10/20/2003 - IDTTM (Integrated Device Technology, Inc.; Nasdaq: IDTI), a leading communications IC company, announced results for the quarter ended September 28, 2003, its second quarter of fiscal 2004.
Revenues for the second fiscal quarter were $80.8 million, a decrease of 2.7 percent compared to the first quarter of fiscal 2004 and a decrease of 12.4 percent from the quarter ended September 29, 2002. On a pro-forma basis, the net loss for the second fiscal quarter was $1.1 million ($0.01 per diluted share), compared to a net loss of $4.8 million ($0.05 per diluted share) in the first quarter of fiscal 2004 and net income of $1.0 million or $0.01 per diluted share for the quarter one year ago.
Including certain costs, charges and gains in accordance with GAAP, the Company earned net income of $1.2 million in the second quarter of fiscal 2004 ($0.01 per diluted share), compared to a loss of $4.8 million ($0.05 per diluted share) in the first quarter of fiscal 2004. On a GAAP basis, the Company recorded a net loss of $4.9 million ($0.05 per diluted share) for the second quarter of fiscal 2003. Further information, including a detailed reconciliation of pro-forma and GAAP results, is provided in the financial tables of this release.
“For the third consecutive quarter, we experienced strong sequential growth in the enterprise market. This growth is fueled by the demand for high-quality packet-processing products for IP networks,” said Greg Lang, president and CEO of IDT. “We are also seeing encouraging signs of future growth in most of our market segments. Our customers’ outlooks are more positive, inventories are under control while supplies are tightening, and average selling prices are stabilizing.”
Webcast and Conference Call Information
Investors can listen to a live or replay Webcast of the Company’s quarterly financial conference call at www.idt.com. The live Webcast begins at 1:30 p.m. PDT on October 16, 2003. The Webcast replay will be available after 4 p.m. PDT on October 16 through November 6, 2003. A taped telephone replay of the conference call will be available at (800) 475-6701 (access code is 701493) beginning at 5 p.m. PDT on October 16 and will be accessible until 9 p.m. PDT on October 23, 2003.
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, and is also part of the S&P SuperComposite 1500, which combines the S&P 500, MidCap 400, and SmallCap 600. Additional information about IDT is accessible at www.idt.com.
IDT is a global leader in preemptive semiconductor solutions that accelerate packet processing for advanced network services. IDT serves communications equipment vendors by applying its advanced hardware, software and memory technologies to create flexible, highly integrated products that enhance the functionality and processing of network equipment. IDT accelerates intelligent packet processing with products such as network search engines (NSEs), programmable content inspection engines (CIEs), flow-control management (FCM) ICs and its family of InterpriseTM integrated communications processors. The portfolio also comprises products optimized for communications applications, including telecom products, 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 3,100 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, global business and economic conditions, 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.
IDT, Interprise, and SuperJET are trademarks and the IDT logo is a registered trademark of Integrated Device Technology, Inc.
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