IDT Reports Q2 Fiscal Year 2014 Financial Results

  • Revenue for the fiscal second quarter of 2014 was $124.6 million, compared with $133.4 million reported in the same period one year ago.
  • GAAP net income from continuing operations for the fiscal second quarter of 2014 was $83.7 million, or $0.54 per diluted share, versus a GAAP net loss from continuing operations of $0.7 million or breakeven per diluted share in the same period one year ago. Fiscal second quarter 2014 GAAP results include an $82.3 million gain relating to the enterprise flash controller divestiture, $13.1 million in acquisition and restructuring related charges, $2.5 million in stock-based compensation, and $1.2 million from related tax effects.
  • Non-GAAP net income from continuing operations for the fiscal second quarter of 2014 was $15.7 million or $0.10 per diluted share, compared with non-GAAP net income from continuing operations of $12.6 million or $0.09 per diluted share reported in the same period one year ago.
  • GAAP gross profit for the fiscal second quarter of 2014 was $70.8 million, or 56.8 percent, compared with GAAP gross profit of $74.6 million, or 55.9 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal second quarter of 2014 was $74.4 million, or 59.7 percent, compared with non-GAAP gross profit of $79.2 million, or 59.4 percent, reported in the same period one year ago.
  • GAAP R&D expense for the fiscal second quarter of 2014 was $42.2 million, compared with GAAP R&D expense of $42.4 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal second quarter of 2014 was $34.5 million, compared with non-GAAP R&D of $39.1 million in the same period one year ago.
  • GAAP SG&A expense for the fiscal second quarter of 2014 was $28.0 million, compared with GAAP SG&A expense of $32.8 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal second quarter of 2014 was $23.1 million, compared with non-GAAP SG&A expense of $23.8 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://ir.idt.com/. The live webcast will begin at 1:30 p.m. Pacific time on October 28, 2013. The webcast replay will be available after 5 p.m. Pacific time on October 28, 2013.

Investors can also listen to the live call at 1:30 p.m. Pacific time on October 28, 2013 by calling (800) 230-1085 or (612) 288-0340. The conference call replay will be available after 5 p.m. Pacific time on October 28, 2013 through 11:59 p.m. Pacific time on November 4, 2013 at (800) 475-6701 or (320) 365-3844. The access code is 305091.

About IDT

Integrated Device Technology, Inc., the Analog and Digital Company™, develops system-level solutions that optimize its customers’ applications. IDT uses its market leadership in timing, serial switching and interfaces, and adds analog and system expertise to provide complete application-optimized, mixed-signal solutions for the communications, computing and consumer segments. Headquartered in San Jose, Calif., IDT has design, manufacturing, sales facilities and distribution partners throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “IDTI.” Additional information about IDT is accessible at www.IDT.com. Follow IDT on Facebook, LinkedIn, Twitter, and YouTube.

Forward Looking Statements

Investors are cautioned that forward-looking statements in this release, including but not limited to statements regarding demand for Company products, anticipated trends in Company sales, expenses and profits, involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include, but are not limited to, global business and economic conditions, fluctuations in product demand, manufacturing capacity and costs, inventory management, competition, pricing, patent and other intellectual property rights of third parties, timely development and introduction of new products and manufacturing processes, dependence on one or more customers for a significant portion of sales, successful integration of acquired businesses and technology, availability of capital, cash flow and other risk factors detailed in the Company’s Securities and Exchange Commission filings. The Company urges investors to review in detail the risks and uncertainties in the Company’s Securities and Exchange Commission filings, including but not limited to the Annual Report on Form 10-K for the fiscal year ended March 31, 2013. All forward-looking statements are made as of the date of this release and the Company disclaims any duty to update such statements.

Non-GAAP Reporting

To supplement its consolidated financial results presented in accordance with GAAP, IDT uses non-GAAP financial measures which are adjusted from the most directly comparable GAAP financial measures to exclude certain items, as described in detail below. Management believes that these non-GAAP financial measures reflect an additional and useful way of viewing aspects of the Company’s operations that, when viewed in conjunction with IDT’s GAAP results, provide a more comprehensive understanding of the various factors and trends affecting the Company’s business and operations. It should also be noted that IDT's non-GAAP information may be different from the non-GAAP information provided by other companies. Non-GAAP financial measures used by IDT include:

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