IDT Fiscal First Quarter Increases by 2.8%

7/21/2003 - IDTTM (Integrated Device Technology, Inc.; Nasdaq: IDTI), a leading communications IC company, announced results for the quarter ended June 29, 2003, its first quarter of fiscal 2004.

Revenues for the first fiscal quarter were $83.0 million, an increase of 2.8 percent compared to the fourth quarter of fiscal 2003 and a decrease of 9.5 percent from the quarter ended June 30, 2002. On a pro-forma basis, the net loss for the first fiscal quarter was $4.8 million ($0.05 per diluted share), compared to a net loss of $23.6 million ($0.23 per diluted share) in the fourth quarter of fiscal 2003 and a net loss of $3.5 million ($0.03 per diluted share) for the quarter one year ago.

Including certain costs, charges and gains in accordance with GAAP, the Company lost $4.8 million in the first quarter of fiscal 2004 ($0.05 per diluted share) compared to a loss of $239.1 million in the fourth quarter ($2.31 per diluted share) of fiscal 2003. One year ago, on a GAAP basis, the Company recorded a net loss of $7.6 million ($0.07 per diluted share) for the first 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.

“We are pleased to report another quarter of revenue growth, the resumption of positive cash generation, and improved operating results as well as a substantially improved inventory position,” said Greg Lang, president and CEO of IDT. “Our long-term prospects are encouraging as the communications infrastructure moves from circuit-switched to packet-based networks to address the growing requirements of high-speed broadband connectivity, 3G wireless and 802.11 network access.”

Q1FY04 Highlights:

IDT strengthened its leadership in the network search engine (NSE) space, introducing the industry’s highest performance 18-Mbit NSE in a 512x36 configuration. The monolithic NSE operates up to 250 million searches per second (MSPS) and features a unique simultaneous multi-database lookup (SMDL) capability that enables designers to simultaneously search in separate, mutually exclusive databases, increasing the search rate to support multiple full-speed OC-192 packet searches per instruction with a single device.

Addressing the need for greater security in the SOHO gateway and wireless access markets, the Company introduced its RC32365 InterpriseTM integrated communications processor with an embedded hardware security acceleration engine that supports the latest security standards, including DES, 3DES and the advanced encryption standard (AES). The new RC32365 processor incorporates a 32-bit MIPS® core operating up to 150 MHz, and integrates both a PCI and a PCMCIA interface to allow a seamless connection to a range of peripherals and chipsets, including wireless LAN (WLAN) solutions. IDT also announced partnerships with security software vendor, Intoto, as well as with security co-processor vendors, SafeNet and Cavium Networks, to deliver complete SME/VPN security-accelerated gateway platforms.

The Company continued its focus on emerging market segments in Asia Pacific with key design wins in Taiwan. Senao International selected the IDT RC32438 InterpriseTM integrated communications processor to power its new dual-band wireless access points (WAP) and wireless routers designed for 802.11a-, 802.11b- and 802.11g-based networks.

Demonstrating its distinctive competencies in the integration of advanced memory and logic architectures, IDT announced a new category of value-added semiconductor devices that the Company estimates can enable system architects to reduce functional costs by up to 50 percent. The IDT flow-control management ICs combine critical functions such as high-speed buffering, switching, multiplexing/de-multiplexing, domain transition and random and sequential access. These devices meet the special requirements of system architects who need to solve data-flow-control issues in their communications equipment designs. The IDT family of off-the-shelf devices replace traditional methods of muxing multiple data streams at different data rates — typically accomplished with a multiplexer, multiple application-specific integrated circuits (ASICs), field-programmable gate arrays (FPGAs), and external SRAM, DRAM or FIFOs. The first products included in the IDT portfolio of flow-control management devices include the QuadMux and multi-queue flow-control ICs.

Addressing new challenges in communications line-card design, IDT announced its new SuperJETTM family of J1/E1/T1 transceivers, including the industry’s first monolithic octal density device. The SuperJET transceivers, which integrate and expand upon the IDT universal line interface unit (ULIU) and framer functionality, deliver industry-leading configuration flexibility, jitter performance and signaling support across the family’s octal, quad, dual and single densities.

IDT marked its entry into the high-precision clock generation market with the introduction of its new precision clock generation devices with patent-pending, phased-locked loop (PLL) technology. The 5T940 clock generators achieve ultra-low jitter generation of less than 0.5 psRMS, making them ideal for Gigabit Ethernet and SONET applications up to OC-192. IDT extended its leadership position in multi-port technology with the introduction of the industry’s first 9-Mbit asynchronous true dual-port products. Unlike alternative devices, these products operate at access times as low as 10ns, making them the fastest asynchronous dual-port ICs in the industry. The products also offer a unique set of features, including a 2.5-volt core for low power consumption, selectable 2.5-and 3.3-volt I/O options for voltage bus matching between two separate domains, and an innovative sleep mode.

About IDT
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, content inspection engines, flow-control management devices and the InterpriseTM family of 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.

IDT, Interprise, and SuperJET are trademarks and the IDT logo is a registered trademark of Integrated Device Technology, Inc.

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