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Technology Stocks : IDTI - an IC Play on Growth Markets -- Ignore unavailable to you. Want to Upgrade?

To: rairden who wrote (11437)	10/1/2002 7:25:34 PM
From: SemiBull	Respond to of 11555

IDT Chief Financial Officer Alan Krock Announces Plans to Leave IDT Krock to Transition Responsibilities to Interim CFO Jerry Fielder Tuesday October 1, 8:08 am ET SANTA CLARA, Calif.--(BUSINESS WIRE)--Oct. 1, 2002--IDT (Integrated Device Technology, Inc.) (Nasdaq:IDTI - News), a leading communications IC company, today announced that Vice President and Chief Financial Officer Alan F. Krock will resign from his position during Q3FY03. Krock will remain with IDT until the announcement of the Company's Q2FY03 financial results and the certification of Q2FY03 financials, at which point he will transition his responsibilities to Vice President of Human Resources and Administration Jerry Fielder, who will serve as the interim CFO. Krock, 41, will join PMC-Sierra, Inc. in a similar position. "While this was a difficult decision, I am pleased to be leaving IDT in good financial shape with a strong balance sheet," said Krock. "I will continue in my role as CFO to close and certify the financials for IDT's quarter ending September 29, 2002 and to ensure the successful transition of my responsibilities."(emphasis added) "Alan has been very effective in his role as CFO and has helped increase IDT's visibility with the financial community," said Greg Lang, IDT's president and CEO-elect. "We wish him continued success as he pursues new career opportunities, and we're confident that Jerry Fielder is well-suited to fulfill this role during the interim." Fielder has more than 20 years of experience in various financial roles. Prior to joining IDT in 1999, he served as the chief financial officer at Rohm Corp. for eight years. Prior to Rohm, he was a senior manager with Price Waterhouse, now PricewaterhouseCoopers. 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 support 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 3,500 people worldwide and has a wafer manufacturing facility in Oregon, and test and assembly facilities in the Philippines and Malaysia. 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. IDT is a trademark and the IDT logo is a registered trademark of Integrated Device Technology, Inc. All other trademarks mentioned are the property of their respective owners. -------------------------------------------------------------------------------- Contact: IDT Diana Pailthorpe, 408/492-8210 (Press) diana.pailthorpe@idt.com Investor Relations, 408/654-6420 (Financial) ir@idt.com -------------------------------------------------------------------------------- Source: IDT

To: rairden who wrote (11437)	10/3/2002 10:24:25 PM
From: Rob S.	Read Replies (3) \| Respond to of 11555

I think the semis are a short term buy. You know I haven't said that a lot recently. The way things have worked out for the sector is pretty much as I had expected: the market driver sectors are off, particularly telecommunications and PCs. The underlying trend is for increased use of the type of high speed circuits IDTI makes but there are also some negative trends in the ointment. These include increased use of SOCs enabled by new processes such as mixed signal on SOI. These new processes enable high speed circuitry at high levels of integration and with greater isolation between circuits. This results in lower noise floors and ability to combine otherwise impossible capabilities such as power and high sensitivity input sections. One result can be less reliance on sub system components. IDTI has reached a high enough level of integration that this trend probably won't be so negative, but time will tell. Another trend is IC customers are under pressure to cost reduce their products and that puts pressure on their suppliers. Anyone who has been through this degree of a downturn knows how this works: competition is bloody and there are fewer sacred cows - parts can be designed out if there is some cost savings. The general environment will remain under stress for several months. The volumes are increasing and the overall economy is slowly showing improvement. But corporate IT type spending is more conservative and the communications sector remains sick. That leads to a climate in which price will remain under pressure and buyers will stay in the drivers seat. So volumes may increase 10%-20% while sales and bottom line increase only modestly, if at all. This reality has probably sunk in enough to warrant buying. Short term I think there are buys out there but it may be a while longer before any good news.