IDT Announces Strong Second Quarter Results; Results from Operations Include Revenue of $165.1 Million and Earnings of $0.18 per Share.SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Oct. 14, 1999-- IDT IDT Integrated Device Technology, Inc. (Santa Clara, CA, USA) IDT I Don't Think IDT Identity Theft IDT Interrupt Descriptor Table IDT Integrated DNA Technologies IDT Inactive Duty Training IDT Instructional Design & Technology (Nasdaq: IDTI IDTI Integrated Device Technology Inc ) today announced results for the second fiscal quarter ended September 26, 1999. The Company reported second quarter net income of $40.5 million, or $0.41 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, on revenues of $173.5 million. Net income includes the following amounts, after expenses and taxes: approximately $6.9 million, related to the Company's cross license with Intel Corporation (company) Intel Corporation - A US microelectronics manufacturer. They produced the Intel 4004, Intel 8080, Intel 8086, Intel 80186, Intel 80286, Intel 80386, Intel 486 and Pentium microprocessor families as well as many other integrated circuits and personal computer networking , and approximately $16.2 million associated with special transactions, primarily the sale of IDT's Centaur centaur (sĕn`tôr), in Greek mythology, creature, half man and half horse. The centaurs were fathered by Ixion or by Centaurus, who was Ixion's son. design subsidiary and WinChip intellectual property (see related releases). Excluding special items, revenues, net income and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $165.1 million, $17.3 million and $0.18, respectively. Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. , excluding revenue of $8.5 million related to the Intel cross license, were up 7.2 percent compared to the $154.0 million of the immediately preceding quarter, and up 12.5 percent from the $146.7 million reported in the second fiscal quarter one year ago. Earnings, excluding second quarter special transactions, more than doubled from the $8.5 million profit of the first quarter. The Company recorded a $22.8 million loss, excluding non-recurring charges, for the second fiscal quarter one year ago. All comparables include the effect of IDT's merger with Quality Semiconductor, Inc. (QSI QSI Quality Step Increase QSI Quality Systems International QSI Quality Service Index QSI Quality Salary Increase QSI Qualimetrics Sensor Interface QSI Unable to Break in on Transmission (radiotelegraphy) ). The merger of QSI with IDT was accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. and closed in April. "We are extremely pleased that operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before doubled quarter on quarter," said Jerry Taylor Jerry Taylor (born 1963 or 1964) is a senior fellow at the Cato Institute where he researches environmental policy. He holds a Bachelor of Arts degree in political science from the University of Iowa. , IDT's president. "This performance reflects strengthening in our core communications markets as well as the accelerated growth of high-value IDT products that serve these markets." Sales grew in each of the Company's four major product areas -- communication products, RISC RISC in full Reduced Instruction Set Computing Computer architecture that uses a limited number of instructions. RISC became popular in microprocessors in the 1980s. microprocessors, high-speed logic and SRAM See static RAM. SRAM - static random-access memory . The Company's order backlog grew sequentially for the third consecutive quarter and bookings exceeded billings. "While the completion of our exit from the x86 market has further strengthened our focus on the high-growth communications market, IDT's financial progress is a result of exceptional product execution," said Dave Cote, vice president of marketing for IDT. "Our success demonstrates the impact of ongoing IDT product innovations on our communications customers' systems." During the second quarter, IDT announced several significant new innovations in communications memories and embedded processors A CPU chip used in a system other than a general purpose workstation, desktop or laptop computer. Such chips are used by the billions every year in a myriad of products. See embedded system. : -0-
-- As a leader in communications memory products, IDT jointly
developed an architectural enhancement for its Zero Bus
Turnaround(TM) (ZBT(R)) SRAM products. These new Smart ZBT(TM)
products are specifically designed for optimizing ASIC
performance in high-bandwidth networking applications.
-- IDT jointly defined and developed the Quad Data Rate (QDR(TM))
archit-- IDT further expanded its RISController(TM) embedded
microprocessor offerings with the introduction of the RC64574(TM)
and RC64575(TM), the industry's fasteeeds from 400 to
500 MHz.
-0-
Amix consists of communications memories, networ4,700 people worldwide and has manufacturing facilities in California, Oregon, the Philippines, Malaysia and s including, but not limited to, product demand,sses, availability of capital, cash flow and other risk factors detailed in the Company's Securities and Exchange Commission filings. Actual results may differ materiallller and RISCore64600 are trademarks of Integrad Device Technology, Inc. and the architecture rola Inc. -0-
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudi3,981 $146,731 $327,525 $299,752
Cost of revenues 89,246 85,612 101,159 174,858 207,777
Restructuring
charges, asset
impairment and other -- -- 178,328 -- 207,244
Gross profit 84,298 68,369 (132,756) 152,667 (115,269)
Operating expenses:
Research and
development 28,443 tal operating
expenses 56,492 63,130 446 35,706 2,576
29,622
Net income (loss) $40,467 $8,478 $(239,362) $48,945 $(290,307)
Net income (loss)
per share:
Basic INTEGRATED DEVICE TECHNOLOGY, INC.
1999 1999 1999
ASSETS
Current assets:
Cash and cash equivalents $240,553 $163,135 $144,598
Short-term investments 79,790 62,439 56,516
Accounts receivable, net 72,855 60,620 58,899
Inventories 63,236 58,655 60,787
Prepayments and other current assets 17,296 21,076 42,015
Total current assets 473,730 365,925 362,815
Property, plant and equipment, net 253,686 284,095 299,235
Other assets 58,527 55,196 59,155
TOTAL ASSETS $785,943 $705,216 $721,205
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $35,978 $39,899 $37,076
Accrued compensation and related
expenses 26,508 16,353 16,736
Deferred income on shipments to
distributors 49,336 47,878 41,759
Other accrued liabilities 55,740 60,348 63,100
Total current liabilities 167,562 164,478 158,671
Convertible subordinated notes, net 180,221 180,327 184,354
Other liabilities 97,147 72,640 78,854
Total liabilities 444,930 417,445 421,879
Stockholders' equity 341,013 287,771 299,326
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $785,943 $705,216 $721,205
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion