SANTA CLARA, Calif., January 14, 1998 - Integrated Device
Technology, Inc. (IDT) (NASDAQ: IDTI) today announced results
for the third quarter of fiscal 1998, ended December 28, 1997.
Revenue for the quarter was $144,235,000, a 10.1 percent increase
compared to the $130,992,000 recorded for the same period
one year ago. Revenue was essentially flat compared to the
$143,807,000 posted in the immediately prior quarter.
Diluted quarterly earnings per share were a profit of $0.03. This
compares to a loss of $0.55 (which includes the effects of
restructuring) for the year-ago quarter, and a profit of $0.03 for
the immediately prior quarter. Diluted and basic share earnings
were the same for all periods discussed.
Results for the nine months ended December 28, 1997 were a
profit of $6,873,000, or diluted earnings of $0.08 per share.
This result compares to a loss of $44,383,000 or $0.57 per share
(which includes the effects of restructuring) on a diluted basis for
the first nine months of the prior fiscal year.
"IDT's third fiscal quarter was successful on many fronts," said
Len Perham, IDT's president and chief executive officer.
"Following the sluggish summer quarter, we saw a solid
improvement in bookings. Against a backdrop of caution
throughout the industry, and stock and currency crises abroad,
we were able to maintain revenue and profitability."
New orders exceeded the levels recorded in both the first and
second fiscal quarters. The Company's average selling price
(ASP) across all products declined marginally from the
immediately prior quarter, while unit sales were up slightly.
"It's difficult to assess the longer-term implications of the Asian
currency crisis on IDT's business," said Brian Boisseree, IDT's
treasurer. "We know that the rate at which our business grows
will be affected in select regions, such as Korea, but so far
demand is holding up reasonably well. We actually had record
revenue in Asia Pacific during the third quarter. On the cost side,
we're realizing significant savings due to currency devaluation in
Malaysia and the Philippines, where more than 2,400 IDT
employees perform assembly and test operations."
Strong New Product Activity Continued in Q3
"IDT continued to roll out new and enhanced products in this
quarter," said Dave C“t‚, IDT's vice president of marketing.
"We are pleased with the progress made in ramping production
for the IDT WinChip (tm) C6 (tm) processor."
In the third quarter, revenue from WinChip microprocessors
exceeded $1 million for the first time. In addition to announcing
general availability for the 180 MHz and 200 MHz versions of
the WinChip C6, IDT began shipping a 225 MHz WinChip
processor to selected customers. On the business front, IDT
established reseller and distributor relationships in the United
States and Europe to ensure broad availability of WinChip
products to customers.
IDT also continued its commitment to the important networking
marketplace with the introduction of an enhanced,
200 MHz RV4700(tm) MIPS(tm) RISC processor. This higher
speed version of the widely-used RV4700 enables customers to
both upgrade easily for higher system performance and create
new designs that are significantly more powerful. |
