Delaware
|
0-12695
|
94-2669985
|
||
(State of Incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
INTEGRATED DEVICE TECHNOLOGY, INC.
|
||
Date: May 9, 2011
|
By:
|
/S/ RICHARD D. CROWLEY, JR.
Richard D. Crowley, Jr.
Vice President, Chief Financial Officer
(duly authorized Officer)
|
Financial Contact:
Mike Knapp
IDT Investor Relations
Phone: (408) 284-6515
E-mail: mike.knapp@idt.com
|
Press Contact:
Graham Robertson
IDT Worldwide Marketing
Phone: (408) 284-2644
E-mail: graham.robertson@idt.com
|
·
|
It introduced its first RF (Radio Frequency) device for use in the RF signal path of multi-protocol wireless base stations. The new Intermediate Frequency (IF) Variable Gain Amplifier (VGA) with the industry's lowest noise to improve Quality of Service is the first in a series of upcoming RF products.
|
·
|
It has introduced a new low power, high accuracy thermal sensor for DDR3 memory modules (Enhanced Temp Sensor) to complement its recently announced DDR3 memory buffer for Load Reduced DIMMs (LRDIMM) targeted at Cloud Computing applications.
|
·
|
The industry’s widest range poly-phase power metering products for Smart Grid applications (3 phase power meter IC) expanding its award winning single-phase power metering products.
|
·
|
The industry's first signal-conditioning repeater to pass all tests required for full compliance with the Serial Advanced Technology Attachment (SATA) 6Gb/s standard for Hard Disk Drive (HDD) and Solid State Drive (SSD) interfaces.
|
·
|
It expanded its Gen 2 RapidIO switch family with an intermediate sized switch in response to market demand and announced a design with Curtiss Wright for the new device.
|
·
|
Its RapidIO® Gen2 switch has been selected by Texas Instruments for its new evaluation module for wireless base stations.
|
·
|
Its RapidIO switch has been selected by RADVISION Ltd. for use in its SCOPIA Elite multipoint video conference system.
|
·
|
Its PureTouch® capacitive touch controller has been selected for use in the Hanvon WISEreader, a popular e-book reader.
|
·
|
Its PowerSmart™ Panel Controller won the prestigious Innovation Award presented by EDN magazine
|
·
|
Its Power Metering IC won the Green Power Product Award from Electronic Engineering and Product World Magazine.
|
·
|
Revenue for the fiscal fourth quarter of 2011 was $147.3 million, up from $138.0 million reported in the same period one year ago. Revenue for fiscal year 2011 was $625.7 million, up 17 percent from $535.9 million in fiscal year 2010.
|
·
|
GAAP net income for the fiscal fourth quarter of 2011 was $31.4 million or $0.21 per diluted share, versus GAAP net income of $1.0 million or $0.01 per diluted share in the same period one year ago. Fiscal fourth quarter 2011 GAAP results include $19.7 million in tax effects, $5.1 million in acquisition and divestiture related charges and $3.3 million in stock-based compensation.
|
·
|
Non-GAAP net income for the fiscal fourth quarter of 2011 was $20.2 million or $0.13 per diluted share, compared with non-GAAP net income of $14.9 million or $0.09 per diluted share reported in the same period one year ago. Non-GAAP net income for fiscal year 2011 was $96.9 million, more than doubling from $47.9 million in fiscal year 2010.
|
·
|
GAAP gross profit for the fiscal fourth quarter of 2011 was $80.4 million, or 54.6 percent, compared with GAAP gross profit of $66.9 million, or 48.5 percent, in the same period one year ago. Non-GAAP gross profit for the fiscal fourth quarter of 2011 was $84.4 million, or 57.3 percent, compared with non-GAAP gross profit of $73.2 million, or 53.0 percent, reported in the same period one year ago. Non-GAAP gross profit for fiscal year 2011 was $356.2 million, up from $270.2 million in fiscal 2010.
|
·
|
GAAP R&D expense for the fiscal fourth quarter of 2011 was $43.7 million, compared with GAAP R&D expense of $41.4 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal fourth quarter of 2011 was $41.6 million, compared with non-GAAP R&D of $37.2 million in the same period one year ago.
|
·
|
GAAP SG&A expense for the fiscal fourth quarter of 2011 was $26.9 million, compared with GAAP SG&A expense of $26.2 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal fourth quarter of 2011 was $24.0 million, compared with non-GAAP SG&A expense of $21.7 million in the same period one year ago.
|
Three Months Ended
|
Twelve Months Ended
|
|||||||||||||||||||
April 3,
2011
|
Jan. 2,
2011
|
March 28,
2010
|
April 3,
2011
|
March 28,
2010
|
||||||||||||||||
Revenues
|
$ | 147,294 | $ | 153,230 | $ | 137,968 | $ | 625,704 | $ | 535,906 | ||||||||||
Cost of revenues
|
66,919 | 70,755 | 71,086 | 290,394 | 310,999 | |||||||||||||||
Gross profit
|
80,375 | 82,475 | 66,882 | 335,310 | 224,907 | |||||||||||||||
Operating expenses:
|
||||||||||||||||||||
Research and development
|
43,681 | 46,143 | 41,400 | 177,546 | 157,486 | |||||||||||||||
Selling, general and administrative
|
26,936 | 27,056 | 26,186 | 108,191 | 107,037 | |||||||||||||||
Total operating expenses
|
70,617 | 73,199 | 67,586 | 285,737 | 264,523 | |||||||||||||||
Operating income (loss)
|
9 ,758 | 9,276 | (704 | ) | 49,573 | (39,616 | ) | |||||||||||||
Gain on divestiture
|
-- | -- | 20 | -- | 78,306 | |||||||||||||||
Interest income and other, net
|
904 | 1,352 | 701 | 3,697 | 3,877 | |||||||||||||||
Income before income taxes
|
10,662 | 10,628 | 17 | 53,270 | 42,567 | |||||||||||||||
Provision (benefit) for income taxes
|
(20,731 | ) | 31 | (950 | ) | (19,357 | ) | 2,548 | ||||||||||||
Net income
|
$ | 31,393 | $ | 10,597 | $ | 967 | $ | 72,627 | $ | 40,019 | ||||||||||
Basic net income per share
|
$ | 0.21 | $ | 0.07 | $ | 0.01 | $ | 0.47 | $ | 0.24 | ||||||||||
Diluted net income per share
|
$ | 0.21 | $ | 0.07 | $ | 0.01 | $ | 0.47 | $ | 0.24 | ||||||||||
Weighted average shares:
|
||||||||||||||||||||
Basic
|
148,181 | 151,421 | 164,660 | 154,511 | 165,408 | |||||||||||||||
Diluted
|
150,852 | 152,975 | 165,418 | 155,918 | 165,961 | |||||||||||||||
Three months ended
|
Twelve Months Ended
|
|||||||||||||||||||
April 3,
2011
|
Jan. 2,
2011
|
Mar. 28,
2010
|
April 3,
2011
|
Mar. 28,
2010
|
||||||||||||||||
GAAP Net Income
|
$ | 31,393 | $ | 10,597 | $ | 967 | $ | 72,627 | $ | 40,019 | ||||||||||
GAAP Diluted Net Income Per Share
|
0.21 | 0.07 | 0.01 | 0.47 | 0.24 | |||||||||||||||
Acquisition and Divestiture Related:
|
||||||||||||||||||||
Amortization of acquisition related intangibles
|
5,016 | 4,990 | 4,943 | 19,933 | 21,074 | |||||||||||||||
Acquisition related costs (1)
|
98 | 694 | 1,130 | 1,932 | 4,822 | |||||||||||||||
Gain on divestitures (2)
|
- | - | (20 | ) | - | (78,306 | ) | |||||||||||||
Assets impairment (3)
|
(63 | ) | (107 | ) | (251 | ) | (447 | ) | 1,602 | |||||||||||
Fair market value adjustment to acquired inventory sold
|
- | - | - | 379 | 16,055 | |||||||||||||||
Restructuring Related:
|
||||||||||||||||||||
Severance and retention costs
|
137 | 1,573 | 2,717 | 2,105 | 20,514 | |||||||||||||||
Facility closure costs (4)
|
(1,353 | ) | 124 | 547 | 33 | 606 | ||||||||||||||
Fabrication production transfer costs (5)
|
1,412 | 1,639 | 1,239 | 5,263 | 2,344 | |||||||||||||||
Other:
|
||||||||||||||||||||
Compensation expense-deferred compensation plan (6)
|
503 | 815 | 370 | 1,808 | 2,892 | |||||||||||||||
Gain on deferred compensation plan securities (6)
|
(507 | ) | (793 | ) | (373 | ) | (1,767 | ) | (2,870 | ) | ||||||||||
Stock-based compensation expense
|
3,321 | 4,513 | 4,333 | 16,528 | 16,675 | |||||||||||||||
Tax effects of Non-GAAP adjustments (7)
|
(19,710 | ) | (1,073 | ) | (729 | ) | (21,464 | ) | 2,443 | |||||||||||
Non-GAAP Net Income
|
$ | 20,247 | $ | 22,972 | $ | 14,873 | $ | 96,930 | $ | 47,870 | ||||||||||
GAAP weighted average shares – diluted
|
150,852 | 152,975 | 165,418 | 155,918 | 165,961 | |||||||||||||||
Non GAAP adjustment
|
1,775 | 2,058 | 1,782 | 1,989 | 1,799 | |||||||||||||||
Non-GAAP weighted average shares –diluted (8)
|
152,627 | 155,033 | 167,200 | 157,907 | 167,760 | |||||||||||||||
Non-GAAP Diluted Net Income Per Share
|
$ | 0.13 | $ | 0.15 | $ | 0.09 | $ | 0.61 | $ | 0.29 | ||||||||||
GAAP Gross Profit
|
$ | 80,375 | $ | 82,475 | $ | 66,882 | $ | 335,310 | $ | 224,907 | ||||||||||
Acquisition and Divestiture Related:
|
||||||||||||||||||||
Amortization of acquisition related intangibles
|
3,575 | 3,549 | 2,778 | 14,133 | 13,956 | |||||||||||||||
Acquisition related costs (1)
|
- | - | 5 | 5 | 5 | |||||||||||||||
Assets impairment (3)
|
(63 | ) | (107 | ) | (251 | ) | (447 | ) | 1,535 | |||||||||||
Fair market value adjustment to acquired inventory sold
|
- | - | -- | 379 | 16,055 | |||||||||||||||
Restructuring Related:
|
||||||||||||||||||||
Severance and retention costs
|
51 | 48 | 1,841 | 41 | 7,990 | |||||||||||||||
Facility closure costs (4)
|
(1,483 | ) | 4 | 182 | (583 | ) | 203 | |||||||||||||
Fabrication production transfer costs (5)
|
1,412 | 1,639 | 1,239 | 5,263 | 2,344 | |||||||||||||||
Other:
|
||||||||||||||||||||
Compensation expense -deferred compensation plan (6)
|
109 | 176 | 52 | 391 | 405 | |||||||||||||||
Stock-based compensation expense
|
423 | 370 | 512 | 1,683 | 2,763 | |||||||||||||||
Non-GAAP Gross Profit
|
$ | 84,399 | $ | 88,154 | $ | 73,240 | $ | 356,175 | $ | 270,163 | ||||||||||
GAAP R&D Expenses:
|
$ | 43,681 | $ | 46,143 | $ | 41,400 | $ | 177,546 | $ | 157,486 | ||||||||||
Acquisition and Divestiture Related
Amortization of acquisition related intangibles
|
(469 | ) | (469 | ) | ||||||||||||||||
Acquisition related costs (1)
|
(67 | ) | (400 | ) | (378 | ) | (1,263 | ) | (376 | ) | ||||||||||
Restructuring Related:
|
||||||||||||||||||||
Severance and retention costs
|
(45 | ) | (1,053 | ) | (752 | ) | (1,433 | ) | (4,929 | ) | ||||||||||
Facility closure costs (4)
|
(82 | ) | (6 | ) | (86 | ) | (204 | ) | (113 | ) | ||||||||||
Other:
|
||||||||||||||||||||
Compensation expense-deferred compensation plan (6)
|
(326 | ) | (529 | ) | (200 | ) | (1,173 | ) | (1,561 | ) | ||||||||||
Stock-based compensation expense
|
(1,610 | ) | (2,836 | ) | (2,278 | ) | (9,595 | ) | (10,199 | ) | ||||||||||
Non-GAAP R&D Expenses
|
$ | 41,551 | $ | 41,319 | $ | 32,237 | $ | 163,878 | $ | 139,839 | ||||||||||
GAAP SG&A Expenses:
|
$ | 26,936 | $ | 27,056 | $ | 26,186 | $ | 108,191 | $ | 107,037 | ||||||||||
Acquisition and Divestiture Related
|
||||||||||||||||||||
Amortization of acquisition related intangibles
|
(1,441 | ) | (1,441 | ) | (1,696 | ) | (5,800 | ) | (6,649 | ) | ||||||||||
Acquisition related costs (1)
|
(31 | ) | (294 | ) | (747 | ) | (664 | ) | (4,441 | ) | ||||||||||
Restructuring Related:
|
||||||||||||||||||||
Severance and retention costs
|
(41 | ) | (472 | ) | (124 | ) | (631 | ) | (7,595 | ) | ||||||||||
Facility closure costs (4)
|
(48 | ) | (114 | ) | (279 | ) | (412 | ) | (290 | ) | ||||||||||
Other:
|
||||||||||||||||||||
Compensation expense-deferred compensation plan (6)
|
(68 | ) | (110 | ) | (118 | ) | (244 | ) | (926 | ) | ||||||||||
Stock-based compensation expense
|
(1,288 | ) | (1,307 | ) | (1,543 | ) | (5,250 | ) | (3,713 | ) | ||||||||||
Non-GAAP SG&A Expenses
|
$ | 24,019 | $ | 23,318 | $ | 21,679 | $ | 95,190 | $ | 83,423 | ||||||||||
GAAP Interest Income and Other, Net
|
$ | 904 | $ | 1,352 | $ | 701 | $ | 3,697 | $ | 3,877 | ||||||||||
Gain on deferred compensation plan securities
|
(507 | ) | (793 | ) | (373 | ) | (1,767 | ) | (2,870 | ) | ||||||||||
Assets impairment
|
- | - | - | - | 67 | |||||||||||||||
Non-GAAP Interest Income and Other, Net
|
$ | 397 | $ | 559 | $ | 328 | $ | 1,930 | $ | 1,074 | ||||||||||
GAAP Provision for Income Taxes
|
$ | (20,731 | ) | $ | 31 | $ | (950 | ) | $ | (19,357 | ) | $ | 2,548 | |||||||
Tax effects of Non-GAAP adjustments (7)
|
19,710 | 1,073 | 729 | 21,464 | (2,443 | ) | ||||||||||||||
Non-GAAP Provision for Income Taxes
|
$ | (1,021 | ) | $ | 1,104 | $ | (221 | ) | $ | 2,107 | $ | 105 | ||||||||
April 3, 2011
|
Mar. 28, 2010
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 104,680 | $ | 120,526 | ||||
Short-term investments
|
194,512 | 222,663 | ||||||
Accounts receivable, net
|
81,798 | 68,957 | ||||||
Inventories
|
67,041 | 50,676 | ||||||
Prepayments and other current assets
|
23,929 | 25,086 | ||||||
Total current assets
|
471,960 | 487,908 | ||||||
Property, plant and equipment, net
|
67,754 | 67,988 | ||||||
Goodwill
|
104,020 | 103,074 | ||||||
Acquisition-related intangible assets, net
|
51,021 | 65,242 | ||||||
Other assets
|
32,705 | 26,733 | ||||||
Total assets
|
$ | 727,460 | $ | 750,945 | ||||
Liabilities and stockholders' equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 36,470 | $ | 34,717 | ||||
Accrued compensation and related expenses
|
28,212 | 20,738 | ||||||
Deferred income on shipments to distributors
|
12,853 | 18,761 | ||||||
Income taxes payable
|
501 | 513 | ||||||
Other accrued liabilities
|
32,609 | 31,972 | ||||||
Total current liabilities
|
110,645 | 106,701 | ||||||
Deferred tax liability
|
1,513 | 1,573 | ||||||
Long-term income tax payable
|
712 | 21,098 | ||||||
Other long-term obligations
|
15,808 | 21,833 | ||||||
Total liabilities
|
128,678 | 151,205 | ||||||
Stockholders' equity:
|
||||||||
Common Stock
|
148 | 163 | ||||||
Additional paid-in capital
|
2,343,726 | 2,310,450 | ||||||
Treasury stock
|
(909,824 | ) | (802,217 | ) | ||||
Accumulated deficit
|
(837,075 | ) | (909,702 | ) | ||||
Accumulated other comprehensive income
|
1,807 | 1,046 | ||||||
Total stockholders' equity
|
598,782 | 599,740 | ||||||
Total liabilities and stockholders' equity
|
$ | 727,460 | $ | 750,945 | ||||