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IDT Reports Fiscal 2016 Q4 and Full Year Financial Results

SAN JOSE, Calif., May 02, 2016 (BUSINESS WIRE) -- Integrated Device Technology, Inc. (IDT [®] ) (NASDAQ: IDTI) today announced results for the fiscal fourth quarter ended April 3, 2016.

“We concluded fiscal year 2016 with fourth quarter revenue of $189.4 million, our 10 [th] consecutive quarter of year-over-year revenue growth. This strength in the quarter was driven by sales of communications infrastructure products, automotive and industrial products, and wireless power products. The acquisition of ZMDI is already yielding tremendous benefits to IDT and we remain on track with the integration, which should be completed by December of this year,” said Greg Waters, president and chief executive officer.

“Full year fiscal 2016 revenue grew by over 21 percent to reach $697 million, and was driven by sales of our wireless power products, and High Performance Computing/Data Center products. We remain very focused on operational excellence and achieving our target operating model which includes 30 percent operating margin and 30 percent annual free cash flow. We are well-positioned to continue outgrowing the semiconductor market overall, and to deliver best-in-class profitability and earnings power,” concluded Mr. Waters.

Recent Business Highlights – Communications

  • New IDT Family of RF Devices Targets Broadband and CATV Markets
  • IDT Introduces New VersaMixer Family of Highly Flexible RF Mixers, Delivering Superior Features for Communications Systems
  • Huawei Connects Systems with IDT RapidIO Technology to Achieve Superior Video Quality

Recent Business Highlights – Computing

  • IDT and Northeastern University Collaborate on Research to Improve Data Analytics, Caching and Bandwidth in Access Networks
  • IDT Launches Next-Generation RapidIO Switches for 5G Mobile Network Development and Mobile Edge Computing
  • IDT and 5G Lab Germany Collaborate on Technology to Enable Network-Connected Autonomous Vehicles
  • IDT and Prodrive Technologies Partner to Develop 100ns Latency, Energy-Efficient RapidIO Switch Appliance Portfolio
  • IDT Expands Power Portfolio with New Dual-Phase High-Power Digital Power Controller
  • IDT Memory Interface Devices Qualified for DDR4 Enterprise DIMMs on Intel Xeon Processor E5-2600 v4 Product Family-Based Systems

Recent Business Highlights – Consumer

  • Galaxy S7 Equips IDT Technology as part of Wireless Fast Charge
  • IDT Integrating Wireless Power and Sensor Technology for Highly Programmable, Flexible Devices
  • IDT Celebrates Leadership Position in Wireless Power with 70 Million Units Shipped
  • IDT Announces Tri-Mode Receiver Family Supporting Both Magnetic Resonance and Induction Wireless Power Standards
  • IDT Launches Industry’s Highest Efficiency 15 W Wireless Power Transmitter and Receiver Solution
  • IDT Introduces New Sensor for Detecting UVB and Ambient Light in Mobile Applications

Recent Business Highlights – Auto and Industrial

  • IDT and 5G Lab Germany Collaborate on Technology to Enable Network-Connected Autonomous Vehicles
  • IDT Introduces Energy-Efficient Sensor Signal Conditioner for Consumer Barometric Pressure and Thermopile Sensors
  • IDT Introduces High-Sensitivity 2-Channel UVA and UVB Light Sensor Designed to Monitor Environmental Health Risks

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 fourth quarter of 2016 was $189.4 million. This compared with $177.6 million reported last quarter, and $158.4 million reported in the same period one year ago.
  • GAAP net income from continuing operations for the fiscal fourth quarter of 2016 was $81.6 million, or $0.59 per diluted share, versus GAAP net income from continuing operations of $32.5 million or $0.22 per diluted share last quarter, and GAAP net income from continuing operations of $40.4 million or $0.26 per share in the same period one year ago. Fiscal fourth quarter GAAP results include $8.2 million in stock-based compensation, $16.9 million in acquisition and restructuring charges, $3.2 million in non-cash interest expense and $58.4 million in related tax effects.
  • Non-GAAP net income for the fiscal fourth quarter of 2016 was $51.5 million or $0.36 per diluted share, compared with non-GAAP net income of $52.2 million or $0.35 per diluted share last quarter, and non-GAAP net income of $45.8 million or $0.29 per diluted share reported in the same period one year ago.
  • GAAP gross profit from continuing operations for the fiscal fourth quarter of 2016 was $108.0 million, or 57.0 percent, compared with GAAP gross profit of $107.9 million or 60.8 percent last quarter, and $98.1 million, or 61.9 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal fourth quarter of 2016 was $117.0 million, or 61.8 percent, compared with non-GAAP gross profit of $111.1 million, or 62.6 percent last quarter, and $99.6 million, or 62.9 percent, reported in the same period one year ago.
  • GAAP R&D expense for the fiscal fourth quarter of 2016 was $41.0 million, compared with GAAP R&D expense of $38.4 million last quarter, and $32.1 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal fourth quarter of 2016 was $36.2 million, compared with non-GAAP R&D expense of $33.8 million last quarter, and $29.7 million in the same period one year ago.
  • GAAP SG&A expense for the fiscal fourth quarter of 2016 was $40.3 million, compared with GAAP SG&A expense of $38.9 million last quarter, and $27.1 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal fourth quarter of 2016 was $28.9 million, compared with non-GAAP SG&A expense of $25.1 million last quarter, and $23.8 million in the same period one year ago.

Webcast and Conference Call Information

Investors may listen to the live call at 1:30 p.m. Pacific Time on May 2, 2016 by calling (888) 204-4610. The access code is 7492840. 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 2, 2016. The webcast replay will be available after 4:30 p.m. Pacific Time on May 2, 2016 for one week. Register for access to the replay at https://jsp.premiereglobal.com/webrsvp with Passcode: 7492840.

IDT’s next regularly scheduled Quiet Period will begin June 20, 2016, during which time IDT representatives will not comment on IDT’s business outlook, financial results or expectations. The Quiet Period will extend until the day when IDT’s first quarter fiscal 2017 earnings release is published.

Integrated Device Technology, Inc. develops system-level solutions that optimize its customers’ applications. IDT’s market-leading products in RF, timing, wireless power transfer, serial switching, interfaces and sensing solutions are among the company’s broad array of complete mixed-signal solutions for the communications, computing, consumer, automotive and industrial segments. Headquartered in San Jose, Calif., IDT has design, manufacturing, sales...


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