IDT Reports Revenues of $80.8 Million

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.”

Q2FY04 Highlights:

  • IDT announced an agreement with IBM to purchase its full-ternary network search engine (NSE) product designs targeted at the enterprise switching market. With the acquisition, IDT further extended its leadership by offering the broadest and deepest portfolio of NSE solutions that accelerate packet processing. Specific to the transaction, IDT acquired 128Kx36 (4.5-Mbit) and 512Kx36 (18-Mbit) product designs, and IBM will serve as the foundry to manufacture these NSEs using a 0.13-micron, copper process.
  • Leveraging its expertise in providing clock-distribution and clock-generation solutions, IDT entered the PC clock market with a family of devices targeting desktop computing platforms. The new devices are based on a new four phase-locked-loop (PLL) PC clock architecture that enables complete, independent control of key clock circuits within the system, replacing traditional three-PLL clock architectures. IDT plans to expand its offerings and develop a suite of PC clock devices that serve next-generation notebook and desktop computing platforms.
  • IDT expanded its portfolio of InterpriseTM processors with the introduction of the RC32336 integrated communications processor. The RC32336 processor delivers performance up to 180 MHz and is targeted at the cost-sensitive, high-volume small and medium enterprise (SME) and small office/home office (SOHO) wireless gateways, and wireless access point markets. Additionally, the RC32336 processor provides increased functionality and integration, allowing for connectivity to a wide range of networking devices including wireless local area network (WLAN) chipsets, and enables system developers to design fully featured and cost-effective solutions at a competitive price/performance point.
  • The Company introduced a new family of inverse multiplexing ATM (IMA) devices that offer specific features for remote equipment such as mobile base stations and DSL multiplexers. The IMA devices allow the remote configuration of up to eight IMA groups at a far-end unit via the IMA group auto-detect function. The devices offer the most advanced user interface in the industry, simplifying software development, reducing costs and speeding time to market. The IDT IMA devices, coupled with the Company’s SuperJETTM transceivers, provide a complete solution for IMA line-card applications, with the industry’s lowest power consumption, chip count and board space.

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.

Investor Information
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.

About IDT
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.

Previous Page | News by Category | News Search

If you found this page useful, bookmark and share it on:

 
Embedded Star Newsletter
Don't have time to visit Embedded Star everyday? Then sign up for our free newsletter. We'll send you an email when we have something to share with you. Your email address will be kept confidential and we will not share, sell, or rent it to anyone. You can unsubscribe at any time by clicking a link in the email.

Enter your email address to sign up for our free newsletter:   

If you are familiar with RSS feeds, you can also sign up for our free blog feed. Our RSS feed is updated in real-time while our newsletter is updated daily.