Delaware
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0-12695
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94-2669985
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(State of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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INTEGRATED DEVICE TECHNOLOGY, INC.
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Date: August 1, 2011
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By:
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/S/ RICHARD D. CROWLEY, JR.
Richard D. Crowley, Jr.
Vice President, Chief Financial Officer
(duly authorized Officer)
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Financial Contact:
Mike Knapp
IDT Investor Relations
Phone: (408) 284-6515
E-mail: mike.knapp@idt.com
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Press Contact:
Graham Robertson
IDT Worldwide Marketing
Phone: (408) 284-2644
E-mail: graham.robertson@idt.com
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It delivered the industry's first single-chip enterprise-class flash controller with native PCIe®. The controller was co-developed with Micron Technology, Inc. for exclusive use in Micron's recently announced P320h PCIe solid-state storage system. The new PCIe SSD is targeted at high-performance enterprise applications that require a high-end controller to meet the stringent requirements of today’s demanding enterprise environments.
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The industry's first PCI Express to Serial RapidIO protocol conversion bridge that extends scalable RapidIO-enabled peer-to-peer multiprocessor clusters to the x86 processor environment. The bridge allows high performance computing OEMs to deploy x86-based RapidIO systems with peer-to-peer clustering, scalability, low end to end system latency, and hardware enabled fault isolation. This not only allows x86 processors to be used in traditional RapidIO markets such as wireless and defense, but also allows RapidIO to be used in traditional x86 markets such as enterprise computing.
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Patent pending HyperGear technology that dynamically adjusts CPU voltages and clock frequencies based on CPU usage demand to provide more than 10 percent efficiency improvements while simultaneously boosting CPU performance. IDT has started utilizing the technology on all current and future power management solutions that comply with industry standard specifications, such as VR12.
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An upcoming presentation with Dell on the NVM Express specification that provides an industry standard interface for PCIe SSDs, enabling adoption of this high performance solution in cloud computing applications.
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The world's first portable audio subsystem with integrated programmable clock generator. The low power, high fidelity codec is an ideal fit for portable applications such as tablet computing and speaker docks.
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It released a new family of low-power spread spectrum clock generators that support the industry's widest frequency range in a tiny 2x2mm package. The devices allow users to address EMI challenges in a variety of applications including digital TVs, set-top boxes, printers, industrial control, battery powered electronics, and computer or embedded computing systems.
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Revenue for the fiscal first quarter of 2012 was $151.5 million, compared with $158.3 million reported in the same period one year ago.
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GAAP net income for the fiscal first quarter of 2012 was $7.7 million or $0.05 per diluted share, versus GAAP net income of $10.4 million or $0.06 per diluted share in the same period one year ago. Fiscal first quarter 2012 GAAP results include $4.1 million in acquisition and divestiture related charges, $4.1 million in stock-based compensation, $2.3 million in restructuring related charges, and $0.6 million in tax effects.
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Non-GAAP net income for the fiscal first quarter of 2012 was $17.6 million or $0.12 per diluted share, compared with non-GAAP net income of $23.3 million or $0.14 per diluted share reported in the same period one year ago.
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GAAP gross profit for the fiscal first quarter of 2012 was $81.4 million, or 53.7 percent, compared with GAAP gross profit of $82.2 million, or 51.9 percent, in the same period one year ago. Non-GAAP gross profit for the fiscal first quarter of 2012 was $86.8 million, or 57.3 percent, compared with non-GAAP gross profit of $87.9 million, or 55.6 percent, reported in the same period one year ago.
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GAAP R&D expense for the fiscal first quarter of 2012 was $46.0 million, compared with GAAP R&D expense of $43.7 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal first quarter of 2012 was $43.3 million, compared with non-GAAP R&D of $40.2 million in the same period one year ago.
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GAAP SG&A expense for the fiscal first quarter of 2012 was $26.8 million, compared with GAAP SG&A expense of $27.4 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal first quarter of 2012 was $24.4 million, compared with non-GAAP SG&A expense of $24.0 million in the same period one year ago.
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Three Months Ended
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July 3,
2011
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April 3,
2011
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June 27,
2010
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Revenues
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$ | 151,487 | $ | 147,294 | $ | 158,273 | ||||||
Cost of revenues
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70,095 | 66,919 | 76,107 | |||||||||
Gross profit
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81,392 | 80,375 | 82,166 | |||||||||
Operating expenses:
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Research and development
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46,006 | 43,681 | 43,736 | |||||||||
Selling, general and administrative
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26,829 | 26,936 | 27,358 | |||||||||
Total operating expenses
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72,835 | 70,617 | 71,094 | |||||||||
Operating income
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8,557 | 9,758 | 11,072 | |||||||||
Interest income and other, net
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44 | 904 | 264 | |||||||||
Income before income taxes
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8,601 | 10,662 | 11,336 | |||||||||
Provision (benefit) for income taxes
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918 | (20,731 | ) | 923 | ||||||||
Net income
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$ | 7,683 | $ | 31,393 | $ | 10,413 | ||||||
Basic net income per share
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$ | 0.05 | $ | 0.21 | $ | 0.06 | ||||||
Diluted net income per share
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$ | 0.05 | $ | 0.21 | $ | 0.06 | ||||||
Weighted average shares:
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Basic
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147,828 | 148,181 | 161,659 | |||||||||
Diluted
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151,074 | 150,852 | 162,577 | |||||||||
Three months ended
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July 3,
2011
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April 3,
2011
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June 27,
2010
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GAAP Net income
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$ | 7,683 | $ | 31,393 | $ | 10,413 | ||||||
GAAP Diluted net Income Per Share
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$ | 0.05 | 0.21 | 0.06 | ||||||||
Acquisition and Divestiture Related:
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Amortization of acquisition related Intangibles
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4,195 | 5,016 | 4,924 | |||||||||
Acquisition related costs(1)
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-- | 98 | 708 | |||||||||
Assets Impairment (2)
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(90 | ) | (63 | ) | (94 | ) | ||||||
Fair market value adjustment to acquired inventory sold
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-- | -- | 262 | |||||||||
Restructuring Related:
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Severance and retention costs
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383 | 137 | 520 | |||||||||
Facility closure costs (3)
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29 | (1,353 | ) | 977 | ||||||||
Fabrication production transfer costs (4)
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1,845 | 1,412 | 829 | |||||||||
Other:
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Compensation expense (benefit) - deferred compensation plan (5)
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55 | 503 | (126 | ) | ||||||||
Gain (loss) on deferred compensation plan securities(5)
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(45 | ) | (507 | ) | 132 | |||||||
Stock-based compensation expense
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4,120 | 3,321 | 4,708 | |||||||||
Tax effects of Non-GAAP adjustments (6)
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(580 | ) | (19,710 | ) | 24 | |||||||
Non-GAAP Net Income
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$ | 17,595 | $ | 20,247 | $ | 23,277 | ||||||
GAAP weighted average shares – diluted
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151,074 | 150,852 | 162,577 | |||||||||
Non GAAP adjustment
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1,747 | 1,775 | 2,002 | |||||||||
Non-GAAP weighted average shares –diluted(7)
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152,821 | 152,627 | 164,579 | |||||||||
Non-GAAP Diluted Net Income Per Share
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$ | 0.12 | $ | 0.13 | $ | 0.14 | ||||||
GAAP Gross Profit:
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$ | 81,392 | $ | 80,375 | $ | 82,166 | ||||||
Acquisition and Divestiture Related:
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Amortization of acquisition related Intangibles
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3,184 | 3,575 | 3,473 | |||||||||
Acquisition related costs(1)
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- | - | 5 | |||||||||
Assets Impairment (2)
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(90 | ) | (63 | ) | (94 | ) | ||||||
Fair market value adjustment to acquired inventory sold
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-- | -- | 262 | |||||||||
Restructuring Related:
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Severance and retention costs
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-- | 51 | 117 | |||||||||
Facility closure costs (3)
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3 | (1,483 | ) | 699 | ||||||||
Fabrication production transfer costs (4)
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1,845 | 1,412 | 829 | |||||||||
Other:
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Compensation expense (benefit) - deferred compensation plan (5)
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12 | 109 | (27 | ) | ||||||||
Stock-based compensation expense
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427 | 423 | 509 | |||||||||
Non-GAAP Gross Profit
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$ | 86,773 | $ | 84,399 | $ | 87,939 | ||||||
GAAP R&D Expenses:
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$ | 46,006 | $ | 43,681 | $ | 43,736 | ||||||
Acquisition and Divestiture Related:
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Acquisition related costs(1)
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- | (67 | ) | (394 | ) | |||||||
Restructuring Related:
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Severance and retention costs
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(383 | ) | (45 | ) | (433 | ) | ||||||
Facility closure costs (3)
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(15 | ) | (82 | ) | (108 | ) | ||||||
Other:
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Compensation expense (benefit) - deferred compensation plan (5)
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(36 | ) | (326 | ) | 82 | |||||||
Stock-based compensation expense
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(2,307 | ) | (1,610 | ) | (2,691 | ) | ||||||
Non-GAAP R&D Expenses
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$ | 43,265 | $ | 41,551 | $ | 40,192 | ||||||
GAAP SG&A Expenses:
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$ | 26,829 | $ | 26,936 | $ | 27,358 | ||||||
Acquisition and Divestiture Related
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Amortization of acquisition related Intangibles
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(1,011 | ) | (1,441 | ) | (1,451 | ) | ||||||
Acquisition related costs(1)
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-- | (31 | ) | (309 | ) | |||||||
Restructuring Related:
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Severance and retention costs
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-- | (41 | ) | 30 | ||||||||
Facility closure costs (4)
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(11 | ) | (48 | ) | (170 | ) | ||||||
Other:
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Compensation expense (benefit) - deferred compensation plan (5)
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(7 | ) | (68 | ) | 17 | |||||||
Stock-based compensation expense
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(1,386 | ) | (1,288 | ) | (1,508 | ) | ||||||
Non-GAAP SG&A Expenses
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$ | 24,414 | $ | 24,019 | $ | 23,967 | ||||||
GAAP Interest Income and Other, Net | $ | 44 | $ | 904 | 264 | |||||||
Gain (loss) on deferred compensation plan securities(5)
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(45 | ) | (507 | ) | 132 | |||||||
Non-GAAP Interest Income and Other, Net
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$ | (1 | ) | $ | 397 | $ | 396 | |||||
GAAP Provision (Benefit) for Income Taxes | $ | 918 | $ | (20,731 | ) | $ | 923 | |||||
Tax effects of Non-GAAP adjustments (6)
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580 | 19,710 | (24 | ) | ||||||||
Non-GAAP Provision (Benefit) for Income Taxes | $ | 1,498 | $ | (1,021 | ) | $ | 899 |
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July 3, 2011
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April 3, 2011
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Assets
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Current assets:
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Cash and cash equivalents
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$ | 74,993 | $ | 104,680 | ||||
Short-term investments
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212,230 | 194,512 | ||||||
Accounts receivable
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80,466 | 81,798 | ||||||
Inventories
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73,628 | 67,041 | ||||||
Prepayments and other current assets
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20,651 | 23,929 | ||||||
Total current assets
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461,968 | 471,960 | ||||||
Property, plant and equipment, net
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72,273 | 67,754 | ||||||
Goodwill
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104,020 | 104,020 | ||||||
Acquisition-related intangible assets, net
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46,826 | 51,021 | ||||||
Deferred tax assets
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2,034 | 2,034 | ||||||
Other assets
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30,499 | 30,671 | ||||||
Total assets
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$ | 717,620 | $ | 727,460 | ||||
Liabilities and stockholders' equity
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Current liabilities:
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Accounts payable
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$ | 32,108 | $ | 36,470 | ||||
Accrued compensation and related expenses
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25,582 | 28,212 | ||||||
Deferred income on shipments to distributors
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14,735 | 12,853 | ||||||
Deferred tax liabilities
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2,264 | 2,224 | ||||||
Other accrued liabilities
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32,046 | 30,886 | ||||||
Total current liabilities
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106,735 | 110,645 | ||||||
Deferred tax liabilities
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1,523 | 1,513 | ||||||
Long-term income tax payable
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774 | 712 | ||||||
Other long-term obligations
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16,647 | 15,808 | ||||||
Total liabilities
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125,679 | 128,678 | ||||||
Stockholders' equity:
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Common stock
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147 | 148 | ||||||
Additional paid-in capital
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2,352,761 | 2,343,726 | ||||||
Treasury stock at cost
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(933,637 | ) | (909,824 | ) | ||||
Accumulated deficit
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(829,392 | ) | (837,075 | ) | ||||
Accumulated other comprehensive income
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2,062 | 1,807 | ||||||
Total stockholders' equity
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591,941 | 598,782 | ||||||
Total liabilities and stockholders' equity
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$ | 717,620 | $ | 727,460 |