Integrated Device Swings to Loss

Integrated Device Technology ( IDTI) swung to a loss in the first quarter, hit by acquisition charge and other one time expenses.

The San Jose, Calif.-based chip outfit reported a loss of $1.56 million, or a peeny a share, in the quarter, compared with earnings of $6.58 million, or 6 cents a share, a year ago. Excluding acquisition, stock option costs and other charges, the company earned 25 cents a share. Analysts surveyed by Thomson First Call were expecting earnings of 20 cents a share in the most recent quarter. '

First-quarter revenue rose 97.7% to $185.5 million from a year ago as against analysts' expectation of $179.2 million.

"Our double-digit revenue growth in the fiscal first quarter reflects continued product momentum across our computing and communication end markets," the company said. "An aggressive ramp of our advanced memory buffer products combined with continued strength in our communications' sub segments allowed us to achieve better results than originally anticipated, despite a softer-than-seasonal market for our PC clock business. We also demonstrated strong profit growth during the quarter resulting from the combination of top line growth and excellent cost and expense management which allowed us to achieve our operating margin target range at least one year ahead of our plans."

Shares rose 36 cents early Wednesday to $14.11.

This story was created through a joint venture between TheStreet.com and IRIS.

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