| To: SemiBull who wrote (11520) | 10/13/2003 7:55:18 PM | | From: SemiBull | | | | IDT Unveils Industry's First Family Of x36, 18-Mbit Synchronous and Asynchronous Dual-Port Devices
Monday October 13, 7:45 am ET
Company Strengthens Leadership Position With High-Performance Multi-Port Products
SANTA CLARA, Calif.--(BUSINESS WIRE)--Oct. 13, 2003--IDT(TM) (Integrated Device Technology, Inc.; Nasdaq: IDTI), a leading communications IC company, today continued its history of leadership in multi-port technology with the introduction of the industry's first 18-Mbit 512Kx36 dual-port devices. The IDT 18-Mbit dual-port offerings, which consist of a synchronous device and an asynchronous part, provide designers with the option of selecting the interface type to optimize performance and simplify their design. The IDT 18-Mbit, synchronous device operates at an industry-leading 166 MHz, while the asynchronous device runs at access times as low as 10ns, making them suitable for high-performance designs such as wireless base stations, network switches and routers, and other telecom, datacom and networking applications.
"The new IDT 18-Mbit dual-port devices are an evolutionary extension of our market-leading synchronous and asynchronous dual-port products and further demonstrate the company's commitment to developing a broad spectrum of parts in this category," said Ronald Jew, product line director for the IDT multi-port products division. "Leveraging our core expertise in the multi-port market space, we have designed these industry leading 18-Mbit synchronous and asynchronous dual-ports to operate at the industry's fastest speeds without compromise in functionality."
Unlike alternative, synchronous dual-port solutions, the IDT 70T3539M provides a full range of complete synchronous functionality, including full-boundary counters, multiple independent chip and byte enables, a collision detect signal and synchronous interrupts. These functions allow designers to optimize their design for greater performance, lower power and the highest degree of contention management without the need for external devices. The IDT 70T653M asynchronous device offers a full range of features to simplify the design of asynchronous shared memory applications. These mechanisms, which include "busy" logic, semaphore flags and interrupts, enable customers to manage contention issues between ports easily without external circuitry. The 18-Mbit asynchronous device also provides a RapidWrite Mode, which allows designers to perform consecutive write cycles without pulsing the write-enabling control pins inactive during address and data transitions. This unique feature provides optimized write performance in back-to-back write operations such as updating headers or maintaining a pointer structure in the memory.
"With the IDT 18-Mbit dual-port devices, customers are able to select a product that offers the essential functions needed to ensure the effectiveness of their design," said Bill Beane, strategic marketing manager with the IDT multi-port products division. "Both the synchronous and asynchronous 18-Mbit devices are the only products in the industry to offer this level of functionality and performance at this density level. Furthermore, the x36 product width is directly in line with the emerging design requirements of our key customers' critical applications. These devices are yet another proof point of our commitment to satisfying the current and future needs of the industry's leading communications companies."
Both 18-Mbit devices are available in the small-footprint 256-BGA package for the lowest board space available, and they are backward pin-compatible with the company's existing 4-Mbit and 9-Mbit synchronous and asynchronous dual-port products, enabling an easy upgrade path with minimal board changes. Much like the company's existing 9-Mbit dual-ports, this new product family offers a 2.5-volt core for low-power consumption and selectable 2.5- and 3.3-volt I/O options for voltage bus matching between two separate domains. Other features include the innovative sleep mode feature that allows the products to minimize power consumption by placing the part in full standby mode without any input-level restrictions and a JTAG interface that allows designers to improve manufacturability with enhanced board debug and production diagnostics.
Pricing and Availability
Pricing for the 18-Mbit synchronous and asynchronous dual-port devices begins at $110 in 10,000-unit quantities. The devices will begin sampling next month, with production quantities available in Q1CY04. More information about these and other multi-port products can be found on the IDT Web site at idt.com. High-resolution, downloadable photos of the 18-Mbit synchronous and asynchronous dual-port products are located at www10.idt.com:81/pressroom/imagebank/products.cfm.
-0-
Part # Technical Specs Package Samples Product Starting
Type Qty. Price/Qty
10k Units
----------------------------------------------------------------------
70T3539M 512Kx36 256-ball November Q1CY04 $110.00
2.5V, Synchronous BGA 2003
Dual-Port RAM (BC-256)
166MHz,
2.5V/3.3V I/O
----------------------------------------------------------------------
70T653M 512Kx36 256-ball November Q1CY04 $110.00
2.5V, Asynchronous BGA 2003
Dual-Port RAM (BC-256)
10ns,
2.5V/3.3V I/O
----------------------------------------------------------------------
About IDT
www.idt.com
IDT and Interprise are trademarks and the IDT logo is a registered trademark of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
Contact:
IDT Corporate Communications
Darlene Perry, 408-492-8622
darlene.perry@idt.com
or
Porter Novelli
Patty Ladegaard, 408-369-1500 x30
patty.ladegaard@porternovelli.com
Source: IDT |
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| To: SemiBull who wrote (11521) | 10/16/2003 8:03:19 PM | | From: SemiBull | | | | IDT Announces Results for Second Quarter Fiscal Year 2004
Thursday October 16, 4:15 pm ET
Company Reports ($0.01) Pro-Forma EPS, $0.01 GAAP EPS
SANTA CLARA, Calif.--(BUSINESS WIRE)--Oct. 16, 2003-- IDT(TM) (Integrated Device Technology, Inc.)(Nasdaq:IDTI - News), a leading communications IC company, today announced results for the quarter ended September 28, 2003, its second quarter of fiscal 2004.
Revenues for the second fiscal quarter were $80.8 million, a decrease of 2.7 percent compared to the first quarter of fiscal 2004 and a decrease of 12.4 percent from the quarter ended September 29, 2002. On a pro-forma basis, the net loss for the second fiscal quarter was $1.1 million ($0.01 per diluted share), compared to a net loss of $4.8 million ($0.05 per diluted share) in the first quarter of fiscal 2004 and net income of $1.0 million or $0.01 per diluted share for the quarter one year ago.
Including certain costs, charges and gains in accordance with GAAP, the Company earned net income of $1.2 million in the second quarter of fiscal 2004 ($0.01 per diluted share), compared to a loss of $4.8 million ($0.05 per diluted share) in the first quarter of fiscal 2004. On a GAAP basis, the Company recorded a net loss of $4.9 million ($0.05 per diluted share) for the second quarter of fiscal 2003. Further information, including a detailed reconciliation of pro-forma and GAAP results, is provided in the financial tables of this release.
"For the third consecutive quarter, we experienced strong sequential growth in the enterprise market. This growth is fueled by the demand for high-quality packet-processing products for IP networks," said Greg Lang, president and CEO of IDT. "We are also seeing encouraging signs of future growth in most of our market segments. Our customers' outlooks are more positive, inventories are under control while supplies are tightening, and average selling prices are stabilizing."
Q2FY04 Highlights:
* IDT announced an agreement with IBM to purchase its full-ternary network search engine (NSE) product designs targeted at the enterprise switching market. With the acquisition, IDT further extended its leadership by offering the broadest and deepest portfolio of NSE solutions that accelerate packet processing. Specific to the transaction, IDT acquired 128Kx36 (4.5-Mbit) and 512Kx36 (18-Mbit) product designs, and IBM will serve as the foundry to manufacture these NSEs using a 0.13-micron, copper process.
* Leveraging its expertise in providing clock-distribution and clock-generation solutions, IDT entered the PC clock market with a family of devices targeting desktop computing platforms. The new devices are based on a new four phase-locked-loop (PLL) PC clock architecture that enables complete, independent control of key clock circuits within the system, replacing traditional three-PLL clock architectures. IDT plans to expand its offerings and develop a suite of PC clock devices that serve next-generation notebook and desktop computing platforms.
ions
processor. The RC32336 processor delivers performance up to
180 MHz and is targeted at the cost-sensitive, high-volume
small and medium enterprise (SME) and small office/home office
* (SOHO) wireless gateways, and wireless access point markets. Additionally, the RC32336 processor provides increased functionality and integration, allowing for connectivity to a wide range of networking devices including wireless local area network (WLAN) chipsets, and enables system developers to design fully featured and cost-effective solutions at a competitive price/performance point.
* The Company introduced a new family of inverse multiplexing ATM (IMA) devices that offer specific features for remote equipment such as mobile base stations and DSL multiplexers. The IMA devices allow the remote configuration of up to eight IMA groups at a far-end unit via the IMA group auto-detect function. The devices offer the most advanced user interface in the industry, simplifying software development, reducing costs and speeding time to market. The IDT IMA devices, coupled with the Company's SuperJET(TM) transceivers, provide a complete solution for IMA line-card applications, with the industry's lowest power consumption, chip count and board space.
Webcast and Conference Call Information
Investors can listen to a live or replay Webcast of the Company's quarterly financial conference call at www.idt.com. The live Webcast begins at 1:30 p.m. PDT on October 16, 2003. The Webcast replay will be available after 4 p.m. PDT on October 16 through November 6, 2003. A taped telephone replay of the conference call will be available at (800) 475-6701 (access code is 701493) beginning at 5 p.m. PDT on October 16 and will be accessible until 9 p.m. PDT on October 23, 2003.
Investor Information
IDT stock is traded on the Nasdaq Stock Market® under the symbol "IDTI." The Company is included in the S&P 1000, which is a combination of the S&P MidCap 400 and S&P SmallCap 600 Indices, and is also part of the S&P SuperComposite 1500, which combines the S&P 500, MidCap 400, and SmallCap 600. Additional information about IDT is accessible at www.idt.com.
About IDT
IDT is a global leader in preemptive semiconductor solutions that accelerate packet processing for advanced network services. IDT serves communications equipment vendors by applying its advanced hardware, software and memory technologies to create flexible, highly integrated products that enhance the functionality and processing of network equipment. IDT accelerates intelligent packet processing with products such as network search engines (NSEs), programmable content inspection engines (CIEs), flow-control management (FCM) ICs and its family of Interprise(TM) integrated communications processors. The portfolio also comprises products optimized for communications applications, including telecom products, FIFOs, multi-ports, and clock management products. In addition, the product mix includes high-performance digital logic and high-speed SRAMs to meet the requirements of leading communications companies.
Headquartered in Santa Clara, Calif., the Company employs approximately 3,100 people worldwide and has a wafer manufacturing facility in Oregon, and test and assembly facilities in the Philippines and Malaysia.
Forward-looking statements in this release involve a number of risks and uncertainties including, but not limited to, global business and economic conditions, product demand, manufacturing capacity and costs, competition, pricing, patent and other intellectual property rights of third parties, timely development and supply of new products and manufacturing processes, availability of capital, cash flow and other risk factors detailed in the Company's Securities and Exchange Commission filings. Actual results may differ materially from the Company's projections.
IDT, Interprise, and SuperJET are trademarks and the IDT logo is a registered trademark of Integrated Device Technology, Inc. Other brands, product names and marks are trademarks, registered trademarks, or trade names of their respective owners.
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per
share data) Three Months Ended Six Months Ended
------------------------- -----------------
Sep. 28, Jun. 29, Sep. 29, Sep. 28, Sep. 29,
2003 2003 2002 2003 2002
------------------------- --------- --------
Revenues $80,777 $83,045 $92,252 $163,822 $184,064
Cost of revenues 42,201 48,724 49,246 90,925 106,249
-------- -------- -------- --------- ---------
Gross profit 38,576 34,321 43,006 72,897 77,815
-------- -------- -------- --------- ---------
Operating expenses:
Research and
development 25,716 25,366 29,384 51,082 59,625
Selling, general and
administrative 18,320 18,325 20,018 36,645 40,600
Acquired in-process
research and
development 264 -- -- 264 --
-------- -------- -------- --------- ---------
Total operating
expenses 44,300 43,691 49,402 87,991 100,225
-------- -------- -------- --------- ---------
Operating loss (5,724) (9,370) (6,396) (15,094) (22,410)
Interest expense (118) (92) (129) (210) (260)
Gain (Loss) on equity
investments 3,151 -- (6,557) 3,151 (6,557)
Interest income and
other, net 3,142 4,224 5,231 7,366 11,154
-------- -------- -------- --------- ---------
Income (loss) before
income taxes 451 (5,238) (7,851) (4,787) (18,073)
Benefit for income
taxes (699) (486) (2,969) (1,185) (5,601)
-------- -------- -------- --------- ---------
Net income (loss) $1,150 $(4,752) $(4,882) $(3,602) $(12,472)
======== ======== ======== ========= =========
Net income (loss)
per share:
Basic $0.01 $(0.05) $(0.05) $(0.03) $(0.12)
Diluted $0.01 $(0.05) $(0.05) $(0.03) $(0.12)
Weighted average shares:
Basic 104,210 103,872 103,091 104,041 103,662
Diluted 106,148 103,872 103,091 104,041 103,662
INTEGRATED DEVICE TECHNOLOGY, INC.
NON-GAAP ADJUSTMENTS
(Unaudited)
(In thousands)
Three Months Ended Six Months Ended
------------------------- -----------------
Sep. 28, Jun. 29, Sep. 29, Sep. 28, Sep. 29,
2003 2003 2002 2003 2002
-------- -------- -------- -------- ---------
Net income (loss) $1,150 $(4,752) $(4,882) $(3,602) $(12,472)
-------- -------- -------- -------- ---------
Non-GAAP adjustments:
Cost of goods sold:
Restructuring
charges (1) -- 15 -- 15 --
Other (3) 280 282 619 562 4,256
Amortization of
acquisition-
related charges (2) 357 234 786 591 1,572
Operating expenses:
Acquired IPR&D (2) 264 -- -- 264 --
Other (3) -- 36 108 36 586
Restructuring
charges (1) 752 541 -- 1,293 --
Other acquisition-
related costs (2) 492 444 976 936 1,952
(Gain) loss on equity
investments (4) (3,151) -- 6,557 (3,151) 6,557
Other income (5) (180) (722) -- (902) --
Taxes (5) (1,081) (849) (3,208) (1,930) (4,971)
-------- -------- -------- -------- ---------
Total Non-GAAP
adjustments (2,267) (19) 5,838 (2,286) 9,952
-------- -------- -------- -------- ---------
Pro forma net income
(loss) $(1,117) $(4,771) $956 $(5,888) $(2,520)
======== ======== ======== ======== =========
(1) Represents costs, primarily severance, of restructuring
actions taken in Q2 2004. Q1 2004 includes non-recurring period costs,
primarily facility exit costs, related to final implementation of
restructuring activities originally announced in Q4 2003.
(2) Costs relate to our Q2 2004 TCAM3 acquisition from IBM and
acquisitions of Newave and Solidum in April 2001 and October 2002,
respectively. Newave-related costs include stock-based compensation,
amortization of intangible assets, and (in and six months ended Q2
2003 only) contingent compensation. TCAM3 and Solidum-related costs
include only amortization of intangible assets.
(3) Consists of costs associated with the closure of our Salinas
plant.
(4) Q2 2004 consists of the net gain realized on the sale of our
final equity holdings in PMC-Sierra Inc. Q2 2003 represents an
other-than-temporary impairment charge related the same investment.
(5) In Q2 and Q1 2004, we received non-recurring federal and state
tax refunds for tax years prior to 1996 plus interest accrued thereon.
INTEGRATED DEVICE TECHNOLOGY, INC.
PRO FORMA STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except
per share data) Three Months Ended Six Months Ended
------------------------- ------------------
Sep. 28, Jun. 29, Sep. 29, Sep. 28, Sep. 29,
2003 2003 2002 2003 2002
-------------------------- --------- --------
Revenues $80,777 $83,045 $92,252 $163,822 $184,064
Cost of revenues 41,564 48,193 47,841 89,757 100,421
-------- -------- -------- --------- ---------
Gross profit 39,213 34,852 44,411 74,065 83,643
-------- -------- -------- --------- ---------
Operating expenses:
Research and
development 25,261 24,592 28,456 49,853 57,617
Selling, general and
administrative 17,531 18,078 19,862 35,609 40,070
-------- -------- -------- --------- ---------
Total operating
expenses 42,792 42,670 48,318 85,462 97,687
-------- -------- -------- --------- ---------
Operating loss (3,579) (7,818) (3,907) (11,397) (14,044)
Interest expense (118) (92) (129) (210) (260)
Interest income and
other, net 2,962 3,502 5,231 6,464 11,154
-------- -------- -------- --------- ---------
Income (loss) before
income taxes (735) (4,408) 1,195 (5,143) (3,150)
Provision (benefit) for
income taxes 382 363 239 745 (630)
-------- -------- -------- --------- ---------
Net income (loss) $(1,117) $(4,771) $956 $(5,888) $(2,520)
======== ======== ======== ========= =========
Net income (loss) per
share:
Diluted $(0.01) $(0.05) $0.01 $(0.06) $(0.02)
Weighted average
shares:
Diluted 104,210 103,872 104,508 104,041 103,662
Our pro forma results exclude acquisition-related charges and
unusual or infrequent expenses and benefits that management believes
are not directly related to our ongoing operations. We believe that
these pro forma results provide useful information; however, our
presentation of pro forma results is not in accordance with GAAP and
may not be comparable to pro forma information provided by other
companies. Pro forma information should be considered a supplement to,
and not a substitute for, financial statements prepared in accordance
with GAAP.
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
Sep. 28, Mar. 30,
(In thousands) 2003 2003
----------------------------------------------------------------------
ASSETS
Current assets:
Cash and cash equivalents $176,519 $144,400
Short-term investments 391,429 410,425
Accounts receivable, net 40,950 40,111
Inventories 33,414 41,189
Prepayments and other current assets 20,781 29,420
----------- -----------
Total current assets 663,093 665,545
Property, plant and equipment, net 122,561 129,923
Goodwill and other intangibles 54,278 47,266
Other assets 37,344 38,578
----------- -----------
TOTAL ASSETS $877,276 $881,312
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $16,323 $17,514
Accrued compensation and related expenses 11,885 11,020
Deferred income on shipments to distributors 16,082 17,911
Income taxes payable 33,095 32,280
Other accrued liabilities 19,406 20,120
----------- -----------
Total current liabilities 96,791 98,845
Other liabilities 20,359 23,775
----------- -----------
Total liabilities 117,150 122,620
Stockholders' equity 760,126 758,692
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 877,276 $ 881,312
=========== ===========
Contact:
IDT Investor Relations
Tom McCallum, 408-654-6515
ir@idt.com
or
IDT Corporate Communications
Diana Pailthorpe, 408-492-8210 (Press)
diana.pailthorpe@idt.com
or
Porter Novelli
Brad Langley, 408-369-1500 (Press)
brad.langley@porternovelli.com
Source: IDT |
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| To: SemiBull who wrote (11523) | 10/20/2003 7:48:44 PM | | From: SemiBull | | | | IDT Extends Leadership with Industry's First 512Kx36, 18-Mbit Network Search Engine with Dual LA-1 Interfaces
Monday October 20, 7:45 am ET
NSEs Seamlessly Connect to NPUs from AMCC and Intel, Providing Unprecedented Search Performance and Functionality to Accelerate Packet Processing in Metro/Edge Routers
SAN JOSE, Calif.--(BUSINESS WIRE)--Oct. 20, 2003-- IDT(TM) (Integrated Device Technology, Inc.)(Nasdaq:IDTI - News), a leading communications IC company and the market and technology leader of network search engines (NSEs), today introduced the industry's first monolithic NSEs in 512Kx36 (18-Mbit) and 256Kx36 (9-Mbit) configurations with dual Network Processor Forum (NPF) Look Aside (LA-1) interfaces. The fully integrated interfaces allow a seamless connection between the new IDT NSEs and the network processing units (NPUs), including the nP3700 NPUs from AMCC and the Intel® IXP2400, Intel® IXP2800, and Intel® IXP2850 NPUs. Targeted at metro and edge routers, the new IDT NSEs operate at up to 250 million searches per second (MSPS) and enable line rate performance up to OC-192 and beyond. IDT will discuss technical product details during the Search Engine Panel on Thursday, October 23 at 8:30 a.m. at the Network Processors Conference West, San Jose, Calif.
ADVERTISEMENT
"To obtain system flexibility in metro and edge routers, designers want search engines that connect glue-lessly with multiple NPUs," said Jag Bolaria, senior analyst at The Linley Group. "Offering a high-density, high-performance search engine with multiple ports further satisfies the classification requirements of multiple OC-192 data paths."
The dual LA-1 interfaces on the new IDT NSEs enable the sharing of databases between ingress and egress NPUs. This feature, coupled with the 18-Mbit density of the 512Kx36 NSE, enables multiple database support for a variety of applications related to multi-field complex classification. The flexibility delivered by the NSE's shared-database capability eliminates the need for multiple updates for rule sets within multiple NPUs, increasing overall performance and system efficiency.
IDT Network Search Engines with Dual-LA-1 Interfaces
In addition to incorporating two LA-1-compliant interfaces, the new IDT NSEs include a control plane maintenance port with a PCI interface. This port enables efficient table management by allowing users to make changes in the databases without impacting search performance. The NSEs also perform instruction result notification that provides efficient device operation and minimizes the number of transactions required to obtain the search results. Similar to existing devices within the IDT portfolio, the NSEs with dual LA-1 interfaces offer application-support features, such as dynamic database management for increased power savings, and simultaneous multi-database lookup (SMDL) that enables multiple packet searches up to 250 million searches per second (MSPS).
"The new IDT NSEs with dual-LA-1 interfaces extend our leadership in providing innovative solutions that incorporate specialized architectures which accelerate packet processing in a variety of applications requiring multi-field complex classification," said Dave Cech, director of marketing for the IDT network search engines. "We have improved on our existing family of NSEs with LA-1 interfaces by adding a second integrated LA-1 interface that connects to leading NPUs from AMCC and Intel, thereby prolonging the life of metro and edge router designs. In addition, we continue to help designers get to market faster and at a lower cost by providing a complete suite of software and hardware development tools."
Comprehensive Design Accelerator Kit Lowers Development Costs
Continuing its commitment to deliver comprehensive system solutions, IDT offers with its NSEs a design accelerator kit (DAK), consisting of software and hardware development tools. The IDT software development kit (SDK) includes a dual-port system level architecture model (SLAM), a simulation tool, bundled with the IDT BusTracker and PowerTracker system analysis tools that evaluate bus efficiency and power consumption, respectively. Different versions of the SLAM that integrate directly into the NPU software simulation environments for both Intel and AMCC architectures will be available. This suite enables designers to begin software development early in the design process and to fully evaluate and test multiple packet-processing architectures in a pre-hardware environment. IDT will also provide a hardware development kit (HDK) comprised of a suite of tools that can be used in conjunction with the Intel and AMCC NPU development platforms. Together, these tools speed designers' time to market, increase system performance and lower overall development costs.
Pricing and Availability
The IDT 75Kxxxx 512Kx36 and 256Kx36 NSEs with dual LA-1 interfaces are packaged in a 900-ball flip-chip ball grid array (FCBGA) and will sample in Q1CY04. The IDT NSE in a 512Kx36 configuration is expected to be priced individually at $350 in 10,000-unit quantities.
Additional product information is located on the IDT Web site at idt.com. Download a high-resolution image at www10.idt.com:81/pressroom/imagebank/products.cfm.
IDT IP Co-Processor Solutions
IDT provides a comprehensive family of IP co-processor solutions, including industry-leading network search engines and content inspection engines that accelerate packet processing and enable intelligent application management in next-generation networking equipment. IDT is recognized by RHK, Inc. and International Data Corporation (IDC) as the technology leader, and as the volume shipment leader of network search engines. Based on the integration of ternary content addressable memory (TCAM) and high-performance logic, the IDT NSEs support NPUs and ASICs to accelerate packet classification and forwarding in core, metro and access networks. IDT offers the industry's highest-performance NSE operating up to 250 MHz and the first NSE with an integrated LA-1 interface, and was the first vendor to introduce search widths up to 576 bits. The IDT NSE portfolio includes a family of custom devices, as well as families of NSEs with high performance interfaces and glue-less interfaces to leading network processors. The IDT 256Kx36 (128Kx72) NSE received the EDN Top 100 Products Award of 2002.
The IDT content inspection engines are capable of parsing and classifying data up to Layer 7, a functionality that, when coupled with the NSEs, allows for inspection of content in both the packet header and payload, resulting in more intelligent packet processing at wire speed. IDT is an active member and contributor to the Network Processing Forum (www.npforum.org) and the LA interface definition and serves as chairman of the board. IDT is an Associate Member with the Intel® Communications Alliance (www.intel.com/go/ica), a community of communications and embedded developers and solution providers.
About IDT
www.idt.com
IDT and Interprise are trademarks and the IDT logo is a registered trademark of Integrated Device Technology, Inc. Intel IXP and XScale family are trademarks or registered trademarks of Intel Corporation or its subsidiaries in the United States and other countries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
Contact:
IDT Corporate Communications
Lindsay Okamoto, 408-492-8314
lindsay.okamoto@idt.com
or
Porter Novelli International
Brad Langley, 408-369-1500 ext. 36
brad.langley@porternovelli.com
Source: Integrated Device Technology, Inc. |
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| To: SemiBull who wrote (11524) | 10/27/2003 7:28:24 PM | | From: SemiBull | | | | IDT Unveils Industry's First Single-Chip Device for Managing High-Capacity Queuing of Sequential Broadband Communication Information
Monday October 27, 7:45 am ET
New Device Delivers Increased Data Throughput and Reduced Latency for Communication and Networking System Applications
SANTA CLARA, Calif.--(BUSINESS WIRE)--Oct. 27, 2003-- IDT(TM) (Integrated Device Technology, Inc.; Nasdaq:IDTI), a leading communications IC company, today introduced its new Sequential flow-control (SFC) device family, the latest addition to the IDT portfolio of flow-control management ICs unveiled in June 2003. These new devices provide high-performance data flow management by utilizing a seamless connection to an external double-data-rate (DDR) SDRAM for storing and transferring up to 1 Gigabit of data in a sequential fashion. As important, the IDT SFC devices seamlessly handle all DDR SDRAM interactions, eliminating the need for designers to create circuitry to accomplish this task. In addition, the IDT SFC family can support SDRAM densities of 128 Mbit or 256 Mbit for a single part, allowing up to four memory devices to be connected to each SFC product. To meet the needs of applications requiring greater than 1 Gigabit of memory, the ICs can easily be configured in depth expansion mode so two or more devices can be cascaded to reach multi-Gigabit densities. For designers whose needs for queuing are in the 20-Mbit range, the IDT SFC products offer an economical alternative, as these devices are 50 percent less expensive than off-the-shelf solutions. Furthermore, each SFC device offers a patent-pending technology that allows data to move simultaneously into and out of the SFC part and into and out of the external SDRAM, thus enabling increased data throughput and reduced latency, making the IDT SFC products well suited for communication and networking systems, as well as medical equipment, graphics, and test and measurement systems.
"As Internet traffic continues to increase and the proliferation of graphics and multimedia applications push throughput requirements to new levels, system equipment designers are seeking flexible and cost-effective, data-flow management solutions to address demanding network requirements," stated Michael Olsen, director of strategic marketing for the IDT flow-control management division. "With these products, we are addressing the needs of customers who desire larger queuing densities within data-processing operations by offering an off-the-shelf, cost-effective and flexible flow-control solution for high-density sequential queuing that replaces previous 'home-grown' or custom solutions and increases throughput and reduces latency."
Traditionally, high-density sequential queuing of data involved the use of cumbersome and time-consuming "home-grown" semiconductor solutions, including expensive application-specific integrated circuits (ASICs) or field-programmable gate arrays (FPGAs). Implementing an IDT SFC device enables designers to use a smaller, lower-cost FPGA, thereby reducing the complexity and cost of the system implementation and shortening design time.
Rich Wawrzyniak, senior analyst at Semico Research, said, "By combining important functions such as high-speed buffering, switching, multiplexing/de-multiplexing, and random and sequential access, this emerging category of flow-control management ICs is a cost-effective and time-saving solution for system designers who need to overcome data-flow-control issues in their communications equipment designs."
The architecture of the SFC devices consists of independent read and write ports with associated read and write clocks operating synchronously at up to 166 MHz with 6-Gbps throughput. The device family includes a bus-matching feature, allowing the inputs and outputs to be configured in x36, x18 or x9 bus width (IDT72T6360) or x48, x24 or x12 bus width (IDT72T6480), depending on the device selected. A user selectable error detection and correction (EDC) feature detects and corrects single bit errors when reading from the SDRAM.
Pricing and Availability
Pricing for the new SFC devices is $35 each in 10,000-piece quantities. Devices begin sampling in Q4CY03 with production availability beginning in Q1CY04. Packaging consists of a 17mm x 17mm 324-pin BGA, operating at 2.5-volt core voltage with selectable 2.5-volt or 3.3-volt I/Os. More information about these and other flow-control management products can be found on the IDT Web site at idt.com. High-resolution, downloadable photos are located at www10.idt.com:81/pressroom/imagebank/products.cfm.
-0-
Price/Qty.
Packaging Samples Production (10K
Part # Technical Specs Type Available Available Units)
----------------------------------------------------------------------
72T6360 166 MHz x36 device 324-pin Q4CY03 Q1CY04 $35
supporting up to PBGA
1Gbit of DDR SDRAM
----------------------------------------------------------------------
72T6480 133 MHz x48 device 324-pin Q4CY03 Q1CY04 $35
supporting up to PBGA
1Gbit of DDR SDRAM
----------------------------------------------------------------------
Flow-Control Management ICs
As a leading provider of innovative products for the communications market, IDT continues to evolve its distinctive competencies in the integration of advanced memory and logic architectures to create a new category of value-added semiconductor devices. The IDT flow-control management devices combine critical functions such as high-speed buffering, switching, multiplexing/de-multiplexing, domain transition and random and sequential access. These devices meet the special requirements of system architects who need to solve data-flow-control issues in their communications equipment designs. The IDT family of off-the-shelf devices replace traditional methods of managing the flow of data streams at different rates within a system -- previously accomplished with multiple ASICs, FPGAs, and external SRAM, DRAM or FIFOs.
About IDT
www.idt.com
IDT and Interprise are trademarks and the IDT logo is a registered trademark of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
Contact:
Porter Novelli
Patty Ladegaard, 408-369-1500 x30
patty.ladegaard@porternovelli.com
or
IDT Corporate Communications
Diana Pailthorpe, 408-492-8210
diana.pailthorpe@idt.com
Source: Integrated Device Technology, Inc. |
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| To: SemiBull who wrote (11525) | 11/17/2003 9:02:49 PM | | From: SemiBull | | | | IDT Introduces New Family of High-Performance LVDS Fan-Out Buffers
Monday November 17, 7:45 am ET
Leading Communications IC Company Delivers Industry's First Fan-Out Devices Offering Redundant Clocking with Glitchless Switchover for Increased System Reliability
SANTA CLARA, Calif.--(BUSINESS WIRE)--Nov. 17, 2003-- IDT(TM) (Integrated Device Technology, Inc.) (Nasdaq:IDTI - News), a leading communications IC company, today announced its entry into the high-performance clock distribution market with the introduction of a family of industry leading, low-voltage differential signaling (LVDS) fan-out buffers. Leveraging its expertise in timing technology, IDT is the first in the industry to introduce LVDS fan-out buffers that offer redundant clocking with glitchless switchover. This functionality provides controlled switchover to the back-up clock without generating glitches that can cause system failures -- a key capability to ensure increased system reliability in high-performance communications applications such as routers and access equipment. With a 25 ps maximum skew, the new IDT LVDS fan-out buffers offer the industry's most precise clock-signal alignment. Using CMOS technology, the IDT LVDS fan-out buffers operate at a 1 GHz clock speed, and are available in output versions of 1:6, 1:10 and 1:16. The devices offer interface I/O translation and can accept HSTL, LVEPECL, LVPECL, LVDS, CML and LVTTL input signals.
"There is an ongoing need to increase reliability in high-performance communications systems. As a result, designers are continually seeking next-generation solutions to satisfy their evolving design requirements," said Kevin Walsh, director of strategic marketing for the IDT timing and logic divisions. "The IDT LVDS fan-out buffers increase system dependability by providing redundant clocking with a mechanism to eliminate glitches when switching from one clock to another. Our expertise in timing technology, coupled with our desire to anticipate and satisfy the needs of leading communications companies, makes IDT a perfect fit for this marketplace."
Pricing and Availability
The IDT LVDS fan-out buffers with glitchless switchover range in price from $5.95 to $9.50 each, in 10,000-piece quantities. Other devices within the family range in price from $4.50 to $7.95 each, in 10,000-unit quantities. The parts are available now.
-0-
Part # Technical Specs Packaging Production Price/Qty.
Type Available (10K
Units)
----------------------------------------------------------------------
5T93GL06 6 output fan-out with 28-pin MLF NOW $5.95
glitchless switchover 32-pin TQFP
----------------------------------------------------------------------
5T93GL10 10 output fan-out with 40-pin MLF NOW $7.50
glitchless switchover 44-pin TQFP
----------------------------------------------------------------------
5T93GL16 16 output fan-out 52-pin MLF NOW $9.50
with glitchless switchover 64-pin TQFP
----------------------------------------------------------------------
5T9306 6 output fan-out 28-pin MLF NOW $4.50
32-pin TQFP
----------------------------------------------------------------------
5T9310 10 output fan-out 40-pin MLF NOW $5.95
44-pin TQFP
----------------------------------------------------------------------
5T9316 16 output fan-out 52-pin MLF NOW $7.95
64-pin TQFP
======================================================================
IDT Clock Management Devices
IDT is a leading provider of clock management solutions for communications and computing applications, offering a broad range of over 350 devices that focus on providing clock distribution and clock generation solutions. The company is one of a few suppliers in the industry that offers a clock management product portfolio consisting of programmable skew PLLs, zero-delay PLLs, clock generators and clock fan-out buffers. In addition, IDT has leveraged its expertise in communications-specific clocking technology to develop value-added devices for non-communications market segments, including a JEDEC-defined DDR2 PLL and register chip set for dual in-line memory modules (DIMMs), and a family of PC clocks.
About IDT
www.idt.com.
IDT and Interprise are trademarks and the IDT logo is a registered trademark of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
Contact:
Porter Novelli
Patty Ladegaard, 408-369-1500 x30
patty.ladegaard@porternovelli.com
or
IDT Corporate Communications
Darlene Perry, 408-492-8622
darlene.perry@idt.com
Source: Integrated Device Technology, Inc. |
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| To: Rob S. who wrote (11516) | 1/14/2004 1:52:24 PM | | From: Taut Knot | | | | Love this and LSI as my favorite hi beta plays of all time. What kind of price range or price action are you expecting in IDTI over any time from you use for evaluation. In my cumulative analysis of stocks, one of the great indicators that a stock is at a low is minimal to none on the message board postings. Look at this thread- its screaming buy to me!!! LOL at my own joke. I think LSI looks a lot better technically to me, and I can't really say that fundamentals are saying much on either. Always appreciate your insight.
tk |
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| To: shoe who wrote (11528) | 1/17/2004 4:55:50 PM | | From: Rob S. | | | | IDTI has great financial strength and has tightened up it's facilities and operations over the past few years so that it has good leverage on increased business. But the return on assets is too low - they either need to put the cash to use of pay some of it out in the form of a dividend imo. IDTI has done a lot right but has been a bit overly conservative in pursuit of new projects, making them less exciting and rewarding of an investment as they might be.
I think the stock is looking near a top but the timing of that probably depends on momentum in the market as much or more than immediate news or trends within IDTI. There has been a lot of good news to cheer about for the semi sector: SIA and other industry forecasts have repeatedly increased over the past several months and recently. Earnings are coming in better than expected and guidance looks good, particularly the indication that corporations are spending and foreign markets are participating and in many cases leading the way. I think this trend is 'real' but that some of the near term gains are for replenishment of inventory levels and pent up demand in telecomm and the PC/server replacement cycle. The long term trend will not be as buoyant as the current trend suggests. Much of the capital spending insanity of the Internet bubble will not return . . spending is now aimed at real needs or highly likely ROI spending. That is healthy. A resurgence in telecomm spending has seen a near term spurt from depressed levels. The longer term trend is for high single to low double digit growth in telecomm equipment spending. To IDTIs benefit, a shift is taking place for the majority of spending to occur in IP capable infrastructure, stimulated by VoIP, digital cable, VOD, and spending on new and replace Internet infrastructure. So while overall telecomm spending may be lackluster, relative growth in IP related products, particular the newest, most cost effective equipment, will be much higher, my guess in the range between 12%-20% annual growth rate. I see IDTI just holding their own rather than gaining market share unless they more aggressively pursue product development.
Given all this, I think the market for semis has near term reason to feel good about itself and for investors to imagine that the present growth rate will never end . . leading to present and perhaps higher near term valuations. No doubt these valuations are unlikely to hold once growth falls back into line with the long term trends. |
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| To: Rob S. who wrote (11529) | 1/25/2004 6:37:44 PM | | From: SemiBull | | | | IDT Returns to Profitability in Third Quarter Fiscal Year 2004
Thursday January 22, 4:05 pm ET
Revenues up 8 Percent as Company Reports $0.04 Non-GAAP EPS, $0.02 GAAP EPS
SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan. 22, 2004--IDT(TM) (Integrated Device Technology, Inc.) (Nasdaq:IDTI - News), a leading communications IC company, today announced a return to profitability in the quarter ended December 28, 2003, its third quarter of fiscal 2004.
Revenues for the third fiscal quarter were $87.1 million, an increase of 8 percent compared to the second quarter of fiscal 2004 and an increase of 10 percent from the quarter ended December 29, 2002. On a non-GAAP basis, the net income for the third fiscal quarter was $4.0 million, or $0.04 per diluted share, compared to a net loss of $1.1 million, or ($0.01) per diluted share, in the second quarter of fiscal 2004 and a net loss of $20.6 million, or ($0.20) per diluted share, for the same quarter one year ago.
Including certain costs, charges and gains in accordance with GAAP, the Company earned net income of $2.3 million, or $0.02 per diluted share, in the third quarter of fiscal 2004 compared to net income of $1.2 million, or $0.01 per diluted share, in the second quarter of fiscal 2004. On a GAAP basis, the Company recorded a net loss of $26.3 million, or ($0.25) per diluted share, for the third quarter of fiscal 2003. Further information, including a detailed reconciliation of non-GAAP and GAAP results, is provided in the financial tables of this release.
"We are pleased with the third-quarter financial results and the key milestones we achieved. In the past year, we have reduced our break-even point by more than 20 percent, realized the lowest inventory levels in 10 years, and returned to operating profitability," said Greg Lang, president and CEO of IDT. "In addition, we are experiencing growth in most of our market segments, with particular strength in the enterprise, wireless and storage areas. With the combination of operating and market improvements, we believe that we are well positioned for what appears to be a recovery in the communications infrastructure market."
Q3FY04 Highlights:
* IDT received a 2003 top supplier award from Lucent Technologies. IDT was one of only two semiconductor companies to receive this award based on product quality, timeliness of delivery, technology, innovation and overall value.
* For the third consecutive year, IDT received the EDN Hot 100 products award. The 75K72100 network search engine (NSE) and the sequential flow-control (SFC) device family were recognized by EDN's readers and editorial staff as hot products of 2003. This was the second year that an IDT NSE received this accolade.
* The Company launched the RC32434 Interprise(TM) integrated communications processor targeting the emerging digital home network. The new integrated processor delivers frequencies up to 400 MHz and features a standard peripheral component interconnect (PCI) interface, a 16-bit wide DDR memory controller, and an integrated non-volatile random access memory (NVRAM) and an authentication unit (AU) for security functionality.
* IDT expanded its flow-control management (FCM) family with the announcement of the SFC device family. These new products provide high-performance data-flow management by utilizing a seamless connection to an external double-data-rate (DDR) SDRAM for storing and transferring up to 1 Gigabit of data in a sequential fashion. The IDT SFC devices seamlessly handle all DDR SDRAM interactions and can support SDRAM densities of 128 Mbits or 256 Mbits for a single part. This new family of products is targeted for communication and networking applications as well as medical equipment, graphics, and test and measurement systems.
* IDT announced the industry's first monolithic NSEs in 512Kx36 (18-Mbit) and 256Kx36 (9-Mbit) configurations with dual Network Processor Forum (NPF) Look Aside (LA-1) interfaces. The fully integrated interfaces allow a seamless connection between the new IDT NSEs and the network processing units (NPUs), including the nP3700 NPUs from AMCC and the Intel® IXP2400, Intel® IXP2800, and Intel® IXP2850 NPUs. Targeted at metro and edge routers, the new IDT NSEs operate at up to 250 million searches per second (MSPS) and enable line rate performance up to OC-192 and beyond.
* IDT expanded its dual-port product portfolio with the introduction of the industry's first 18-Mbit 512Kx36 dual-port devices and an enhanced family of 9-Mbit asynchronous dual-port products. Each product family achieves the industry's highest-performance devices available at their respective densities, and the products target applications such as wireless base stations, network switches and routers, and storage area networks.
* IDT has made significant progress in customer design-ins of PC clocks. IDT was the first clock company to be qualified on next-generation PC platforms and the first to deliver its innovative 4-PLL solution for new PCI Express systems due out in April. This excellent execution puts the Company in a solid position to enter the PC market.
* The Company announced its entry into the high-performance clock distribution market with the introduction of a family of industry-leading, low-voltage differential signaling (LVDS) fan-out buffers. IDT is the first in the industry to introduce LVDS fan-out buffers that offer redundant clocking with glitchless switchover, a key capability to ensure increased system reliability in high-performance communications applications such as routers and access equipment.
Webcast and Conference Call Information
Investors can listen to a live or replay Webcast of the Company's quarterly financial conference call at www.idt.com. The live Webcast begins at 1:30 p.m. PST on January 22, 2004. The Webcast replay will be available after 4 p.m. PST on January 22 through February 12, 2004. A taped telephone replay of the conference call will be available at (800) 475-6701 (access code is 716667) beginning at 5 p.m. PST on January 22 and will be accessible until 9 p.m. PST on January 29, 2004.
Investor Information
IDT stock is traded on the Nasdaq Stock Market® under the symbol "IDTI." The Company is included in the S&P 1000, which is a combination of the S&P MidCap 400 and S&P SmallCap 600 Indices, and is also part of the S&P SuperComposite 1500, which combines the S&P 500, MidCap 400, and SmallCap 600. Additional information about IDT is accessible at www.idt.com.
About IDT
IDT is a global leader in preemptive semiconductor solutions that accelerate packet processing for advanced network services. IDT serves communications equipment vendors by applying its advanced hardware and software technologies to create flexible, highly integrated solutions that enhance the functionality and processing of network equipment. IDT accelerates intelligent packet processing with products such as network search engines (NSEs), programmable content inspection engines (CIEs), flow-control management (FCM) ICs and its family of Interprise(TM) integrated communications processors. The portfolio also comprises products optimized for communications applications, including telecom products, FIFOs, multi-ports, and clock-management products. In addition, the product mix includes high-performance digital logic and high-speed SRAMs to meet the requirements of leading communications companies.
Headquartered in Santa Clara, Calif., the Company employs approximately 3,100 people worldwide and has a wafer manufacturing facility in Oregon, and test and assembly facilities in the Philippines and Malaysia.
Forward-looking statements in this release involve a number of risks and uncertainties including, but not limited to, global business and economic conditions, fluctuations in the demand cycle for communications ICs, manufacturing capacity and costs, competition, pricing, patent and other intellectual property rights of third parties, timely development and supply of new products and manufacturing processes, availability of capital, cash flow and other risk factors detailed in the Company's Securities and Exchange Commission filings. Actual results may differ materially from the Company's projections. In accordance with SEC recommended guidelines, IDT has changed its nomenclature from "pro-forma" to "non-GAAP." This nomenclature change has no impact on the Company's accounting methodologies and practices.
IDT, Interprise and the IDT logo are trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended
Dec. 28, Sep. 28, Dec. 29,
2003 2003 2002
-------- -------- ---------
Revenues $ 87,100 $ 80,777 $ 79,010
Cost of revenues 45,625 42,201 59,826
Restructuring charges, asset
impairment and other -- -- 1,010
Gross profit 41,475 38,576 18,174
Operating expenses:
Research and development 23,607 25,716 30,126
Selling, general and administrative 17,888 18,320 21,988
Acquired in-process research
and development -- 264 2,670
-------- -------- --------
Total operating expenses 41,495 44,300 54,784
-------- -------- --------
Operating loss (20) (5,724) (36,610)
Interest expense (69) (118) (143)
Gain (loss) on equity investments -- 3,151 --
Interest income and other, net 2,787 3,142 4,006
-------- -------- --------
Income (loss) before income taxes 2,698 451 (32,747)
Provision (benefit) for income taxes 358 (699) (6,424)
-------- -------- --------
Net income (loss) $ 2,340 $ 1,150 $(26,323)
======== ======== ========
Net income (loss) per share:
Basic $ 0.02 $ 0.01 $ (0.25)
Diluted $ 0.02 $ 0.01 $ (0.25)
Weighted average shares:
Basic 104,915 104,210 103,271
Diluted 108,360 106,148 103,271
Nine Months Ended
Dec. 28, Dec. 29,
2003 2002
--------- ---------
Revenues $250,922 $263,074
Cost of revenues 136,550 165,800
Restructuring charges, asset
impairment and other -- 1,285
Gross profit 114,372 95,989
-------- -------
Operating expenses:
Research and development 74,689 89,751
Selling, general
and administrative 54,533 62,588
Acquired in-process research
and development 264 2,670
-------- --------
Total operating expenses 129,486 155,009
-------- --------
Operating loss (15,114) (59,020)
Interest expense (279) (403)
Gain (loss) on equity investments 3,151 (6,557)
Interest income and other, net 10,153 15,160
-------- --------
Income (loss) before income taxes (2,089) (50,820)
Provision (benefit) for income taxes (827) (12,025)
-------- --------
Net income (loss) $ (1,262) $(38,795)
======== ========
Net income (loss) per share:
Basic $ (0.01) $ (0.37)
Diluted $ (0.01) $ (0.37)
Weighted average shares:
Basic 104,332 103,531
Diluted 104,332 103,531
INTEGRATED DEVICE TECHNOLOGY, INC.
NON-GAAP ADJUSTMENTS
(Unaudited)
(In thousands)
Three Months Ended Nine Months Ended
Dec. 28, Sep. 28, Dec. 29, Dec. 28, Dec. 29,
2003 2003 2002 2003 2002
------- -------- --------- -------- ---------
Net income (loss) $2,340 $ 1,150 $(26,323) $(1,262) $(38,795)
------ ------- -------- ------- --------
Non-GAAP adjustments:
Cost of goods sold:
Restructuring charges(1) -- -- 1,010 15 1,285
Plant closure costs(3) 269 280 339 831 4,320
Amortization of
acquisition-related
intangibles(2) 603 357 909 1,194 2,481
Operating expenses:
Acquired IPR&D(2) -- 264 2,670 264 2,670
Plant closure costs(3) -- -- 8 36 376
Restructuring charges(1) 227 752 868 1,520 1,086
Amortization of
acquisition-related
intangibles(2) 517 492 1,248 1,453 3,200
(Gain) loss on equity
investments(4) -- (3,151) -- (3,151) 6,557
Other income(5) 108 (180) -- (794) --
Taxes(5) (108) (1,081) (1,285) (2,038) (6,256)
------ ------- -------- ------- --------
Total Non-GAAP
adjustments 1,616 (2,267) 5,767 (670) 15,719
------ ------- -------- ------- --------
Non-GAAP net income
(loss) $3,956 $(1,117) $(20,556) $(1,932) $(23,076)
====== ======= ======== ======= ========
(1) Represents costs, primarily severance, of restructuring actions
and non-recurring period costs, primarily facility exit costs.
(2) Costs relate to our Q2 2004 TCAM3 acquisition from IBM and
acquisitions of Newave and Solidum in April 2001 and October 2002,
respectively. Newave-related costs include stock-based compensation,
amortization of intangible assets, and (in the nine months ended Q3
2003 only) contingent compensation. TCAM3 and Solidum-related costs
include only amortization of intangible assets.
(3) Consists of costs associated with the closure of our Salinas
plant.
(4) Q2 2004 consists of the net gain realized on the sale of our
final equity holdings in PMC-Sierra Inc. Nine months ended Dec. 2002
includes an other-than-temporary impairment charge related to the same
investment.
(5) In Q2 and Q1 2004, we received non-recurring federal and state
tax refunds for tax years prior to 1996 plus interest accrued thereon.
INTEGRATED DEVICE TECHNOLOGY, INC.
NON-GAAP STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Three Months Ended
Dec. 28, Sep. 28, Dec. 29,
2003 2003 2002
-------- -------- ---------
Revenues $ 87,100 $ 80,777 $ 79,010
Cost of revenues 44,753 41,564 58,578
-------- -------- --------
Gross profit 42,347 39,213 20,432
-------- -------- --------
Operating expenses:
Research and development 23,210 25,261 28,839
Selling, general and administrative 17,541 17,531 21,151
-------- -------- --------
Total operating expenses 40,751 42,792 49,990
-------- -------- --------
Operating income (loss) 1,596 (3,579) (29,558)
Interest expense (69) (118) (143)
Interest income and other, net 2,895 2,962 4,006
-------- -------- --------
Income (loss) before income taxes 4,422 (735) (25,695)
Provision (benefit) for income taxes 466 382 (5,139)
-------- -------- --------
Net income (loss) $ 3,956 $ (1,117) $(20,556)
======== ======== ========
Net income (loss) per share:
Diluted $ 0.04 $ (0.01) $ (0.20)
Weighted average shares:
Diluted 108,360 104,210 103,271
Nine Months Ended
Dec. 28, Dec. 29,
2003 2002
------------- ---------------
Revenues $ 250,922 $ 263,074
Cost of revenues 134,510 158,999
------------- --------------
Gross profit 116,412 104,075
------------- --------------
Operating expenses:
Research and development 73,063 86,456
Selling, general and administrative 53,150 61,221
------------- --------------
Total operating expenses 126,213 147,677
------------- --------------
Operating income (loss) (9,801) (43,602)
Interest expense (279) (403)
Interest income and other, net 9,359 15,160
------------- --------------
Income (loss) before income taxes (721) (28,845)
Provision (benefit) for income taxes 1,211 (5,769)
------------- --------------
Net income (loss) $ (1,932) $ (23,076)
============= ==============
Net income (loss) per share:
Diluted $ (0.02) $ (0.22)
Weighted average shares:
Diluted 104,332 103,531
Our non-GAAP results exclude acquisition-related charges and
unusual or infrequent expenses and benefits that management believes
are not directly related to our ongoing operations. We believe that
these non-GAAP results provide useful information; however, our
presentation of these results is 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.
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
Dec. 28, Mar. 30,
(In thousands) 2003 2003
--------- ----------
ASSETS
Current assets:
Cash and cash equivalents $ 180,203 $ 144,400
Short-term investments 411,053 410,425
Accounts receivable, net 47,887 40,111
Inventories 31,911 41,189
Prepayments and other current assets 13,263 29,420
---------- ----------
Total current assets 684,317 665,545
Property, plant and equipment, net 114,962 129,923
Goodwill and other intangibles 53,516 47,266
Other assets 37,986 38,578
---------- ----------
TOTAL ASSETS $ 890,781 $ 881,312
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 17,233 $ 17,514
Accrued compensation and related expenses 15,678 11,020
Deferred income on shipments to distributors 18,108 17,911
Income taxes payable 33,267 32,280
Other accrued liabilities 19,596 20,120
---------- ----------
Total current liabilities 103,882 98,845
Other liabilities 19,004 23,775
---------- ----------
Total liabilities 122,886 122,620
Stockholders' equity 767,895 758,692
---------- ----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 890,781 $ 881,312
========== ==========
Contact:
IDT
Tom McCallum, 408-654-6515 (Investor Relations)
ir@idt.com
Diana Pailthorpe, 408-492-8210 (Press)
diana.pailthorpe@idt.com
or
Porter Novelli
Brad Langley, 408-369-1500 (Press)
brad.langley@porternovelli.com
Source: IDT |
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