Q1 FY16 Revenue of $160.9M; up 1.6% Q/Q and 27.4% Y/Y
Q1 FY16 GAAP Diluted EPS (from Continuing Operations) of $0.25
Q1 FY16 Non-GAAP Diluted EPS of $0.31
SAN JOSE, Calif. — (BUSINESS WIRE) — August 3, 2015 — Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today announced results for the fiscal first quarter ended June 28, 2015.
“First quarter fiscal 2016 revenue increased by more than 27 percent year-over-year, driven primarily by strength in our High Performance Computing and Wireless Power products,” said Greg Waters, president and chief executive officer. “We are delivering on our commitment of superior earnings leverage with growth, and are pleased to announce a non-GAAP operating margin of 29.3 percent for the quarter.
“As we look out to the rest of fiscal 2016, we are confident in our ability to meaningfully outgrow the semiconductor market. Our new product design-win traction is very high, and we are in the early stages of delivering new classes of products in all three of our target market segments” concluded Mr. Waters.
Recent Business Highlights - Computing
- IDT Wins 2015 EDN China Innovation Award for DDR4 LRDIMM
- IDT Launches Open High-Performance Analytics and Computing Lab
- IDT Collaborates with ZMDI on Energy-Efficient Digital Power Technology
- IDT's RapidIO Solutions Enable Fujitsu's C-RAN Deployments
Recent Business Highlights - Consumer
- IDT Wireless Charging Technology Featured in LG’s New Flagship G4 Smartphone
- IDT Teams with Blu Wireless to Unite Wireless Charging and WiGig Data Transmission
- IDT and EPC Collaborate to Integrate Gallium Nitride and Silicon for Faster, Higher Efficiency Semiconductor Devices
- IDT Wireless Power Transmitter Featured in Samsung Monitor
Recent Business Highlights - Communications
- IDT Wins 2015 EDN China Innovation Award for IEEE 1588 Time and Frequency Generators
- IDT Wins Prestigious ACE Award for VersaClock 5 Programmable Clock Generator
- IDT Introduces VersaClock 5 Programmable Clock Generator with Integrated Crystal
- IDT Expands VersaClock 5 Family to include Devices with Additional Outputs Supporting PCI Express Timing
- IDT Adds 3.3 V PCIe Clock Generators to World’s Lowest Power PCI Express Timing Family
- IDT Introduces a Wideband RF Synthesizer/PLL with Industry-Leading Combination of High Performance and Low Power
- IDT Expands RF Portfolio with New Digital Pre-Distortion Demodulator for Cellular Base Stations
- IDT Releases 3 New Low-Loss Ultra-Linear RF Variable Attenuator Products Targeting Wideband Communications Systems
The following highlights the Company’s financial performance on both a GAAP and supplemental non-GAAP basis. For financial statement purposes, the high speed data converter business is treated as discontinued operations for all periods presented. IDT has excluded results from the high speed data converter business from current and historical non-GAAP results. The Company provides supplemental information regarding its operating performance on a non-GAAP basis that excludes certain gains, losses and charges which occur relatively infrequently and which management considers to be outside our core operating results. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP. A complete reconciliation of GAAP to non-GAAP results from continuing operations is attached to this press release.
- Revenue from continuing operations for the fiscal first quarter of 2016 was $160.9 million, compared with $158.4 million reported last quarter, and $126.3 million reported in the same period one year ago.
- GAAP net income from continuing operations for the fiscal first quarter of 2016 was $38.7 million, or $0.25 per diluted share, versus GAAP net income from continuing operations of $40.4 million or $0.26 per diluted share last quarter, and a GAAP net income from continuing operations of $17.1 million or $0.11 per share in the same period one year ago. Fiscal first quarter 2016 GAAP results include $0.8 million expense relating to amortization of intangible assets, $7.9 million in stock-based compensation expense, $0.9 million in severance and retention related charges, $0.2 million in net gain on sale of asset and other, and $0.1 million benefit in related tax effects.
- Non-GAAP net income for the fiscal first quarter of 2016 was $48.2 million or $0.31 per diluted share, compared with non-GAAP net income of $45.8 million or $0.29 per diluted share last quarter, and non-GAAP net income of $26.7 million or $0.17 per diluted share reported in the same period one year ago.
- GAAP gross profit from continuing operations for the fiscal first quarter of 2016 was $99.2 million, or 61.7 percent, compared with GAAP gross profit of $98.1 million or 61.9 percent last quarter, and $74.0 million, or 58.6 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal first quarter of 2016 was $100.9 million, or 62.7 percent, compared with non-GAAP gross profit of $99.6 million, or 62.9 percent last quarter, and $78.1 million, or 61.9 percent, reported in the same period one year ago.
- GAAP R&D expense for the fiscal first quarter of 2016 was $33.8 million, compared with GAAP R&D expense of $32.1 million last quarter, and $32.1 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal first quarter of 2016 was $29.7 million, compared with non-GAAP R&D expense of $29.7 million last quarter, and $28.7 million in the same period one year ago.
- GAAP SG&A expense for the fiscal first quarter of 2016 was $28.1 million, compared with GAAP SG&A expense of $27.1 million last quarter, and $25.5 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal first quarter of 2016 was $24.0 million, compared with non-GAAP SG&A expense of $23.8 million last quarter, and $22.1 million in the same period one year ago.
