- Revenue from continuing operations for the fiscal second quarter of 2015 was $137.1 million, compared with $126.3 million reported last quarter, and $124.0 million reported in the same period one year ago.
- GAAP net income from continuing operations for the fiscal second quarter of 2015 was $24.2 million, or $0.16 per diluted share, versus GAAP net income from continuing operations of $17.1 million or $0.11 per diluted share last quarter, and a GAAP net income from continuing operations of $87.4 million or $0.57 per share in the same period one year ago. Fiscal second quarter 2015 GAAP results include $1.7 million expense relating to amortization of intangible assets, $5.9 million in stock-based compensation expense, $0.7 million in accelerated depreciation and other restructuring related charges, and $0.8 million benefit in related tax effects.
- Non-GAAP net income for the fiscal second quarter of 2015 was $31.8 million or $0.20 per diluted share, compared with non-GAAP net income of $26.7 million or $0.17 per diluted share last quarter, and non-GAAP net income of $18.5 million or $0.12 per diluted share reported in the same period one year ago.
- GAAP gross profit from continuing operations for the fiscal second quarter of 2015 was $81.9 million, or 59.7 percent, compared with GAAP gross profit of $74.0 million or 58.6 percent last quarter, and $70.8 million, or 57.0 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal second quarter of 2015 was $83.9 million, or 61.2 percent, compared with non-GAAP gross profit of $78.1 million, or 61.9 percent last quarter, and $73.8 million, or 59.5 percent, reported in the same period one year ago.
- GAAP R&D expense for the fiscal second quarter of 2015 was $30.7 million, compared with GAAP R&D expense of $32.1 million last quarter, and $38.9 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal second quarter of 2015 was $28.2 million, compared with non-GAAP R&D of $28.7 million last quarter, and $31.4 million in the same period one year ago.
- GAAP SG&A expense for the fiscal second quarter of 2015 was $26.8 million, compared with GAAP SG&A expense of $ 25.5 million last quarter, and $27.3 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal second quarter of 2015 was $23.3 million, compared with non-GAAP SG&A expense of $22.1 million last quarter, and $22.9 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 October 27, 2014. The webcast replay will be available after 5 p.m. Pacific time on October 27, 2014.
Investors may also listen to the live call at 1:30 p.m. Pacific time on October 27, 2014 by calling (888) 428-9490 or (719) 325-2491. The access code is 9863312. The conference call replay will be available for one week after the event at (888) 203-1112 or (719) 457-0820. The access code is 9863312.
Integrated Device Technology, Inc. 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, YouTube and Google+.
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 30, 2014.
All forward-looking statements are made as of the date of this release
and the Company disclaims any duty to update such statements.
