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IDT Reports Q2 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 second quarter ended September 30, 2012.

“Despite broad-based weakness in demand, we were able to deliver sequential revenue growth in line with our prior projections,” said Dr. Ted Tewksbury, president and CEO of IDT. “New product revenue increased to over 17 percent of the total, up from 14 percent in the prior quarter, driven by record revenue from Rapid IO switching solutions, continued growth in PCI Express switching, and initial sales from new product categories like enterprise flash controllers, high-speed data converters and wireless power solutions.”

“Record non-GAAP gross margins of 59.4 percent combined with an acceleration of our cost reduction program enabled us to achieve non-GAAP operating margins of 12 percent.”

“Customer demand slowed significantly in the month of September for IDT as well as the overall semiconductor sector, and has remained soft in October. Even though we’re experiencing cautious ordering patterns from customers due to the uncertain macroeconomic environment, we believe our new product traction and continued focus on cost controls will enable us to reach our fiscal 2014 operating margin targets.”

Recent Highlights

IDT recently announced:

Wireless Power

  • Qualcomm has selected IDT as its silicon partner to develop an integrated receiver IC for Qualcomm’s wireless charging solution. The chipset will be designed to meet the requirements of Qualcomm’s WiPower™, a new near-field magnetic resonance technology that provides spatial freedom for charging consumer electronics, mobile phones, and other battery-powered/low-power direct-charge devices.
  • Intel has selected IDT to develop an integrated transmitter and receiver chipset for Intel's wireless charging technology based on resonance technology. Wireless charging ICs by IDT will provide industry-leading size and cost reduction, while simplifying product development and integration. Intel, along with IDT, aims to deliver validated reference designs that are targeted for deployment in Ultrabooks™, all-in-one (AiO) PCs, smartphones, and standalone chargers.
  • Its wireless power transmitter and receiver solutions have been selected by Primax Electronics Ltd., a leading global supplier of after-market wireless charging accessories for tier one mobile phone OEMs.
  • It has become a member of the Alliance for Wireless Power (A4WP), an independently operated organization composed of global wireless power and technology industry leaders, including Samsung and Qualcomm.

Enterprise Computing

  • The industry's first NVM Express (NVMe) enterprise flash memory controller with native support for PCIe® Gen 3. IDT's NVMe flash controller family provides a standards-based solid-state drive (SSD) solution, enabling storage and server original equipment manufacturers (OEMs) to overcome latency and throughput bottlenecks inherent to legacy SAS/SATA-based SSD designs.
  • The industry's first NVMe enterprise non-volatile DRAM (NV-DRAM) controller with native support for PCIe Gen 3. The new NVMe NV-DRAM controller expands upon IDT's previously announced NVMe flash controller family to provide standards-based, high-density, high-performance PCIe-attached NV-DRAM solutions built around a combination of DRAM and NAND flash devices.
  • The industry’s lowest-power DDR3 LRDIMM memory buffer and the first capable of operating with transfer speeds up to 1866 megatransfers per second (MT/s). The new device affirms IDT’s leadership in memory interface solutions by advancing the top data transfer rates of DDR3 LRDIMMs and allowing system makers to benefit from increased memory capacity at higher speeds.
  • The world’s first DDR4 register and temperature sensor that meet the industry's stringent performance requirements. The new products are designed to facilitate the next generation of DRAM modules, including both registered dual inline memory modules (RDIMMs) and load-reduced DIMMs (LRDIMMs), to enable advancements in server and storage sub-system performance, scalability and power efficiency.
  • The world's lowest-power PCI Express® timing family. The new family of buffers and synthesizers offer unprecedented power savings and integration for communications, computing, and consumer markets.

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 second quarter of 2013 was $133.4 million, compared with $138.3 million reported in the same period one year ago.
  • GAAP net loss from continuing operations for the fiscal second quarter of 2013 was $(0.7) million, or breakeven per diluted share, versus GAAP net income of $8.1 million or $0.06 per diluted share in the same period one year ago. Fiscal second quarter 2013 GAAP results include $12.7 million in acquisition and restructuring related charges, $3.6 million in stock-based compensation, and $3.1 million in benefits from tax effects.
  • Non-GAAP net income from continuing operations for the fiscal second quarter of 2013 was $12.6 million or $0.09 per diluted share, compared with non-GAAP net income from continuing operations of $17.2 million or $0.12 per diluted share reported in the same period one year ago.
  • GAAP gross profit for the fiscal second quarter of 2013 was $74.6 million, or 55.9 percent, compared with GAAP gross profit of $73.6 million, or 53.2 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal second quarter of 2013 was $79.2 million, or 59.4 percent, compared with non-GAAP gross profit of $78.1 million, or 56.5 percent, reported in the same period one year ago.
  • GAAP R&D expense for the fiscal second quarter of 2013 was $42.4 million, compared with GAAP R&D expense of $39.2 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal second quarter of 2013 was $39.1 million, compared with non-GAAP R&D of $37.6 million in the same period one year ago.
  • GAAP SG&A expense for the fiscal second quarter of 2013 was $32.8 million, compared with GAAP SG&A expense of $24.9 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal second quarter of 2013 was $23.8 million, compared with non-GAAP SG&A expense of $22.6 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 October 29, 2012. The webcast replay will be available after 5 p.m. Pacific time on October 29, 2012.

Investors can also listen to the live call at 1:30 p.m. Pacific time on October 29, 2012 by calling (800) 230-1059 or (612) 234-9960. The conference call replay will be available after 5 p.m. Pacific time on October 29, 2012 through 11:59 p.m. Pacific time on November 5, 2012 at (800) 475-6701 or (320) 365-3844. The access code is 266766.

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