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

To: SemiBull who wrote (11473)	3/2/2003 8:34:49 PM
From: SemiBull	Read Replies (1) \| Respond to of 11555

IDT trimming 5% of workforce 02/27/2003 5:31 PM EST URL: ebnews.com Integrated Device Technology, Inc., Santa Clara, Calif., said it was cutting about 150 positions and closing its Dallas design center in order to reduce costs. The reductions represent about 5% of the company's total worldwide employees and includes a 10% reduction in its non-manufacturing workforce. IDT also plans to close five sales offices worldwide. These and other actions will enable the company to reduce its planned fiscal 2004 spending by approximately $30 million, it said. Related to these actions, IDT expects to incur severance and related charges of approximately $4 million in Q4FY03. IDT also reaffirmed guidance in its regular mid-quarter financial teleconference. As previously indicated, IDT expects fourth-quarter fiscal 2003 revenues to be flat compared to the third-quarter fiscal 2003 revenues of $79 million. "Due to the current uncertain industry outlook and the company's projected revenue levels for the upcoming fiscal year, IDT has decided to implement these measures to better align our cost structure with anticipated revenues," said Greg Lang, president and CEO of IDT, in a statement. "With these actions, we expect to be cash-flow positive in the June quarter and achieve pro-forma break-even earnings in the second half of fiscal 2004 without impacting new product development or future growth potential for IDT."