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

To: Samuel R Orr who wrote (10223)	4/20/1999 4:32:00 PM
From: Tony Wang	Read Replies (1) \| Respond to of 11555

SANTA CLARA, Calif., April 20, 1999 – IDT (Nasdaq: IDTI) today announced results for the fourth quarter and fiscal year ended March 28, 1999. The Company reported fourth quarter net income of $8.0 million, or $0.10 per fully diluted share, on revenues of $139.4 million. Included in fourth quarter net income are non-recurring net benefits totaling approximately $5.0 million, relating primarily to the resolution of certain intellectual property disputes and litigation. Revenues was were up 2.7 percent compared against the $135.7 million in the immediately preceding quarter, but down 7.2 percent from the $150.2 million of in the fourth quarter one year ago. Earnings were up compared with the $4.6 million loss of the third quarter and up from the $1.4 million profit from in the fourth fiscal quarter one year ago. For fiscal year 1999, revenue was $540.2 million, down 8.0 percent from the $587.1 million recorded in fiscal year 1998. Excluding charges, the Company recorded a net loss of $41.2 million for fiscal year 1999, or $0.50 per share, compared with a fiscal year 1998 profit of $8.2 million, or $0.10 per share. "Our return to profitability is a result of successfully implementing the key actions we announced in our restructuring plan last summer," said Len Perham, IDT's president and chief executive officer. "While pleased that our restructuring has led to better financial performance, the Company is looking forward to further improvement in its fiscal year 2000, as the industry continues to strengthen and IDT's new products gain market acceptance." IDT expects the acquisition of Quality Semiconductor, Inc. (QSI) will close during the first quarter of IDT's fiscal year 2000. The acquisition of QSI's products and technology, especially in the area of interface logic and clock management devices, adds to IDT's substantial portfolio of new products and augments IDT's opportunity for continued revenue growth. Sales of the Company's communications and SRAM products grew from the third quarter, while revenue for high-performance logic was slightly down. Sales of the Company's microprocessors were lower in the fourth quarter due primarily to lower sales of WinChip™ microprocessor units, which declined from the traditionally strong holiday quarter. The Company's order backlog grew sequentially for the second consecutive quarter and bookings exceeded billings. The overall average selling price for the Company's products remained flat. "In fiscal 1999, IDT made significant strides to develop and enhance products for the growing communications markets," said Dave Côté, IDT's vice president of marketing. "We revitalized our product offerings with many new introductions including the SuperSync™ II FIFO family, the RC32364™ 32-bit microprocessor and the new SWITCHStAR™ support devices. IDT's market leadership was reinforced with products like our ZBT® memories, the standard in communications SRAM, and key design wins with our communications customers.