ntegrated Device Tech Sees 3Q Better Than Prior Loss View
Friday August 29, 2:27 pm ET
NEW YORK (Dow Jones)--Integrated Device Technology Inc. expects its fiscal second-quarter results to be "slightly better" than its previous pro forma expectation of a loss of 3 cents to 5 cents a share.
In a Thursday mid-quarter conference call with analysts, the Santa Clara, Calif.-based company's Vice President and Chief Financial Officer, Clyde Hosein, attributed the revision to a lower inventory drain and lower-than-projected expenses.
Five analysts surveyed by Thomson First Call (News - Websites) expect the company to lose 4 cents a share for the fiscal second quarter ending in September.
A year ago, the company reported second-quarter pro forma earnings of $1 million, or 1 cent a share, on revenue of $92.3 million. On a GAAP basis, the company lost $4.9 million, or 5 cents a share.
Hosein said that generally, GAAP earnings trail pro forma ones by 1 cent or 2 cents a share because of acquisition-related costs.
For this particular fiscal second quarter, however, the telecommunications equipment maker received a nonrecurring tax refund and got a gain on a securities sale.
The tax refund and securities gain more than offset the acquisition-related costs. Therefore, GAAP results will be 2 cents to 3 cents better than pro forma results, excluding any other unusual items that may occur during the quarter.
Earlier Friday, the company said its second-quarter revenue would be flat to down 4% from first-quarter revenue of $83 million.
Wall Street expects second-quarter revenue of $81.9 million.
-Thomas Derpinghaus; Dow Jones Newswires; 201-938-5400 |
