IDT Reports Q1 Fiscal Year 2013 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 first quarter ended July 1, 2012.

“Strong sequential revenue growth, combined with better than expected gross margins, drove improved top and bottom line results for the fiscal first quarter,” said Dr. Ted Tewksbury, president and CEO of IDT. “Our Q1 results reflect improving trends primarily in our communications infrastructure and consumer end markets, and our stronger than anticipated gross margins resulting from favorable product mix enabled us to deliver EPS that was $0.02 better than our prior projections.”

“Our recently announced transactions complete our acquisition strategy to deliver system-level analog and digital solutions for communications infrastructure and enterprise computing. With our strategic repositioning now complete, our attention is focused on growing revenue, optimizing our cost structure to meet our previously stated operating margin targets, and delivering superior financial returns to shareholders.”

Recent Highlights

IDT recently announced:

• It has acquired NXP's high-speed data converter assets and Alvand Technologies, a leading analog IP company specializing in data converters. The Company can now offer its customers a one-stop shop for wireless base stations, including radio frequency (RF) components, analog-to-digital converters (ADCs), digital-to-analog converters (DACs), Serial RapidIO® switches and bridges, high-performance timing devices, data compression IP, and power management ICs.
• The world’s first CrystalFree™ piezoelectric MEMS (pMEMS™) oscillators for high-performance communications, consumer, cloud, and industrial applications. These new oscillators operate with very low phase jitter in compact industry-standard packaging, making them an ideal replacement for traditional crystal oscillators.
• The industry's lowest-power low-distortion diversity mixer for 4G wireless base stations. A member of IDT's Zero-Distortion™ family, the new device reduces distortion while simultaneously reducing power consumption in Long Term Evolution (LTE) and time-division duplexing (TDD) wireless communication architectures.
• Its single-chip wireless power transmitter solution has received full "Qi" certification by the Wireless Power Consortium (WPC). This certification ensures interoperability with any other device meeting the WPC Qi standard, providing charging station manufacturers the confidence to design with IDT's solution for applications requiring Qi compliance.
• It received the Semiconductor of the Year Award for Excellence from Semiconductor Industry News for its innovative wireless power transmitter and receiver solutions.
• It has been included in "The Bay Area News Top Workplaces" list published by The Bay Area News Group. The Silicon Valley/San Jose Business Journal also recently recognized IDT on its list of the "Top 100 Public Companies in Silicon Valley."

The following highlights the Company’s financial performance on both a GAAP and non-GAAP basis. The GAAP results include certain costs, charges, gains and losses, which are excluded from non-GAAP results based on management’s determination that they are not directly reflective of ongoing operations. 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 first quarter of 2013 was $130.2 million, compared with $149.3 million reported in the same period one year ago.
• GAAP net income from continuing operations for the fiscal first quarter of 2013 was $0.5 million, or $0.00 per diluted share, versus GAAP net income of $12.8 million or $0.08 per diluted share in the same period one year ago. Fiscal first quarter 2013 GAAP results include $7.8 million in benefits from tax effects, life insurance proceeds and net impact of deferred compensation plan, $12.5 million in acquisition and restructuring related charges, $3.1 million in stock-based compensation and $2.6 million in expenses related to stockholder activities.
• Non-GAAP net income from continuing operations for the fiscal first quarter of 2013 was $11.0 million or $0.08 per diluted share, compared with non-GAAP net income from continuing operations of $23.8 million or $0.16 per diluted share reported in the same period one year ago.
• GAAP gross profit for the fiscal first quarter of 2013 was $72.5 million, or 55.7 percent, compared with GAAP gross profit of $79.4 million, or 53.2 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal first quarter of 2013 was $77.0 million, or 59.2 percent, compared with non-GAAP gross profit of $86.1 million, or 57.7 percent, reported in the same period one year ago.
• GAAP R&D expense for the fiscal first quarter of 2013 was $41.5 million, compared with GAAP R&D expense of $39.8 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal first quarter of 2013 was $39.7 million, compared with non-GAAP R&D of $37.3 million in the same period one year ago.
• GAAP SG&A expense for the fiscal first quarter of 2013 was $36.4 million, compared with GAAP SG&A expense of $25.9 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal first quarter of 2013 was $24.6 million, compared with non-GAAP SG&A expense of $23.6 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://www.IDT.com. The live webcast will begin at 1:30 p.m. Pacific time on July 30, 2012. The webcast replay will be available after 5 p.m. Pacific time on July 30, 2012.

Investors can also listen to the live call at 1:30 p.m. Pacific time on July 30, 2012 by calling [phone] or [phone]. The conference call replay will be available after 5 p.m. Pacific time on July 30, 2012 through 11:59 p.m. Pacific time on August 6, 2012 at [phone] or [phone]. The access code is 253328.

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