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SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan. 23, 2003--IDT (Integrated Device Technology, Inc.)(Nasdaq:IDTI), a leading communications IC company, today announced results for the quarter ended December 29, 2002, its third quarter of fiscal 2003. Revenues for the third quarter were $79.0 million, a decrease of 14 percent compared to the second quarter of fiscal 2003 and a decrease of 1 percent compared to the quarter ended December 30, 2001. On a pro-forma basis, the net loss for the third fiscal quarter was $20.6 million ($0.20 loss per share), compared to net income of $1.0 million ($0.01 per diluted share) in the second quarter of fiscal 2003 and a net loss of $11.9 million ($0.11 loss per share) for the quarter one year ago.
Including certain costs, charges and gains in accordance with GAAP, the Company lost $26.3 million in the third quarter of fiscal 2003 ($0.25 loss per share) compared to a loss of $4.9 million in the second quarter of fiscal 2003 ($0.05 loss per share). One year ago, on a GAAP basis, the Company earned $214,000 ($0.00 per diluted share) for the third quarter of fiscal 2002. Further information, including a detailed reconciliation of pro-forma and GAAP results, is provided in the financial tables of this release.
"We experienced a difficult third fiscal quarter with declining revenue and a substantial reduction in inventories," said Greg Lang, IDT president and CEO. "While the business climate remains challenging, we believe that working down our inventory levels will put us in better financial shape as we enter fiscal 2004. Additionally, our strong balance sheet enables us to continue to invest in technology and product development, which has resulted in new design-win momentum."
"We introduced new offerings in most of our product segments, including a new integrated communications processor that enhances overall system bandwidth in Enterprise and access markets, and new software development tools to accompany our growing line of classification and content inspection processors," said Thomas Brenner, vice president of worldwide marketing for IDT. "We continue to make strides in developing innovative products that address our customers' need for more complete intelligent packet-processing solutions."
The IDT 128Kx72 (256Kx36) full-ternary network search engine was named one of the EDN Top 100 Products for 2002 and has won several designs at key communications customers. In its special report published in the December 12, 2002 issue, EDN praised the IDT device for "performing as many as 100 million database look-ups/sec" and supporting "searches as wide as 576 bits."
The Company is shipping the latest version of its complete classification processing software development kit (SDK) for the PAX.port family of classification and content inspection processors. PAX.works 3.4 is used to prototype, test, and debug complex classification, content inspection and regular expression matching that enables intelligent application management in next-generation networking equipment. PAX.works software can be used to program the IDT family of PAX.port classification processors, thereby reducing time to market development cycles for new equipment designs. IDT is also now demonstrating OC-48 classification on its PAX.ware 2500 evaluation system for its PAX.port 2500 classification and content inspection processor. The evaluation system allows next-generation system designers to evaluate full, wire-speed classification processing in network processing architectures featuring the PAX.port 2500 classification processor.
In November, IDT expanded its family of newly branded Interprise processors with the introduction of the RC32438 integrated communications processor. Building on the company's position as the leading provider of integrated processors for managed Layer-2 Ethernet switches, the new device delivers up to 250 MHz in performance and incorporates a DDR memory controller, a 32-bit version
2.2 PCI controller and two on-chip Ethernet interfaces to address the bandwidth-demanding requirements of communications applications within the Enterprise and access market segments, including managed Layer-2 and Layer-3 switches, gateways, wireless access points and VPN equipment.
IDT strengthened its position as a leading integrated processor supplier for the growing Asia Pacific communications infrastructure market with key design wins in China and Taiwan. Lite-On has selected the IDT RC32332 and RC32334 integrated communications processors for several of their managed local area network (LAN) switches and wireless routers for the Enterprise market.
The Company announced its TeraClock family of zero delay buffers and programmable skew devices that provide the industry's broadest range of translation capabilities between I/O standards as well as pin-to-pin compatibility for ease of migration between the zero delay buffer and programmable skew devices. The IDT TeraClock devices address design challenges by supporting the high-speed I/O standards required in next-generation communications applications such as network routers, wireless 3G base stations and storage area networks (SANs).
IDT introduced a portfolio of CODEC devices with the addition of a fully integrated 3.3-volt quad CODEC and ringing SLIC chip set. As the Company's first complete analog line-card solution, these devices provide a four-channel function for analog line termination, supervision, filtering and pulse code modulation (PCM) encoding of POTS subscriber lines, making them ideal for VoX systems in small-to-medium-sized enterprises and customer premises equipment (CPE). The IDT CODEC/SLIC chip set offers a glue-less interface between the CODEC and SLIC devices, minimizing the need for external components, resulting in conservation of board space and a reduction in overall system costs.
Investors can listen to a live or on-demand replay Webcast of the IDT quarterly financial conference call at www.idt.com. The live call begins at 1:30 p.m. PST on January 23, 2003. A taped replay of the Company's quarter-end conference call will also be available by calling 800/475-6701 (pass code is 670718) beginning at 5 p.m. PST on January 23, 2003 and will be accessible until 9 p.m. PST on January 30, 2003.
IDT stock is traded on the Nasdaq Stock Market® under the symbol "IDTI." The company is included in the S&P 1000, which is a combination of the S&P MidCap 400 and S&P SmallCap 600 Indices. The investor hotline is 408/654-6420.
IDT enhances the global network with semiconductor solutions for communications companies that lead innovation and drive convergence in voice, data and wireless networks. IDT is focused on enhancing system bandwidth with communications-specific products including network search engines, classification and content inspection processors and integrated communications processors. The portfolio is also comprised of products optimized for communications applications, including telecom products, FIFOs, multi-ports, and clock management products. In addition, the product mix includes high-performance digital logic and high-speed SRAMs to meet the requirements of leading communications companies.
Headquartered in Santa Clara, Calif., the company employs approximately 3,200 people worldwide and has a wafer manufacturing facility in Oregon, and test and assembly facilities in the Philippines and Malaysia. Additional information about IDT is easily accessible at www.idt.com.
Forward-looking statements in this release involve a number of risks and uncertainties including, but not limited to, product demand, manufacturing capacity and costs, competition, pricing, patent and other intellectual property rights of third parties, timely development and supply of new products and manufacturing processes, availability of capital, cash flow and other risk factors detailed in the Company's Securities and Exchange Commission filings. Actual results may differ materially from the Company's projections.
Note to Editors: IDT, Interprise and TeraClock are trademarks and the IDT logo is a registered trademark 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.
CONTACT: Integrated Device Technology, Inc. Diana Pailthorpe, 408/492-8210 (Corporate Communications) firstname.lastname@example.org Investor Relations, 408/654-6420 email@example.com