IDTI ( $23--26) PE 6 Cap $2.8Bil....Company Posts a Pro Forma Net Loss of $ (.05) per Diluted Share
siliconinvestor.com
SANTA CLARA, Calif.--(BUSINESS WIRE)--Oct. 18, 2001-- IDT (Nasdaq:IDTI - news) today announced results for the quarter ended September 30, 2001, the second quarter of fiscal 2002. The Company reported a second quarter pro forma net loss of $5.4 million, or $(.05) per diluted share on revenue of $97.1 million. In the immediately preceding quarter, the Company posted break even pro forma earnings. One year ago, for the quarter ended October 1, 2000, operating earnings per diluted share were $0.77. Company revenue declined 16.2 percent compared to the immediately prior quarter and 63.9 percent compared to revenue for the second fiscal quarter one year ago. The preceding pro forma financial information excludes certain costs, charges and gains. Further information, including a detailed reconciliation of pro forma and GAAP results, is provided in the financial tables of this release.
``IDT is focused on both the challenges of the near-term economic environment as well as the opportunities that are presented by the customers and markets we serve,'' said Jerry Taylor, IDT's president and chief executive officer. ``We continue to aggressively develop new products in both our traditional leadership product areas, as well as in key new emerging applications. Our balance sheet remains strong, and we continue to effectively manage our business model. Specifically, we further reduced our workforce by 5 percent to better size the organization to meet the current business environment. We believe that executing the right products and continuing our leadership in key markets, combined with our financial strength will enable IDT to make it through the current economic downturn, and emerge in a stronger competitive position.''
Q2FY02 Highlights:
``The need for more intelligent, higher-performance packet processing, the convergence of voice and data in the network, and the push for more intelligence distributed throughout the network continue to drive the needs of system designers in the communications infrastructure and storage markets,'' said Dave Cote, vice president of communications ASSPs and worldwide marketing. ``Our product execution and partnering strategies are shaped to meet these market and customer requirements.''
At the end of the second fiscal quarter, IDT began to see a trend to recovery in orders for IP co-processors. IDT will participate in the upcoming Network Processors Conference (Oct. 23-25) to talk about its current IP co-processor offerings as well as the Company's roadmap to higher functionality.
IDT announced an alliance with Broadcom to jointly market a managed Ethernet LAN switch reference design that features the IDT RC32332 integrated processor and the Broadcom StrataSwitch(TM) II Ethernet switch fabric. This reference design, combined with IDT's evaluation boards and software, has led to a number of design wins that utilize the RC32332. Notably, the Company announced that Hewlett-Packard has chosen the RC32332 for its Procurve Switch 4108, which is a high port count (up to 192 ports) layer 2 managed, modular switch.
In other product news:
IDT continued its leadership in the FIFO market with the introduction of the multi-queue family of FIFOs based on a fundamentally new architecture that combines high-speed queuing logic with an embedded FIFO core. These devices provide an off-the-shelf solution to boost performance for packet scheduling and queuing engines in routers and switches.
IDT expanded its clock management offerings with a family of clock generator devices ideally suited for the frequency requirements of high-performance communications applications. These clock generators complement the company's growing portfolio of clock management products, which include TurboClock® programmable skew devices, zero-delay PLLs and clock buffers.
IDT expanded its family of QuickSwitch(TM) bus switches aimed at high-speed communications applications. These devices can pass high-frequency data signals up to 500 MHz with high signal integrity, which is required for the increasing performance demands of leading communications systems.
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