IDT Retruns to Profitability in Fourth Quarter Fiscal Year 1997 IDT Retruns to Profitability in Fourth Quarter Fiscal Year 1997 April 22, 1997 02:32 PM EDT
SANTA CLARA, Calif.--(BUSINESS WIRE)--April 22, 1997--Integrated Device Technology, Inc. (IDT) (NASDAQ:IDTI), today announced results for the quarter and fiscal year ended March 30, 1997.
Fourth quarter revenue was $143.2 million, a nine percent increase from the immediately prior quarter, and an 11 percent decrease from $160.3 million in the prior year. Fourth quarter earnings were $2.1 million or $.03 per share compared to $.27 per share in the prior year, which had included $.02 extraordinary earnings resulting from the early retirement of debt at a discount.
For fiscal year 1997, revenues were $537.2 million, a 21 percent decrease from the prior year's $679.5 million revenue. Fiscal 1997 resulted in a loss of $42.3 million, which included a $45.2 million pretax charge for asset impairment recorded in IDT's third quarter, compared to earnings of $120.2 million in fiscal 1996. Loss per share was $.54 in fiscal 1997 compared to $1.44 earnings per share in the prior year, which had included the $.02 extraordinary item.
"We were pleased to see a return to profitability in the fourth quarter, one quarter earlier than we expected," said Len Perham, IDT's president and chief executive officer. "For the second quarter in a row, we experienced sequential revenue growth and strong bookings across a wide front. Bookings exceeded billings for each of our four product lines. New orders in the communications sector were strong worldwide."
"Our specialty memory and high-performance logic divisions performed well," said Perham.
Because of increased demand for its products, the Company is increasing production at each of its wafer fabrication and assembly and test facilities worldwide.
The Company's average selling price (ASP) declined in the quarter, in large part due to a change in shipped product mix. "For the last two quarters, we have not seen the precipitous declines in SRAM pricing that were occurring a year ago," said Perham.
"Fiscal 1997 was a difficult year as we brought on stream a lot of new capacity, just as the bottom dropped out of the SRAM business," said Perham. "Our customers had excess inventory and dramatically reduced new SRAM orders in the first half of the year. A strong demand for IDT's substantial family of proprietary products helped to soften the blow of the worst downturn in commodity SRAM prices on record," said Perham.
"Looking forward, our strong bookings, growing backlog and new product plans give me reason to be confident in improved performance during fiscal year 1998," Said Perham.
Electronic Media Program
Information about IDT and its products is easily accessible through IDT's comprehensive electronic media program, which includes free CD-ROMs by calling 800/345-7015, a Home Page on the World Wide Web (http://www.idt.com), and fax-on-demand services by calling 800/9-IDT-FAX. To receive IDT's Q4FY97 quarterly earnings release from fax-on-demand, call 800/9-IDT-FAX (800/943-8329) and request document number 0068. Request document number 1,000 for a full index of all current IDT product and press release information. For more information about IDT's Electronic Media Program, call 800/345-7015.
About IDT
Integrated Device Technology, Inc. (IDT) designs, manufactures, and markets high-performance integrated circuits and modules that are used in products serving its rapidly growing targeted market segments: communications equipment, distributed computing systems, personal computers (PCs) and office automation equipment. IDT enhances its customers' ability to optimize the cost and performance of their microprocessor-based systems by providing innovative solutions based on four product areas: communications products, including industry-leading FIFO memories, multi-port memories, and Asynchronous Transfer Mode (ATM) products; high-speed SRAMs and Fusion Memory(tm); RISC microprocessors; and high-performance logic. Headquartered in Santa Clara, Calif., IDT employs approximately 4,380 people worldwide.
Forward-looking statements in this release involve a number of risks and uncertainties including, but not limited to, product demand, pricing, changing economic conditions, timely development and market acceptance of new products, and other risk factors detailed in the Company's Securities and Exchange Commission filings. Actual results may differ materially from the Company's projections.
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