IDT Reports Fiscal 4th-qtr Loss

SAN JOSE, Calif. (AP) — Integrated Device Technology Inc. on Thursday reported a loss for its fiscal fourth-quarter due to a drop in revenue and a major writedown in the value of the company.

For the quarter that ended March 29, the communications chip maker reported a loss of $719.2 million, or $4.37 per share, compared with a profit of $17.1 million, or 10 cents per share, in the year-ago period.

When excluding certain items, like a $686.6 million non-cash charge that IDT recorded as a writedown in the company's value, IDT's loss was 2 cents per share. That is slightly better than the loss of 3 cents analysts polled by Thomson Reuters expected.

Revenue fell 39 percent to $107.4 million, coming in just ahead of the $106.9 million analysts expected.

For the full fiscal year, IDT's loss totaled $1.04 billion, or $6.21 per share, compared with a profit of $34.2 million, or 18 cents per share, in the prior year.

Revenue fell 15 percent to $663.2 million.