--------------------------------------------------------------------------------
INTEGRATED DEVICE TECHNOLOGY INC files 0927 qtr 10-Q. Reports $265.1 mil tot rev and $-3.5 EPS.
IFN Smart Edgar News - November 10, 1998 17:30
Excerpted from 10-Q filed on 11/10 by INTEGRATED DEVICE TECHNOLOGY INC:
INTEGRATED DEVICE TECHNOLOGY INC files 0927 qtr 10-Q. Reports $265.1 mil tot rev and $-3.5 EPS.
RESULTS OF OPERATIONS
All references are to the Company's fiscal quarters ended September 27, 1998
("Q2 1999"), September 28, 1997 ("Q2 1998"), June 28, 1998 ("Q1 1999") and June
29, 1997 ("Q1 1998"), unless otherwise indicated. Quarterly financial results
may not be indicative of the financial results of future periods. All
non-historical information contained in the following discussion constitutes
forward looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,
as amended. These statements are not guarantees of future performance and
involve a number of risks and uncertainties, including but not limited to:
operating results, new product introductions and sales, including the IDT
WinChip(TM) microprocessor, competitive conditions, capital expenditures and
capital resources, cash flows, manufacturing capacity utilization, customer
demand, customer inventory levels, protection of intellectual property in the
semiconductor industry, and the risk factors set forth in the section "Factors
Affecting Future Results." Future results may differ materially from such
forward looking statements as a result of such risks. The Company undertakes no
obligation to publicly release the results of any revisions to these
forward-looking statements which may be made to reflect events or circumstances
after the date hereof.
HISTORICAL INFORMATION RELATING TO FISCAL 1999 RESTRUCTURING AND ASSET
IMPAIRMENT AND OTHER CHARGES AND ACTIONS TAKEN
In the first two quarters of fiscal 1999, IDT recorded $207.2 million in charges
related to asset impairment and restructuring, which are specifically identified
in the Condensed Consolidated Statements of Operations, and an additional $9.0
million of non-recurring charges, which were recorded as operating expenses.
These charges relate principally to closure of one of three wafer fabrication
facilities located in the United States, recording an asset impairment reserve
against the carrying value of one of the remaining facilities, discontinuing
research initiatives and costs associated with intellectual property matters.
These charges are discussed below under the captions "Gross Profit," "Research
and Development" and "Selling, General and Administrative."
During the period from fiscal 1994 through fiscal 1996, IDT's sales volume grew
significantly, from $330 million more than doubling to $680 million. The growth
was principally based upon strong demand for SRAM products, especially cache
memory products for use in personal computers. At the peak of demand for IDT's
SRAM products, sales of SRAM and related products accounted for approximately
45% of IDT's revenues.
RESULTS OF OPERATIONS
REVENUES
(End of Item Excerpt)
----------FINANCIAL DATA SCHEDULE--------
MULTIPLIER 1,000
PERIOD-TYPE 6-MOS
FISCAL-YEAR-END MAR-28-1999
PERIOD-START MAR-30-1998
PERIOD-END SEP-27-1998
CASH 128,976
SECURITIES 73,946
RECEIVABLES 48,499
ALLOWANCES 0
INVENTORY 55,693
CURRENT-ASSETS 344,068
DEPRECIATION 0
TOTAL-ASSETS 720,602
CURRENT-LIABILITIES 157,537
BONDS 184,055
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 83
OTHER-SE 271,224
TOTAL-LIABILITY-AND-EQUITY 720,602
SALES 265,122
TOTAL-REVENUES 265,122
CGS 183,181
TOTAL-COSTS 390,425
OTHER-EXPENSES 75,865
LOSS-PROVISION 0
INTEREST-EXPENSE 6,802
INCOME-PRETAX (257,419)
INCOME-TAX 29,622
INCOME-CONTINUING (287,041)
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME (287,041)
EPS-PRIMARY (3.50)
EPS-DILUTED (3.50)
------------------------------------------------------------------------ |
