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IDT Reports Q4 and Fiscal Year 2014 Financial Results

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 fiscal year ended March 30, 2014.

“We concluded fiscal year 2014 on a high note with strong Q4 revenue, non-GAAP operating margin and earnings per share,” said Greg Waters, president and chief executive officer. “The strength in revenues for the fourth fiscal quarter was primarily driven by sales in our Communications end market as the build-out of global 4G/LTE infrastructure accelerated. Non-GAAP gross margin was slightly impacted by inventory reserves associated with our previous fab closure transition and product mix. However, with our continued focus on expense control, we exceeded our guidance for non-GAAP operating margins and non-GAAP EPS, delivering 19.5% and $0.14 per fully diluted share, respectively.”

“We have successfully transformed IDT into a company that generates earnings power as our revenue continues to grow, all supported by a very strong balance sheet. We are investing in high-growth markets and believe we can grow market share in all of our target market segments through the course of this fiscal year,” concluded Mr. Waters.

Recent Business Highlights

  • Nominated for four prestigious ACE awards, presented by UBM Tech's EE Times and EDN publications, IDT won top prize in the “Ultimate Products” category for its third generation Universal Frequency Translator (UFT) clocking family. The three other nominations were for the Timing Commander™ software, an RF-PLL and DDR4 data buffer.
  • IDT announced the mass production of its JEDEC 1.0-compliant DDR4 chipset—already validated by Intel® to meet the requirements of the future Intel Xeon™ processor E5-2600 v3 product family--for use in RDIMMs and LRDIMMs.
  • IDT extended its leadership in the timing market with the VersaClock 5 family of programmable clock generators, the best-in-class, complete clock tree solution for cost-sensitive, low-power consumer and low-jitter communication timing applications.
  • IDT introduced the industry’s first Ethernet and IEEE 1588 timing devices optimized for smart grid and industrial automation applications. The new low-jitter timing products improve the accuracy and reliability of IEEE 1588 time transport and offer important flexibility with an integrated Ethernet digital PLL (DPLL) and digitally-controlled oscillator (DCO) in a single chip.
  • IDT announced a new family of ultra-compact wireless power receivers offering a board area footprint reduction up to 70% compared to switching regulator-based solutions. The latest Wireless Power Consortium's (WPC) and Power Matter's Alliance (PMA)-compliant devices expand IDT's industry-leading wireless power portfolio to address densely populated, cost-sensitive portable applications.
  • IDT introduced the industry's first dual-mode wireless power receiver compatible with both the WPC 1.1 standard, as well as the PMA 1.1 standard. The innovative solution enables OEMs to use a single wireless power receiver IC to develop mobile devices fully compatible with the latest versions of both Qi and PMA charging bases.

The following highlights the Company’s financial performance on both a GAAP and supplemental non-GAAP basis. The company is pursuing the divestiture of its high speed data converter business and is in active discussions with potential buyers. For financial statement purposes, the high speed data converter business is classified as assets held for sale and is treated as discontinued operations for all periods presented. IDT has excluded results from the high speed data converter business from current and historical non-GAAP results. The Company provides supplemental information regarding its operating performance on a non-GAAP basis that excludes certain gains, losses and charges which occur relatively infrequently and which management considers to be outside our core operating results. Non-GAAP results are 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. A complete reconciliation of GAAP to non-GAAP results from continuing operations is attached to this press release.

  • Revenue from continuing operations for the fiscal fourth quarter of 2014 was $118.6 million, compared with $107.8 million reported in the same period one year ago.
  • GAAP net income from continuing operations for the fiscal fourth quarter of 2014 was $5.4 million, or $0.04 per diluted share, versus a GAAP net loss from continuing operations of $5.5 million or a loss of $0.04 per share in the same period one year ago. Fiscal fourth quarter 2014 GAAP results include a $14.5 million loss relating to amortization and impairment of intangible assets and other acquisition/divestiture related charges, $2.4 million in stock-based compensation expense, $1.1 million in restructuring related charges, and $1.3 million expense from related tax effects.
  • Non-GAAP net income for the fiscal fourth quarter of 2014 was $22.1 million or $0.14 per diluted share, compared with non-GAAP net income of $4.9 million or $0.03 per diluted share reported in the same period one year ago.
  • GAAP gross profit from continuing operations for the fiscal fourth quarter of 2014 was $61.1 million, or 51.5 percent, compared with GAAP gross profit of $59.5 million, or 55.2 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal fourth quarter of 2014 was $72.5 million, or 61.1 percent, compared with non-GAAP gross profit of $62.7 million, or 58.2 percent, reported in the same period one year ago.
  • GAAP R&D expense for the fiscal fourth quarter of 2014 was $32.7 million, compared with GAAP R&D expense of $42.1 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal fourth quarter of 2014 was $28.4 million, compared with non-GAAP R&D of $35.0 million in the same period one year ago.
  • GAAP SG&A expense for the fiscal fourth quarter of 2014 was $23.2 million, compared with GAAP SG&A expense of $27.8 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal fourth quarter of 2014 was $20.9 million, compared with non-GAAP SG&A expense of $22.1 million in the same period one year ago.

Webcast and Conference Call Information

Investors may listen to a live or replay webcast of the Company’s quarterly financial conference call at http://ir.idt.com/. The live webcast will begin at 1:30 p.m. Pacific time on May 5, 2014. The webcast replay will be available after 5 p.m. Pacific time on May 5, 2014.

Investors may also listen to the live call at 1:30 p.m. Pacific time on May 5, 2014 by calling (877) 941-1427 or (480) 629-9664. The access code is 4678229. The conference call replay will be available for one week after the event at (800) 406-7325 or (303) 590-3030. The access code is 4678229.

About IDT

Integrated Device Technology, Inc., the Analog and Digital Company™, develops system-level solutions that optimize its customers’ applications. IDT uses its market leadership in timing, serial switching and interfaces, and adds analog and system expertise to provide complete application-optimized, mixed-signal solutions for the communications, computing and consumer segments. Headquartered in San Jose, Calif., IDT has design, manufacturing, sales facilities and distribution partners throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market® under the symbol “IDTI.” Additional information about IDT is accessible at www.IDT.com. Follow IDT on Facebook, LinkedIn, Twitter, and YouTube.

Forward Looking Statements

Investors are cautioned that forward-looking statements in this release, including but not limited to statements regarding demand for Company products, anticipated trends in Company sales, expenses and profits, involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include, but are not limited to, global business and economic conditions, fluctuations in product demand, manufacturing capacity and costs, inventory management, competition, pricing, patent and other intellectual property rights of third parties, timely development and introduction of new products and manufacturing processes, dependence on one or more customers for a significant portion of sales, successful integration of acquired businesses and technology, availability of capital, cash flow and other risk factors detailed in the Company’s Securities and Exchange Commission filings. The Company urges investors to review in detail the risks and uncertainties in the Company’s Securities and Exchange Commission filings, including but not limited to the Annual Report on Form 10-K for the fiscal year ended March 31, 2013. All forward-looking statements are made as of the date of this release and the Company disclaims any duty to update such statements.

Non-GAAP Reporting

To supplement its consolidated financial results presented in accordance with GAAP, IDT uses non-GAAP financial measures which are adjusted from the most directly comparable GAAP financial measures to exclude certain items, as described in detail below. Management believes that these non-GAAP financial measures reflect an additional and useful way of viewing aspects of the Company’s operations that, when viewed in conjunction with IDT’s GAAP results, provide a more comprehensive understanding of the various factors and trends affecting the Company’s business and operations. It should also be noted that IDT's non-GAAP information may be different from the non-GAAP information provided by other companies. Non-GAAP financial measures used by IDT include:

• Cost of revenues;

• Gross profit;

• Research and development expenses;

• Selling, general and administrative expenses;

• Interest income and other;

• Provision (benefit) for income taxes, continuing operations

• Operating income (loss);

• Net income (loss) from continuing operations;

• Diluted net income (loss) per share, continuing operations; and

• Weighted average shares outstanding - diluted

The Company presents non-GAAP financial measures because the investor community uses non-GAAP results in its analysis and comparison of historical results and projections of the Company's future operating results. These non-GAAP results exclude acquisition related expense, restructuring and divestiture related costs (gain), share-based compensation expense, results from discontinued operations, stockholder expenses and certain other expenses and benefits. Management uses these non-GAAP measures to manage and assess the profitability of the business. These non-GAAP results are also consistent with the way management internally analyzes IDT's financial results.

There are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP financial measures. The non-GAAP financial measures supplement, and should be viewed in conjunction with, GAAP financial measures. Investors should review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the accompanying press release.

As presented in the “Reconciliation of GAAP to Non-GAAP” tables in the accompanying press release, each of the non-GAAP financial measures excludes one or more of the following items:

Acquisition related. Acquisition-related charges are not factored into management’s evaluation of potential acquisitions or IDT’s performance after completion of acquisitions, because they are not related to the Company’s core operating performance. Adjustments of these items provide investors with a basis to compare IDT’s performance to other companies without the variability caused by purchase accounting. Acquisition-related expenses primarily include:

  • Amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology, patents, customer relationships, trademarks, backlog and non-compete agreements.
  • Acquisition related costs such as legal, accounting and other professional or consulting fees directly related to an acquisition.
  • Other acquisition related costs which consists of an accrued deferred closing date fee associated with the acquisition of NXP’s high-speed data converter assets.
  • Fair market value adjustment to acquired inventory sold.

Restructuring related. Restructuring charges primarily relate to changes in IDT’s infrastructure in efforts to reduce costs and expenses (gains) associated with strategic divestitures and restructuring in force actions. Restructuring charges (gains) are excluded from non-GAAP financial measures because they are not considered core operating activities. Although IDT has engaged in various restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. As such, management believes that it is appropriate to exclude restructuring charges (gains) from IDT’s non-GAAP financial measures as it enhances the ability of investors to compare the Company’s period-over-period operating results from continuing operations. Restructuring-related charges (gains) primarily include:

  • Severance and retention costs directly related to a restructuring action.
  • Facility closure costs consist of ongoing costs associated with the exit of our leased and owned facilities.
  • Gain on divestiture consists of gains recognized upon the strategic sale of business units.
  • Assets impairments consists of an impairment charge related to a note receivable and subsequent recoveries.
  • Asset impairments, consists of the accelerated depreciation of certain design tools no longer in use

Other adjustments. These items are excluded from non-GAAP financial measures because they are not related to the core operating activities and on-going future operating performance of IDT. Excluding this data allows investors to better compare IDT’s period-over-period performance without such expense, which IDT believes may be useful to the investor community. Other adjustments primarily include:

  • Stock based compensation expense.
  • Expenses related to stockholder activities reflect advisory fees related to inquiries of Starboard Value LP.
  • Compensation expense (benefit) – deferred compensation, consists of gains and losses on marketable equity securities related to our deferred compensation arrangements.
  • Loss (gain) on deferred compensation plan securities represents the changes in the fair value of the assets in a separate trust that is invested in corporate owned life insurance under our deferred compensation plan.
  • Life insurance proceeds received, represents proceeds received under corporate owned life insurance under our deferred compensation plan.
  • Tax effects of non-GAAP adjustments.
  • Diluted weighted average shares non-GAAP adjustment, for purposes of calculating non-GAAP diluted net income per share, the GAAP diluted weighted average shares outstanding is adjusted to exclude the benefits of stock compensation expense attributable to future services not yet recognized in the financial statements that are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury method.

IDT and the IDT logo are trademarks or registered 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 Twelve Months Ended
Mar. 30, Dec. 29, Mar. 31, Mar. 30, Mar. 31,
2014   2013   2013   2013 2013
Revenues $ 118,640 $ 124,628 $ 107,779 $ 484,779 $ 484,452
Cost of revenues   57,509     49,689     48,256     211,826     214,728  
Gross profit 61,131 74,939 59,523 272,953 269,724
Operating expenses:
Research and development 32,656 31,063 42,096 140,595 159,471
Selling, general and administrative   23,213     23,687     27,784     101,039     117,648  
Total operating expenses   55,869     54,750     69,880     241,634     277,119  
 
Operating income (loss)   5,262     20,189     (10,357 )   31,319     (7,395 )
 
Gain (loss) from divestiture (302 ) (3,415 ) 7,986 78,632 7,986
Other-than-temporary impairment loss on investments - - (1,708 ) - (1,708 )
Other income (expense), net   786     1,108     258     2,707     1,708  
Income (loss) from continuing operations before income taxes 5,746 17,882 (3,821 ) 112,658 591
Provision (benefit) for income taxes   320     543     1,648     981     (2,120 )
 
Net income (loss) from continuing operations 5,426 17,339 (5,469 ) 111,677 2,711
 
Discontinued operations:
Gain from divestiture - - - - 886
Loss from discontinued operations (5,016 ) (10,123 ) (4,995 ) (22,938 ) (23,653 )
Provision (benefit) for income taxes   17     268     163     11     116  
Net income (loss) from discontinued operations (5,033 ) (10,391 ) (5,158 ) (22,949 ) (22,883 )
 
Net income (loss) $ 393   $ 6,948   $ (10,627 ) $ 88,728   $ (20,172 )
 
Basic net income (loss) per share continuing operations $ 0.04 $ 0.11 $ (0.04 ) $ 0.75 $ 0.02
Basic net income (loss) per share discontinued operations   (0.04 )   (0.06 )   (0.03 )   (0.16 )   (0.16 )
Basic net income (loss) per share $ -   $ 0.05   $ (0.07 ) $ 0.59   $ (0.14 )
 
Diluted net income (loss) per share continuing operations $ 0.04 $ 0.11 $ (0.04 ) $ 0.73 $ 0.02
Diluted net income (loss) per share discontinued operations   (0.04 )   (0.07 )   (0.03 )   (0.15 )   (0.16 )
Diluted net income (loss) per share $ -   $ 0.04   $ (0.07 ) $ 0.58   $ (0.14 )
 
Weighted average shares:
Basic   150,033     151,018     145,626     149,480     144,014  
Diluted   154,390     155,035     145,626     153,369     145,678  
 
 
INTEGRATED DEVICE TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (a)
(Unaudited)
(In thousands, except per share data)
  Three Months Ended       Twelve Months Ended
Mar. 30,   Dec. 29,   Mar. 31, Mar. 30,   Mar. 31,
2014 2013 2013 2013 2013
 
GAAP net income (loss) from continuing operations $ 5,426     $ 17,339   $ (5,469 ) $ 111,677   $ 2,711  
GAAP diluted net income (loss) per share continuing operations $ 0.04     $ 0.11   $ (0.04 ) $ 0.73   $ 0.02  
Acquisition related:
Amortization of acquisition related intangibles 11,999 3,322 4,097 21,964 16,339
Impairment of acquired in-process R&D 2,433 - - 2,433 -
Acquisition related legal and consulting fees 73 21 1,009 802 11,238
Fair market value adjustment to acquired inventory sold - - - - 358
Restructuring related:
Severance and retention costs 383 400 1,662 6,456 5,522
Facility closure costs 107 6 2 134 62
Gain on divestiture 302 3,415 (7,986 ) (78,632 ) (7,986 )
Assets impairment and other 334 (265 ) 5,687 4,113 6,096
Other:
Other-than-temporary impairment loss on investments - - 1,708 - 1,708
Stock-based compensation expense 2,368 3,169 3,813 12,677 13,054
Expenses related to stockholder activities - - (1,000 ) - 1,614
Compensation expense (benefit)—deferred compensation plan 185 557 704 1,265 1,135
Loss (gain) on deferred compensation plan securities (171 ) (627 ) (696 ) (1,316 ) (941 )
Life insurance proceeds received - - - - (2,313 )
Tax effects of Non-GAAP adjustments   (1,331 )     (1,402 )   1,381     (4,389 )   (7,910 )
Non-GAAP net income from continuing operations $ 22,108 $ 25,935 $ 4,912 $ 77,184 $ 40,687
GAAP weighted average shares - diluted 154,390 155,035 145,626 153,369 145,678
Non-GAAP adjustment   1,492       2,099     5,026     1,981     1,934  
Non-GAAP weighted average shares - diluted   155,882       157,134     150,652     155,350     147,612  
Non-GAAP diluted net income per share continuing operations $ 0.14     $ 0.17   $ 0.03   $ 0.50   $ 0.28  
 
GAAP gross profit   61,131       74,939     59,523     272,953     269,724  
Acquisition and divestiture related:
Amortization of acquisition related intangibles 11,016 2,435 2,740 18,321 12,413
Fair market value adjustment to acquired inventory sold - - - - 358
Restructuring related:
Severance and retention costs 117 - - 204 607
Facility closure costs - 2 (9 ) 8 4
Assets impairment and other 105 (142 ) (37 ) (111 ) 372
Other:
Compensation expense (benefit)—deferred compensation plan 55 172 217 388 324
Stock-based compensation expense   61       403     263     1,189     1,113  
Non-GAAP gross profit   72,485       77,809     62,697     292,952     284,915  
 
GAAP R&D expenses:   32,656       31,063     42,096     140,595     159,471  
Acquisition and divestiture related:
Impairment of acquired in-process R&D (2,433 ) - - (2,433 ) -
Restructuring related:
Severance and retention costs (264 ) (86 ) (1,560 ) (4,193 ) (3,882 )
Facility closure costs - (2 ) (6 ) (9 ) (43 )
Assets impairment and other (63 ) 123 (3,203 ) (4,058 ) (3,203 )
Other:
Compensation expense (benefit)—deferred compensation plan (90 ) (289 ) (365 ) (650 ) (626 )
Stock-based compensation expense   (1,389 )     (1,514 )   (2,001 )   (5,601 )   (6,691 )
Non-GAAP R&D expenses   28,417       29,295     34,961     123,651     145,026  
 
GAAP SG&A expenses:   23,213       23,687     27,784     101,039     117,648  
Acquisition and divestiture related:
Amortization of acquisition related intangibles (983 ) (887 ) (1,357 ) (3,643 ) (3,926 )
Acquisition related legal and consulting fees (73 ) (21 ) (1,009 ) (802 ) (11,238 )
Restructuring related:
Severance and retention costs (2 ) (314 ) (102 ) (2,059 ) (1,033 )
Facility closure costs (107 ) (2 ) (5 ) (117 ) (15 )
Assets impairment and other (166 ) - (2,521 ) (166 ) (2,521 )
Other:
Compensation expense (benefit)—deferred compensation plan

(40

)

(96

)

(122 ) (227 ) (185 )
Stock-based compensation expense (918 ) (1,252 ) (1,549 ) (5,887 ) (5,250 )
Expenses related to stockholder activities   -       -     1,000     -     (1,614 )
Non-GAAP SG&A expenses   20,924       21,115     22,119     88,138     91,866  
 
GAAP interest income and other, net 786 1,108 258 2,707 1,708
Loss (gain) on deferred compensation plan securities (171 ) (627 ) (696 ) (1,316 ) (941 )
Life insurance proceeds received   -       -     -     -     (2,313 )
Non-GAAP interest income and other, net   615       481     (438 )   1,391     (1,546 )
 
GAAP provision (benefit) for income taxes continuing operations 320 543 1,648 981 (2,120 )
Tax effects of Non-GAAP adjustments (7)   1,331       1,402     (1,381 )   4,389     7,910  
Non-GAAP provision for income taxes continuing operations   1,651       1,945     267     5,370     5,790  
 
(a) Refer to the accompanying “Notes to Non-GAAP Financial Measures” for a detailed discussion of management’s use of non-GAAP financial measures.
 
   
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
Mar. 30, March 31,
(In thousands) 2014 2013
 
ASSETS
Current assets:
Cash and cash equivalents $ 91,211 $ 130,837
Short-term investments 362,604 166,333
Accounts receivable, net 68,904 62,083
Inventories 49,622 56,555
Prepaid and other current assets   13,034   24,697
Total current assets 585,375 440,505
 
Property, plant and equipment, net 69,827 74,988
Goodwill 135,644 144,924
Acquisition-related intangibles 18,741 48,602
Other assets   21,373   19,560
TOTAL ASSETS $ 830,960 $ 728,579
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 25,442 $ 23,244
Accrued compensation and related expenses 24,343 21,090
Deferred income on shipments to distributors 14,006 14,539
Deferred taxes liabilities 1,346 1,000
Other accrued liabilities   11,160   14,652
Total current liabilities 76,297 74,525
 
Deferred tax liabilities 1,494 1,552
Long term income taxes payable 266 454
Other long term obligations   18,683   22,022
Total liabilities 96,740 98,553
 
Stockholders' equity   734,220   630,026
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 830,960 $ 728,579

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