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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
Integrated Device Technology, Inc. (IDT® or the Company)
(NASDAQ: IDTI), the Analog and Digital Company™ delivering essential
mixed-signal semiconductor solutions, today announced results for the
fiscal third quarter ended December 30, 2012.
“We delivered Q3 results within the range of our prior projections
despite continued broad-based weakness in demand,” said Dr. Ted
Tewksbury, president and CEO of IDT. “Our bottom line results hit the
midpoint of our prior projections due to reduced operating expenses and
improved product mix. We also generated healthy cash flow from
operations during the quarter, highlighting the resilience of our
operating model in the face of a weak macroeconomic environment.”
“Although visibility into near term demand is limited, design win
activity remains strong and we expect top line growth from new product
categories to accelerate in the second half of this calendar year, led
by wireless power and enterprise flash controllers. In addition, we
believe that improvement in our core business and continued operating
expense reductions will enable us to achieve significant operating
margin expansion in fiscal year 2014.”
Recent Highlights
IDT recently announced:
The industry’s most integrated wireless power transmitter solutions
for the Wireless Power Consortium (WPC) Tx-A5, Tx-A6, and Tx-A11
configurations. The new products expand IDT's portfolio of WPC
Qi-compliant magnetic induction transmitters with solutions optimized
for single-coil 5V and three-coil 12V applications.
A new RF digital step attenuator that reduces glitches by up to 95
percent in cellular base station and industrial applications, enabling
customers to simplify their software interface, improve reliability,
and prevent damage to expensive sub-assemblies such as power
amplifiers.
The industry’s first low-power dual 16-bit 1.5 GSPS digital-to-analog
converter (DAC) with an advanced JESD204B serial interface for
multi-carrier broadband wireless applications. The new high-speed DAC
delivers best-in-class dynamic performance, eases system-level cooling
requirements, and simplifies board routing.
The industry’s first high-performance quad frequency MEMS oscillators
with multiple synchronous outputs. IDT’s enhanced MEMS oscillators
offer configurable outputs in an industry-standard package footprint,
saving board area in communication, networking, and storage
applications.
The availability of the industry’s first complete chipset for DDR4
load reduced dual inline memory modules (LRDIMMs). The clear
advantages afforded by LRDIMMs as a speed-scalable memory technology
are expected to drive adoption across a broad array of memory
intensive computing and storage applications and IDT is leading the
way with DDR4 LRDIMM memory interface solutions.
It was recognized with a product of the year award from Electronic
Products Magazine and a 2012 best electronic design award from
Electronic Design Magazine for its NVM Express (NVMe) enterprise flash
controller. The PCIe Gen3 flash controller family provides a standard
solution for PCI Express based SSDs, enabling enterprise storage and
server OEMs to dramatically improve latency and throughput performance.
The following highlights the Company’s financial performance on both a
GAAP and supplemental non-GAAP basis. The Company provides supplemental
information regarding its operating performance on a non-GAAP basis that
excludes certain gains, losses and charges which occur relatively
infrequently and which management considers to be outside our core
operating results. Non-GAAP results are not in accordance with GAAP and
may not be comparable to non-GAAP information provided by other
companies. Non-GAAP information should be considered a supplement to,
and not a substitute for, financial statements prepared in accordance
with GAAP. A complete reconciliation of GAAP to non-GAAP results from
continuing operations is attached to this press release.
Revenue from continuing operations for the fiscal third quarter of
2013 was $115.1 million, compared with $120.0 million reported in the
same period one year ago.
GAAP net loss from continuing operations for the fiscal third quarter
of 2013 was $5.2 million, or a loss of $0.04 per diluted share, versus
GAAP net loss of $0.9 million or a loss of $0.01 per diluted share in
the same period one year ago. Fiscal third quarter 2013 GAAP results
include $9.1 million in acquisition and restructuring related charges,
$2.8 million in stock-based compensation, and $0.6 million in benefits
from tax effects.
Non-GAAP net income from continuing operations for the fiscal third
quarter of 2013 was $6.2 million or $0.04 per diluted share, compared
with non-GAAP net income from continuing operations of $8.5 million or
$0.06 per diluted share reported in the same period one year ago.
GAAP gross profit for the fiscal third quarter of 2013 was $63.0
million, or 54.7 percent, compared with GAAP gross profit of $63.9
million, or 53.2 percent, reported in the same period one year ago.
Non-GAAP gross profit for the fiscal third quarter of 2013 was $66.7
million, or 58.0 percent, compared with non-GAAP gross profit of $65.7
million, or 54.7 percent, reported in the same period one year ago.
GAAP R&D expense for the fiscal third quarter of 2013 was $40.2
million, compared with GAAP R&D expense of $38.4 million reported in
the same period one year ago. Non-GAAP R&D expense for the fiscal
third quarter of 2013 was $37.7 million, compared with non-GAAP R&D of
$34.9 million in the same period one year ago.
GAAP SG&A expense for the fiscal third quarter of 2013 was $27.4
million, compared with GAAP SG&A expense of $23.7 million in the same
period one year ago. Non-GAAP SG&A expense for the fiscal third
quarter of 2013 was $21.7 million, compared with non-GAAP SG&A expense
of $20.6 million in the same period one year ago.
Webcast and Conference Call Information
Investors can listen to a live or replay webcast of the Company’s
quarterly financial conference call at http://ir.idt.com/.
The live webcast will begin at 1:30 p.m. Pacific time on January 28,
2013. The webcast replay will be available after 5 p.m. Pacific time on
January 28, 2013.
Investors can also listen to the live call at 1:30 p.m. Pacific time on
January 28, 2013 by calling (800) 230-1092 or (612) 288-0329. The
conference call replay will be available after 5 p.m. Pacific time on
January 28, 2013 through 11:59 p.m. Pacific time on February 4, 2013 at
(800) 475-6701 or (320) 365-3844. The access code is 278455.
About IDT
Integrated Device Technology, Inc., the Analog and Digital Company™,
develops system-level solutions that optimize its customers’
applications. IDT uses its market leadership in timing, serial switching
and interfaces, and adds analog and system expertise to provide complete
application-optimized, mixed-signal solutions for the communications,
computing and consumer segments. Headquartered in San Jose, Calif., IDT
has design, manufacturing and sales facilities throughout the world. IDT
stock is traded on the NASDAQ Global Select Stock Market® under the
symbol “IDTI.” Additional information about IDT is accessible at www.IDT.com.
Follow IDT on Facebook,
LinkedIn,
Twitter,
and YouTube.
Forward Looking Statements
Investors are cautioned that forward-looking statements in this release,
including but not limited to statements regarding demand for Company
products, anticipated trends in Company sales, expenses and profits,
involve a number of risks and uncertainties that could cause actual
results to differ materially from current expectations. Risks include,
but are not limited to, global business and economic conditions,
fluctuations in product demand, manufacturing capacity and costs,
inventory management, competition, pricing, patent and other
intellectual property rights of third parties, timely development and
introduction of new products and manufacturing processes, dependence on
one or more customers for a significant portion of sales, successful
integration of acquired businesses and technology, availability of
capital, cash flow and other risk factors detailed in the Company’s
Securities and Exchange Commission filings. The Company urges investors
to review in detail the risks and uncertainties in the Company’s
Securities and Exchange Commission filings, including but not limited to
the Annual Report on Form 10-K for the fiscal year ended April 1, 2012.
All forward-looking statements are made as of the date of this release
and the Company disclaims any duty to update such statements.
Non-GAAP Reporting
The Company presents non-GAAP financial measures because the investor
community uses non-GAAP results in its analysis and comparison of
historical results and projections of the Company's future operating
results. These non-GAAP results exclude restructuring-related costs,
acquisition and divestiture-related charges, share-based compensation
expense, results from discontinued operations, stockholder expenses and
certain other expenses and benefits. Management uses these non-GAAP
measures to manage and assess the profitability of the business. These
non-GAAP results are also consistent with another way management
internally analyzes IDT’s results and may be useful to investor
community. The Company has reconciled non-GAAP results to the most
directly comparable GAAP financial measures in the financial tables at
the end of this press release.
Reference to these non-GAAP results should be considered in addition to
results that are prepared under general accepted accounting standards in
the United States (GAAP), but should not be considered a substitute for
results that are presented in accordance with GAAP. It should also be
noted that IDT's non-GAAP information may be different from the non-GAAP
information provided by other companies.
IDT and the IDT logo are trademarks or registered trademarks of
Integrated Device Technology, Inc. All other brands, product names and
marks are or may be trademarks or registered trademarks used to identify
products or services of their respective owners.
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended
Nine Months Ended
Dec. 30,
Sept. 30,
Jan. 1,
Dec. 30,
Jan. 1,
2012
2012
2012
2012
2012
Revenues
$
115,147
$
133,401
$
119,977
$
378,709
$
407,580
Cost of revenues
52,200
58,774
56,093
168,622
190,627
Gross profit
62,947
74,627
63,884
210,087
216,953
Operating expenses:
Research and development
40,170
42,387
38,410
124,101
117,409
Selling, general and administrative
27,389
32,750
23,661
96,551
74,478
Total operating expenses
67,559
75,137
62,071
220,652
191,887
Operating income (loss)
(4,612
)
(510
)
1,813
(10,565
)
25,066
Other-than-temporary impairment loss on investments
-
-
(2,130
)
-
(2,130
)
Other income (expense), net
(344
)
(206
)
(10
)
1,450
(1,794
)
Income (loss) from continuing operations before income taxes
(4,956
)
(716
)
(327
)
(9,115
)
21,142
Provision (benefit) for income taxes
201
(33
)
576
(3,818
)
1,176
Net income (loss) from continuing operations
(5,157
)
(683
)
(903
)
(5,297
)
19,966
Discontinued operations:
Gain from divestiture
-
886
-
886
45,939
Loss from discontinued operations
-
(273
)
(5,290
)
(5,131
)
(20,286
)
Provision (benefit) for income taxes
-
3
-
3
(89
)
Net income (loss) from discontinued operations
-
610
(5,290
)
(4,248
)
25,742
Net income (loss)
$
(5,157
)
$
(73
)
$
(6,193
)
$
(9,545
)
$
45,708
Basic net income (loss) per share continuing operations
$
(0.04
)
$
-
$
(0.01
)
$
(0.04
)
$
0.14
Basic net income (loss) per share discontinued operations
-
-
(0.03
)
(0.03
)
0.18
Basic net income (loss) per share
$
(0.04
)
$
-
$
(0.04
)
$
(0.07
)
$
0.32
Diluted net income (loss) per share continuing operations
$
(0.04
)
$
-
$
(0.01
)
$
(0.04
)
$
0.14
Diluted net income (loss) per share discontinued operations
-
-
(0.03
)
(0.03
)
0.17
Diluted net income (loss) per share
$
(0.04
)
$
-
$
(0.04
)
$
(0.07
)
$
0.31
Weighted average shares:
Basic
144,321
143,519
141,839
143,477
144,792
Diluted
144,321
143,519
141,839
143,477
146,706
INTEGRATED DEVICE TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP
(Unaudited)
(In thousands, except per share data)
Three Months Ended
Nine Months Ended
Dec. 30,
Sept. 30,
Jan. 1,
Dec. 30,
Jan. 1,
2012
2012
2012
2012
2011
GAAP net income (loss) from continuing operations
$
(5,157
)
$
(683
)
$
(903
)
$
(5,297
)
$
19,966
GAAP diluted net income (loss) per share continuing operations
$
(0.04
)
$
-
$
(0.01
)
$
(0.04
)
$
0.14
Acquisition related:
Amortization of acquisition related intangibles
4,673
5,573
4,006
15,137
11,995
Acquisition related legal and consulting fees (1)
2,999
3,630
109
11,465
109
Other acquisition related costs (2)
-
1,200
-
3,000
-
Assets impairment (3)
527
(59
)
(73
)
409
(255
)
Fair market value adjustment to acquired inventory sold
-
100
-
458
-
Restructuring related:
Severance and retention costs
908
2,237
(1,978
)
3,860
625
Facility closure costs (4)
13
34
16
60
39
Fabrication production transfer costs (5)
-
-
1,233
-
3,894
Other:
Other-than-temporary impairment loss on investments
-
-
2,130
-
2,130
Stock-based compensation expense
2,774
3,617
4,312
9,513
12,366
Expenses related to stockholder activities (6)
-
38
-
2,614
-
Compensation expense (benefit)—deferred compensation plan (7)
87
480
649
431
(632
)
Loss (gain) on deferred compensation plan securities (7)
(82
)
(477
)
(629
)
(245
)
685
Life insurance proceeds received (7)
-
-
-
(2,313
)
-
Tax effects of Non-GAAP adjustments
(588
)
(3,076
)
(347
)
(9,341
)
(1,413
)
Non-GAAP net income from continuing operations
$
6,154
$
12,614
$
8,525
$
29,751
$
49,509
GAAP weighted average shares - diluted
144,321
143,519
141,839
143,477
146,706
Non-GAAP adjustment
3,362
2,907
2,676
3,030
1,835
Non-GAAP weighted average shares - diluted (8)
147,683
146,426
144,515
146,507
148,541
Non-GAAP diluted net income per share continuing operations
$
0.04
$
0.09
$
0.06
$
0.20
$
0.33
GAAP gross profit
62,947
74,627
63,884
210,087
216,953
Acquisition and divestiture related:
Amortization of acquisition related intangibles
2,944
3,890
2,733
10,456
8,834
Assets impairment (3)
527
(59
)
(73
)
409
(255
)
Fair market value adjustment to acquired inventory sold
-
100
-
458
-
Restructuring related:
Severance and retention costs
-
306
(2,784
)
607
(824
)
Facility closure costs (4)
4
3
3
13
1
Fabrication production transfer costs (5)
-
-
1,233
-
3,894
Other:
Compensation expense (benefit)—deferred compensation plan (7)
21
120
140
107
(137
)
Stock-based compensation expense
295
252
535
850
1,415
Non-GAAP gross profit
66,738
79,239
65,671
222,987
229,881
GAAP R&D expenses:
40,170
42,387
38,410
124,101
117,409
Restructuring related:
Severance and retention costs
(912
)
(1,070
)
(870
)
(2,322
)
(1,473
)
Facility closure costs (4)
(5
)
(28
)
(4
)
(37
)
(14
)
Other:
Compensation expense (benefit)—deferred compensation plan (7)
(53
)
(290
)
(421
)
(261
)
409
Stock-based compensation expense
(1,531
)
(1,873
)
(2,174
)
(4,946
)
(6,493
)
Non-GAAP R&D expenses
37,669
39,126
34,941
116,535
109,838
GAAP SG&A expenses:
27,389
32,750
23,661
96,551
74,478
Acquisition and divestiture related:
Amortization of acquisition related intangibles
(1,729
)
(1,683
)
(1,273
)
(4,681
)
(3,161
)
Acquisition related legal and consulting fees (1)
(2,999
)
(3,630
)
(109
)
(11,465
)
(109
)
Other acquisition related costs (2)
-
(1,200
)
-
(3,000
)
-
Restructuring related:
Severance and retention costs
4
(861
)
64
(931
)
24
Facility closure costs (4)
(4
)
(3
)
(9
)
(10
)
(24
)
Other:
Compensation expense (benefit)—deferred compensation plan (7)
(13
)
(70
)
(88
)
(63
)
86
Stock-based compensation expense
(948
)
(1,492
)
(1,603
)
(3,717
)
(4,458
)
Expenses related to stockholder activities (6)
-
(38
)
-
(2,614
)
-
Non-GAAP SG&A expenses
21,700
23,773
20,643
70,070
66,836
GAAP interest income and other, net
(344
)
(206
)
(10
)
1,450
(1,794
)
Loss (gain) on deferred compensation plan securities (7)
(82
)
(477
)
(629
)
(245
)
685
Life insurance proceeds received (7)
-
-
-
(2,313
)
-
Non-GAAP interest income and other, net
(426
)
(683
)
(639
)
(1,108
)
(1,109
)
GAAP provision (benefit) for income taxes continuing operations
201
(33
)
576
(3,818
)
1,176
Tax effects of Non-GAAP adjustments
588
3,076
347
9,341
1,413
Non-GAAP provision (benefit) for income taxes continuing
operations
789
3,043
923
5,523
2,589
(1) Consists of costs incurred in connection with merger and
acquisition-related activities, including legal, accounting and
other consulting fees and adjustments related to contingent
consideration.
(2) Consists of a accrued deferred closing date fee associated with
the acquisition of NXP’s high-speed data converter assets.
(3) Consists of an impairment charge related to tangible assets and
a note receivable, net of subsequent recoveries.
(4) Consists of ongoing costs associated with the exit of our leased
and owned facilities.
(5) Consists of costs incurred in connection with the transition of
our wafer fabrication processes from our Oregon facility to TSMC.
(6) Consists of expenses incurred in response to activities and
inquiries of Starboard Value LP.
(7) Consists of gains and losses incurred on marketable equity
securities related to our deferred compensation arrangements and the
changes in the fair value of the assets in a separate trust that is
invested in Corporate owned life insurance under our deferred
compensation plan and life insurance proceeds received to this trust.
(8) For purposes of calculating non-GAAP diluted net income per
share, the GAAP diluted weighted average shares outstanding is
adjusted to exclude the benefits of stock compensation expense
attributable to future services not yet recognized in the financial
statements that are treated as proceeds assumed to be used to
repurchase shares under the GAAP treasury method.
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Cloud computing is transforming the way businesses think about and leverage technology. As a result, the general understanding of cloud computing has come a long way in a short time. However, there are still many misconceptions about what cloud computing is and what it can do for busin...
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All its geographies and all its product units punked out but the company claimed to be exe...
OpenStack Cells is one of the most anticipated features in Grizzly, the seventh release of the open source software that offers more block storage options and scalability. It has been running in production at Rackspace for more than a year.
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“Cloud has everything to do with what has happened with Big Data,” explained Jason Deck, Director of Strategic Alliances at Logicworks, in this exclusive Q&A with Cloud Expo Conference Chair Jeremy Geelan. “Big Data doesn’t exist in its easily accessible way without cloud. From reduced...
Cloudscaling, the four-year old start-up that insists it’s got the most advanced OpenStack infrastructure system, has picked up a $10 million B round from Trinity Ventures and two new investors, new strategic partners Juniper Networks and Seagate.
It reportedly got a $4 million A rou...
