Integrated Device Technology reports Q4 and fiscal year 2005 results

May 3, 2005

2 Min Read

SANTA CLARA, Calif. -- IDT(TM) (Integrated Device Technology, Inc.) (Nasdaq:IDTI), a leading communications IC company, today announced its results for the fourth fiscal quarter and full fiscal year ended April 3, 2005. The results announced were in line with the Company's projections, and represented significant revenue and earnings per share growth on a year-to-year basis. The following outlines the Company's financial performance on a GAAP and Non-GAAP basis:

-- Revenues for the fourth fiscal quarter were $97 million, an increase of just over 1 percent compared to the third quarter of fiscal 2005 and an increase of 3 percent from the fourth quarter of fiscal 2004.

-- Revenues for fiscal year 2005 were $391 million, an increase of 13 percent compared to the previous fiscal year.

-- Non-GAAP net income for the fourth quarter of fiscal 2005 was $7 million, or $0.07 per diluted share, compared to net income of $6 million, or $0.06 per diluted share, in the third quarter of fiscal 2005 and net income of $9 million, or $0.08 per diluted share, for the same quarter one year ago.

-- Non-GAAP net income for the full fiscal year 2005 was $35 million, or $0.33 per share, compared to net income of $7 million, or $0.07 per share, during the previous fiscal year.

-- GAAP net income for the fourth quarter of fiscal 2005 was $6 million, or $0.06 per diluted share, compared to net income of $3 million, or $0.03 per diluted share, for the third quarter of fiscal 2005. GAAP net income for the fourth quarter of fiscal 2004 was $8 million, or $0.07 per diluted share.

-- GAAP net income for full fiscal year 2005 was $13 million, or $0.12 per share, compared to net income of $6 million, or $0.06 per share, during the previous fiscal year.

-- GAAP net income includes certain costs, charges and gains in accordance with GAAP. For example, the fourth quarter of fiscal 2005 GAAP results include a $6 million tax refund and a $2 million net tax benefit relating both to the partial settlement of an ongoing US tax audit and adjustments associated with the Company's decision to close its Manila facilities. For a complete reconciliation of GAAP to Non-GAAP results see the attached tables.

"We are pleased with our fiscal year end results and are encouraged by a resumption of growth in the March quarter," said Greg Lang, president and CEO of IDT. "We view this improvement as a positive indicator that inventory correction issues are largely behind us."

Integrated Device Technology Inc. (IDT)

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