IDT Reports Q3 Fiscal Year 2014 Financial Results

  • Revenue from continuing operations for the fiscal third quarter of 2014 was $124.6 million, compared with $114.3 million reported in the same period one year ago.
  • GAAP net income from continuing operations for the fiscal third quarter of 2014 was $17.3 million, or $0.11 per diluted share, versus a GAAP net loss from continuing operations of $42 thousand or a loss of $0.00 per share in the same period one year ago. Fiscal third quarter 2014 GAAP results include a $3.4 million loss relating to the divestiture of the Company’s Audio business, $3.6 million in acquisition and restructuring-related charges, $3.2 million in stock-based compensation, $0.1 million in other non-operating gains, and $1.4 million benefit from related tax effects.
  • Non-GAAP net income for the fiscal third quarter of 2014 was $25.9 million or $0.17 per diluted share, compared with non-GAAP net income of $9.3 million or $0.06 per diluted share reported in the same period one year ago.
  • GAAP gross profit from continuing operations for the fiscal third quarter of 2014 was $74.9 million, or 60.1 percent, compared with GAAP gross profit of $63.1 million, or 55.2 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal third quarter of 2014 was $77.8 million, or 62.4 percent, compared with non-GAAP gross profit of $66.4 million, or 58.1 percent, reported in the same period one year ago.
  • GAAP R&D expense for the fiscal third quarter of 2014 was $31.1 million, compared with GAAP R&D expense of $36.7 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal third quarter of 2014 was $29.3 million, compared with non-GAAP R&D of $34.3 million in the same period one year ago.
  • GAAP SG&A expense for the fiscal third quarter of 2014 was $23.7 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 third quarter of 2014 was $21.1 million, compared with non-GAAP SG&A expense of $21.6 million in the same period one year ago.

Webcast and Conference Call Information

Investors may 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 February 3, 2014. The webcast replay will be available after 5 p.m. Pacific time on February 3, 2014.

Investors may also listen to the live call at 1:30 p.m. Pacific time on February 3, 2014 by calling (877) 941-1427 or (480) 629-9664. The access code is 4662809. The conference call replay will be available for one week after the event at (800) 406-7325 or (303) 590-3030. The access code is 4662809.

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

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