IDT Reports Q2 Fiscal Year 2015 Financial Results

Q2 FY15 Revenue (from Continuing Operations) of $137.1M; up 8.5% Q/Q and 10.5% Y/Y

Q2 FY15 GAAP Diluted EPS (from Continuing Operations) of $0.16

Q2 FY15 Non-GAAP Diluted EPS of $0.20

SAN JOSE, Calif. — (BUSINESS WIRE) — October 27, 2014 — Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today announced results for the fiscal second quarter ended September 28, 2014.

“The second fiscal quarter was a continuation of the strong momentum we saw last quarter, highlighted by the achievement of important business milestones across all focus areas and excellent financial results,” said Greg Waters, president and chief executive officer. “Second quarter revenue grew by 8.5 percent sequentially, driven by increasing demand for our products across each of our Communications, Computing, and Consumer end markets. Additionally, we achieved a significant number of design wins that set the stage for additional growth ahead. Along with excellent business and technology traction, our focus on operational excellence led to a non-GAAP operating margin of 23.7 percent and free cash flow equal to 30 percent of revenue for the quarter.”

“As we look ahead to the remainder of this fiscal year and beyond, we are optimistic about our prospects for success and remain focused on executing our growth strategies,” concluded Mr. Waters.

Recent Business Highlights - Communications

  • IDT introduced a family of IEEE 1588 time and frequency generator chips that reduce costs while meeting the synchronization needs of LTE-Advanced, wireless backhaul and heterogeneous networks.
  • IDT expanded its SoC-friendly PCI Express® timing family with the addition of 1.5 V clock generators and clock multiplexers. Along with IDT’s 1.5 V buffers, the devices provide enterprise-level performance for space- and power-constrained designs.
  • IDT added a family of synchronous Ethernet-tested devices to its portfolio of third-generation Universal Frequency Translators (UFT), enabling engineers to simplify complex clock trees through greater flexibility, features, performance and reusability.
  • IDT continued the expansion of its rapidly growing radio frequency (RF) portfolio, including a high-performance variable gain amplifier; a dual mixer with low power consumption; and the company’s first RF switch, delivering industry-topping metrics for isolation and linearity.

Recent Business Highlights - Computing

  • Orange Silicon Valley, a division of France’s Telecom-Orange, one of the world’s leading telecommunications operators, used IDT’s RapidIO interconnect switches and bridges as the processing platform to successfully test the viability of high-performance real-time analytics on social media traffic during the FIFA World Cup finals.
  • At the Intel Developer Forum IDT announced that it had completed OEM and memory supplier qualification of its DDR4 chipset – including RDIMM and LRDIMM – on enterprise servers designed with the Intel® Xeon® processor E5-2600 v3 family.

Recent Business Highlights - Consumer

  • IDT announced at the Intel Developer Forum that it is working closely with Intel on the development of “magnetic resonance” wireless charging technology, which enables the charging of multiple devices simultaneously and without the need for direct contact with a charger.
  • One of IDT’s wireless power transmitters was selected for the cutting-edge Kube Systems wireless charging stations available in select Marriott Hotels.

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.

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