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IDT Reports Q4 & FY Results

SAN JOSE, Calif. — Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions, today announced results for the fiscal fourth quarter and year ended April 3, 2011.

“Our better-than-expected fourth quarter results reflected increasing adoption of our mixed-signal solutions by enterprise computing and wireless infrastructure customers, and highlighted continuing gross margin expansion and solid execution across all of our business units,” said Dr. Ted Tewksbury, president and CEO of IDT. “We grew revenue 17 percent in fiscal 2011 from the prior year despite significant old product rolloffs like advanced memory buffers, network search engines, and PC clocks. New product revenue grew by more than 60 percent, and our core businesses had an outstanding year as we grew communications clock revenue 40 percent to a record high and our DDR3 memory interface revenue doubled. We also more than doubled our non-GAAP operating income and EPS in fiscal 2011 from the prior year while gross margins reached a 10-year high.

“As we enter fiscal year 2012, we believe that continued growth in our new and core businesses, driven by cloud computing and the ongoing deployment of 4G/LTE wireless infrastructure, will drive continuing top line improvement. By focusing on higher margin solutions and maintaining disciplined operating expense controls, we believe we can continue to demonstrate significant leverage in our model and deliver improved value for our shareholders.”

Read the full press release.

{complink 2646|Integrated Device Technology Inc. (IDT)}

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