IDT Reports Q1 FY 2013

SAN JOSE, Calif. -- Integrated Device Technology, Inc., the Analog and Digital Company delivering essential mixed-signal semiconductor solutions, today announced results for the fiscal first quarter ended July 1, 2012.

“Strong sequential revenue growth, combined with better than expected gross margins, drove improved top and bottom line results for the fiscal first quarter,” said Dr. Ted Tewksbury, president and CEO of IDT. “Our Q1 results reflect improving trends primarily in our communications infrastructure and consumer end markets, and our stronger than anticipated gross margins resulting from favorable product mix enabled us to deliver EPS that was $0.02 better than our prior projections.”

Revenue from continuing operations for the fiscal first quarter of 2013 was $130.2 million, compared with $149.3 million reported in the same period one year ago.

GAAP net income from continuing operations for the fiscal first quarter of 2013 was $0.5 million, or $0.00 per diluted share, versus GAAP net income of $12.8 million or $0.08 per diluted share in the same period one year ago. Fiscal first quarter 2013 GAAP results include $7.8 million in benefits from tax effects, life insurance proceeds and net impact of deferred compensation plan, $12.5 million in acquisition and restructuring related charges, $3.1 million in stock-based compensation and $2.6 million in expenses related to stockholder activities.

Non-GAAP net income from continuing operations for the fiscal first quarter of 2013 was $11.0 million or $0.08 per diluted share, compared with non-GAAP net income from continuing operations of $23.8 million or $0.16 per diluted share reported in the same period one year ago.