IDTI ($30-$31.50) P/E 8.5..breakeven, $0.03 better than the First Call consensus of ($0.03); revenues fell 49.9% to $115.91 mln vs. consensus est of $119.5 mln; no forward guidance provided in report
Thursday July 19, 4:14 pm Eastern Time
Press Release
IDT Announces Results for First Quarter Fiscal 2002
Company Posts Break-Even Pro Forma Earnings Per Share on Revenues of $115.9 Million
SANTA CLARA, Calif.--(BUSINESS WIRE)--July 19, 2001--IDT (Nasdaq:IDTI - news) today announced results for the quarter ended July 1, 2001, the first quarter of fiscal 2002. Revenues reported were $115.9 million and pro forma net income was $0.00 per diluted share. Net revenues decreased 45.6 percent compared to the fourth quarter of fiscal 2001 while declining 49.9 percent compared to the first quarter of fiscal 2001. Pro forma net income for the first quarter of fiscal 2002 was $73 thousand compared to pro forma net income of $55.6 million for the fourth quarter of fiscal 2001 and $62.4 million for the first quarter of fiscal 2001.
During the quarter, the Company announced the completion of the cash acquisition of Newave Semiconductor (``Newave''), a company focused on the design of telecommunications semiconductors. The acquisition was accounted for as a purchase. Including Newave acquisition costs and other special items in accordance with generally accepted accounting principles (GAAP), the net loss for the first quarter of fiscal 2002 was $21.5 million, or $0.20 per diluted share, compared to a loss of $27.7 million, or $0.26 per share, in the fourth quarter of fiscal 2001. Net income for the first quarter of fiscal 2001 was $62.4 million, or $0.58 per diluted share. The tables that follow this release include separate pro forma and GAAP income statements, as well as footnotes which detail the differences between pro forma and GAAP results.
``During this past quarter, the effects of the supply chain inventory correction and slower end market demand in the communications infrastructure markets impacted IDT's operating results for the third sequential quarter,'' said Jerry Taylor, president and chief executive officer. ``While we are not pleased with the impact of this difficult environment on our operating metrics, we have been and continue to be responsive in aligning our cost structure with these current business conditions. At the same time, we continue to invest in business development initiatives and the execution of key products that are the future of the Company. We firmly believe that IDT will be a better positioned company as the communications infrastructure markets begin to recover,'' continued Taylor.
Q1FY02 Highlights:
``Despite the dynamic business conditions in our markets, IDT has just completed one of the most prolific new product quarters in its history,'' said Dave Cote, vice president of communications ASSPs and worldwide marketing for IDT. ``We are single-minded in our focus on new product execution and serving our customers with high-performance, feature-rich communications ICs. Nearly all of our product groups either launched significant new products, broadened their current portfolio, or enhanced their solution through partnerships.''
Highlights from this quarter include:
IDT introduced a family of IP co-processors for the general market as indicated in the September 2001 announcement of our first IP co-processor, a custom product for Cisco Systems. This family of products includes full ternary 32K x 72, 64K x 72, and 128K x 72 devices. The highest performance of these devices will perform up to 100 million table look-ups per second.
IDT introduced the RC32355 that extends its family of integrated communications processors, and is the first designed specifically for customer premise equipment (CPE). With this introduction, IDT is the first company to successfully integrate ATM, Ethernet, USB and telephony interfaces with a high-performance microprocessor core, while maintaining concurrent wire speed on all interfaces and offering increased flexibility to meet the system requirements of the target market. The RC32355 is supported by software and tools from market leaders of complementary technologies such as Wind River, Alcatel and Agere, to provide a complete hardware and software solution for designers of gateway system equipment.
IDT introduced the first ``fruits'' of the Newave acquisition, announced in April, with the industry's first octal voice CODEC along with two quad CODECs, all of which deliver a high level of programmability through an advanced feature set. IDT also expanded its own family of TSI switches with the highest density (16K x 16K) switches in the market. The new family of voice CODECs and TSI switches reflect IDT's ongoing expansion into voice-oriented ICs for the converging global network.
IDT introduced the TeraSync(TM)family of FIFOs, the next-generation FIFO family for high-speed communications applications. Operating at speeds up to 225 MHz at a new low voltage of 2.5 volts, the TeraSync FIFO family enables the industry's highest data throughput with densities as high as 9 Mbits in the industry's widest range of configurations.
IDT also continued to enhance its clock management and digital logic product families with new introductions of zero delay PLLs, and a cooperative agreement with Texas Instruments to become alternate supply sources of 3.3-volt crossbar low-voltage technology (CBTLV) bus switch devices for the networking, telecommunications and enterprise infrastructure markets. |
