Integrated Device Tech boosts revenue outlook
biz.yahoo.com
SANTA CLARA, Calif., Feb 28 (Reuters) - Integrated Device Technology Inc.(NasdaqNM:IDTI - news) on Thursday boosted its fourth-quarter revenue outlook from prior guidance, saying it expects revenues to increase 5 percent to 7 percent from the previous quarter, which it characterized as its ``low point in revenues.''
The company, which makes microchips for networking and communications, reported revenues of $80.2 million in the third quarter.
Santa Clara, California-based IDT said the projection was an improvement over previously issued expectations of ``flat to slightly up'' for the quarter.
The company's chief executive, Jerry Taylor, said he is ``hopeful that the return to revenue growth we are now experiencing will continue.''
Same thing but longer
IDT Provides Regular Mid-Quarter Update for the Fourth Quarter of Fiscal 2002
biz.yahoo.com
SANTA CLARA, Calif.--(BUSINESS WIRE)--Feb. 28, 2002--IDT (Integrated Device Technology, Inc.; Nasdaq: IDTI), a leading communications IC company, today announced during its regular mid-quarter financial teleconference that the Company's fourth quarter fiscal 2002 revenues are projected to increase 5-7 percent from the previous quarter's reported revenue of $80.2 million. These projections are improved from the ``flat to slightly up'' outlook provided during the Company's January 2002 investor conference call, and are driven by improvement in product orders from its North American wireline networking and storage market customers.
``We now believe that the third fiscal quarter of 2002 represented the low point in revenues for the Company,'' said Jerry Taylor, IDT's chief executive officer. ``We are hopeful that the return to revenue growth we are now experiencing will continue based on the production ramp of new customer programs, the continued depletion of excess inventories at contract manufacturers that serve our communications infrastructure customers, and the eventual return to growth of our customers' end markets.''
Webcast and Conference Call Information
Investors can listen to a live or replay Webcast of IDT's regular mid-quarter conference call at www.idt.com. A taped telephone replay of the conference call will be available at (888) 266-2081 (access code is 5849028) beginning at 4:30 p.m. PST on February 28, 2002 and will be accessible until 9 p.m. PST on March 7, 2002.
About IDT
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 integrated communications processors, IP co-processors and telecom products. The portfolio is also comprised of key foundational products optimized for communications applications, including the industry's broadest selection of 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 3,800 people worldwide and has manufacturing facilities in California and Oregon, and test and assembly facilities in the Philippines and Malaysia. 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, as well as the Nasdaq-100 Index® (NDX), which includes the largest non-financial companies on the Nasdaq Stock Market®. Additional information about IDT is easily accessible at www.idt.com or on CD-ROM by calling (800) 345-7015. The investor hotline is (408) 654-6420.
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.
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Contact:
IDT
Diana Pailthorpe, 408/492-8210 (Corporate Communications)
diana.pailthorpe@idt.com
or
IDT Investor Relations, 408/654-6420
ir@idt.com |
