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Integrated Device: Idt Reports Q2 Fiscal Year 2016 Financial Results

The following excerpt is from the company's SEC filing.

Q2 FY16 Revenue of $169.5M; up 5.3% Q/Q and 23.6% Y/Y

Q2 FY16 GAAP Diluted EPS (from Continuing Operations) of $0.28

Q2 FY16 Non-GAAP Diluted EPS of $0.35

- Integrated Device Technology, Inc. (IDT

) (NASDAQ: IDTI) today announced results for the fiscal second quarter ended September 27, 2015.

“Second quarter fiscal 2016 results were excellent. Revenue grew to $169.5 million dollars, an increase of almost 24 percent year-over-year and 5 percent sequentially, driven by a strong rebound in sales of our communications products, continued market leadership in memory interface, as well as solid contributions from our wireless charging business,” said Greg Waters, president and chief executive officer. “Combined with robust top line growth, our continued focus on execution and expense control contributed to a non-GAAP operating margin of 31 percent, and free cash flow as a percentage of revenues on a trailing twelve-month basis of 27 percent.”

“Additionally, our board recently increased our share repurchase authorization by another $300 million. This is incremental to our prior authorization and to the remaining repurchase authorization balance as of September end of $231 million. We intend to fund this incremental $300 million through debt financing, subject to market conditions, and execute this portion of our buyback on an accelerated pace. We remain well-positioned to continue delivering excellent results and increasing returns to our shareholders with a solid base of existing business, combined with exciting new product development and design-win traction,” concluded Mr. Waters.

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The following highlights the Company’s financial performance on both a GAAP and supplemental non-GAAP basis. For financial statement purposes, the high speed data converter business 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 second quarter of 2016 was $169.5 million, compared with $160.9 million reported last quarter, and $137.1 million reported in the same period one year ago.

GAAP net income from continuing operations for the fiscal second quarter of 2016 was $42.4 million, or $0.28 per diluted share, versus GAAP net income from continuing operations of $38.7 million or $0.25 per diluted share last quarter, and a GAAP net income from continuing operations of $24.2 million or $0.16 per share in the same period one year ago. Fiscal second quarter 2016 GAAP results include $8.6 million in stock-based compensation expense, $1.9 million expense in severance and retention related charges, $0.8 million expense relating to amortization of intangible assets, $0.2 million expense in facility closure costs, and $0.2 million expense in related tax effects.

Non-GAAP net income for the fiscal second quarter of 2016 was $53.9 million or $0.35 per diluted share, compared with non-GAAP net income of $48.2 million or $0.31 per diluted share last quarter, and non-GAAP net income of $31.8 million or $0.20 per diluted share reported in the same period one year ago.

GAAP gross profit from continuing operations for the fiscal second quarter of 2016 was $106.5 million, or 62.9 percent, compared with GAAP gross profit of $99.2 million or 61.7 percent last quarter, and $81.9 million, or 59.7 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal second quarter of 2016 was $107.5 million, or 63.4 percent, compared with non-GAAP gross profit of $100.9 million, or 62.7 percent last quarter, and $83.9 million, or 61.2 percent, reported in the same period one year ago.

GAAP R&D expense for the fiscal second quarter of 2016 was $35.3 million, compared with GAAP R&D expense of $33.8 million last quarter, and $30.7 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal second quarter of 2016 was $31.5 million, compared with non-GAAP R&D expense of $29.7 million last quarter, and $28.2 million in the same period one year ago.

GAAP SG&A expense for the fiscal second quarter of 2016 was $29.2 million, compared with GAAP SG&A expense of $28.1 million last quarter, and $26.8 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal second quarter of 2016 was $23.5 million, compared with non-GAAP SG&A expense of $24.0 million last quarter, and $23.3 million in the same period one year ago.

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