IDT Reports Q4 And Fiscal Year End 2012 Financial Results

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 fourth quarter and year ended April 1, 2012.

“We achieved top and bottom line results that exceeded our expectations for our fiscal fourth quarter as a result of strong sales from our communications and computing segments and higher gross margins,” said Dr. Ted Tewksbury, president and CEO of IDT. “Our Q4 results reflect improving trends in our communications and enterprise computing businesses, and underscore increased traction of our new product categories as revenue from new products increased to 13 percent from 10 percent in the prior quarter. In addition, gross margins were 300 basis points better than expected, highlighting improved product mix and lower inventory reserves.”

“Over the past four years we have significantly revitalized our new product pipeline and restructured the company for profitable growth with the sale of our fab and less profitable businesses, consolidation of our backend operations, and acquisitions of key products and technologies to better serve customers in our target markets. Over the same period, we have successfully defended and grown our core businesses while expanding our available market in focused areas like 4G/LTE wireless infrastructure and cloud computing. With the restructuring of the company significantly complete, IDT is poised to realize the return on our investment in core and new product categories. At our Analyst Day in March, we projected $80 million to $100 million in sales from our new product areas in fiscal 2013, representing 50-80 percent growth. We are also augmenting our organic growth plan with the acquisitions we announced today. At the same time, we are working to align our long-term R&D investment and SG&A with our restructured business to ensure we are operating as efficiently as possible while supporting the company's momentum. We believe our operating model can deliver strong returns in the near future and that we are well positioned to drive sustainable growth in shareholder value over the long run.”

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