter ended June 30, 2002, the first quarter of fiscal 2003. Revenues for the first quarter were $91.8 million, an increase of 6 percent compared to the fourth quarter of fiscal 2002 and a decrease of 20.8 percent from the quarter ended July 1, 2001. On a pro-forma basis, the net loss for the first fiscal quarter was $3.5 million ($0.03 per diluted share), compared to a net loss of $6.6 million in the fourth quarter of 2002 and net income of $0.1 million ($0.00 per diluted share) for the quarter one year ago.
Including certain costs, charges and gains in accordance with GAAP, the Company lost $7.6 million in the first quarter of fiscal 2003 ($0.07 per diluted share) compared to a loss of $20.0 million in the fourth quarter ($0.19 per diluted share). One year ago, on a GAAP basis, the Company recorded a net loss of $21.5 million ($0.20 per diluted share) for the first quarter of fiscal 2002. Further information, including a detailed reconciliation of pro-forma and GAAP results, is provided in the financial tables of this release.
During the first quarter of fiscal 2003, IDT completed the transfer of manufacturing volumes from its Salinas, Calif. wafer fab to Hillsboro, Ore. The Company expects the completion of this transfer will contribute to net savings of approximately $5 million in manufacturing expenses per quarter beginning in the second quarter of fiscal 2003 and should enhance the Company's opportunity for profitability and cash flow in the second half of calendar 2002 and thereafter.
"Our business continued to grow during the first fiscal quarter, led by sales of new products including IP co-processors and integrated communications processors for enterprise networking applications," said Jerry Taylor, IDT's chief executive officer. "As we enter the summer quarter, growth rates in the markets we serve continue to be uncertain, but we remain optimistic that our key customers will resume their growth as the global economy recovers, resulting in increased demand for IDT's products."
"This quarter represented another strong growth quarter for IP co-processors," said Greg Lang, IDT's president. "IDT is building momentum in product execution and design-win activity. We began general sampling of our 128Kx72-entry (9-Mbit) device, the industry's widest and fastest IP co-processor currently available. We shipped this product for revenue during fiscal Q1, making IDT the first company to ship a 9-Mbit device at 0.13-micron technology. This is an important milestone in the development of our commercial portfolio of co-processor products as we continue our leadership in this emerging market."
IDT's RC32332 integrated communications processor earned another design win in 3Com Corporation's recently announced new stackable, layer-2 managed 10/100 Ethernet switches. IDT processors now power managed layer-2 switches from the top three system vendors - Cisco, 3Com, and HP - among others.
IDT expanded its industry-leading multi-port product portfolio with speed enhancements to its family of bank-switchable dual-ports. With speeds to 200 MHz and up to 9 Mbits of data storage, these dual-ports provide the highest performance and density on the market.
IDT introduced a family of WAN PLL products with single or dual reference clocks that provide timing and synchronization signals to interface circuits in T1/E1 applications. IDT's WAN PLLs utilize industry-compliant clock generators and are used for TDM clock and framing control in customer premises equipment, access, or carrier-equipment systems that have WAN links and/or DSP resources.
IDT introduced the industry's first family of zero delay buffers capable of user-selectable 2.5- and 3.3-volt outputs, allowing designers increased flexibility to integrate multiple voltage inputs on a single board.
IDT partnered with MontaVista™ Software to bring the power of MontaVista's embedded Linux® Professional Edition to IDT's family of integrated communications processors. MontaVista's Linux products strengthen IDT's growing leadership in a variety of communications applications.
Investors can listen to a live or on-demand replay Webcast of IDT's quarterly financial conference call at www.idt.com. A taped replay of the Company's quarter-end conference call will also be available by calling (800) 475-6701 (pass code is 644491) beginning at 5 p.m. PDT on July 18, 2002 and will be accessible until 9 p.m. PDT on July 25, 2002.
IDT stock is traded on the Nasdaq Stock Market® under the symbol "IDTI." 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, as well as the Nasdaq-100 Index® (NDX), which includes the largest non-financial companies on the Nasdaq Stock Market. Additional information about IDT is easily accessible at www.idt.com or on CD-ROM by calling (800) 345-7015. The investor hotline is (408) 654-6420.
IDT enhances the global network with semiconductor solutions for communications companies that lead innovation and drive convergence in voice, data and wireless networks. IDT is focused on enhancing system bandwidth with communications-specific products including integrated communications processors, IP co-processors and telecom products. The portfolio is also comprised of key support products optimized for communications applications, including the industry's broadest selection of FIFOs, multi-ports, and clock management products. In addition, the product mix includes high-performance digital logic and high-speed SRAMs to meet the requirements of leading communications companies.
Headquartered in Santa Clara, Calif., the Company employs approximately 3,500 people worldwide and has a wafer manufacturing facility in Oregon, and test and assembly facilities in the Philippines and Malaysia.
Forward-looking statements in this release involve a number of risks and uncertainties including, but not limited to, product demand, manufacturing capacity and costs, competition, pricing, patent and other intellectual property rights of third parties, timely development and supply of new products and manufacturing processes, availability of capital, cash flow and other risk factors detailed in the Company's Securities and Exchange Commission filings. Actual results may differ materially from the Company's projections.
Linux is a registered trademark of Linus Torvalds. MontaVista is a trademark of MontaVista Software Inc. All brands or products are the trademarks or registered trademarks of their respective owners. IDT disclaims any proprietary interest in the trademarks of others.
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