4/25/2003 - IDTTM (Integrated Device Technology, Inc.; Nasdaq: IDTI), a leading communications IC company, announced results for the fourth fiscal quarter and full fiscal year 2003, ended March 30, 2003.
Revenues for the fourth quarter were $80.8 million, an increase of 2.3 percent over the third quarter of fiscal 2003 and a decrease of 6.7 percent from the fiscal quarter ended March 31, 2002. Revenues for fiscal year 2003 were $343.9 million, a decrease of 9.5 percent over the previous fiscal year. On a pro-forma basis, net loss for the fourth fiscal quarter was $23.6 million ($0.23 per share), compared to a net loss of $6.6 million ($0.06 per share) for the quarter one year ago; and the net loss for the full fiscal year 2003 was $53.2 million ($0.51 per share), compared to a net loss of $23.7 million ($0.23 per share) during the previous fiscal year.
Including certain costs, charges and gains in accordance with GAAP, the Company lost $239.1 million in the fourth quarter of fiscal 2003 ($2.31 per share). On a GAAP basis, one year ago the Company recorded a net loss of $20.0 million ($0.19 per share) for the fourth quarter. On a GAAP basis for fiscal year 2003, the net loss was $277.9 million ($2.68 per share), compared to a net loss of $46.2 million ($0.44 per share) during the previous fiscal year.
Included in the fourth-quarter results were restructuring and impairment charges, and asset write-downs of $213.3 million. This included a $107.9 million write-down of manufacturing fixed assets, a reserve of $88.5 million to fully reserve the Company’s net deferred tax assets, and a charge of $13.5 million related to certain intangible technology assets. Of the $213.3 million, only about $3 million represent cash charges, primarily severance related to reducing headcount by approximately 150 positions during the quarter. Further information, including a detailed reconciliation of pro-forma and GAAP results, is provided in the financial tables of this release.
“We are pleased with the progress we’ve made in substantially reducing our inventory levels and aggressively cutting spending to better align our business model with the current industry conditions and forecasted revenue,” said Greg Lang, president and CEO of IDT. “Assuming moderate improvement in economic conditions, we anticipate that the actions we have taken will position us to generate positive cash flow starting as early as the first quarter and achieve pro-forma profitability during the fiscal year.”
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. 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 network search engines, classification and content inspection processors and integrated communications processors. The portfolio is also comprised of 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. Additional information about IDT is easily accessible at www.idt.com.
FourPort, Interprise, IDT, TeraClock and TeraSync are trademarks of Integrated Device Technology, Inc.
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