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Last Updated 10/20/95
© Copyright 1995 Integrated Device Technology, Inc.
FOR IMMEDIATE RELEASESANTA CLARA, Calif., October 17, 1995-Integrated Device Technology, Inc. (IDT) (NASDAQ: IDTI) today announced record results for the quarter ended October 1, 1995. Net income for the second fiscal quarter of 1996 was $34,336,000, a 102 percent increase over the $17,006,000 reported in the second quarter of the prior year. Revenue for the second quarter was $178,504,000, an 87 percent increase over the same period one year ago and a 17 percent increase over the immediately preceding quarter.
Fully diluted earnings per share, which reflect a two-for-one stock split during the quarter, set an IDT record at $.40 per share, compared to $.24 per share for the second quarter one year ago. Earnings per share in the second quarter include the dilutive effect of convertible subordinated notes issued in May, 1995. On a primary shares basis, IDT earned $.42 per share compared to $.24 per share in the same period one year ago.
For the first six months of fiscal 1996, fully diluted earnings per share were $.75 compared to $.47 per share in the first six months of fiscal 1995. Earnings per share calculated on a primary shares basis was $.77 versus $.47 one year ago.
For the six month period ended October 1, 1995, revenue increased to $330,699,000, a 73 percent increase over the prior year. IDT's net income for the six month period was $63,127,000, an 86 percent increase over the comparable period one year ago, despite an increase in the effective tax rate.
Pretax earnings were $50,494,000 for the quarter or 28.3 percent of revenue, an increase from 27.8 percent of revenue in the immediately prior quarter and 23.7 percent of revenue in the second quarter of fiscal 1995. Pretax earnings for the six months ended October 1, 1995 were $92,834,000 or 28.1 percent of revenue as compared to 23.7 percent in the first six months of the prior year.
"I am pleased to announce the results of our 13th consecutive quarter of increased revenue and earnings," said Len Perham, IDT's president and chief executive officer. "Pretax margin exceeded 28 percent for the first time in our history. We had record output both in our wafer fabrication plants and our Malaysian back-end operations."
"Demand was robust for a summer quarter across all product and geographic segments, resulting in a record backlog," said Perham. "We are confident that our advanced silicon manufacturing technology coupled with our highly scaled small die sizes position us for continued strong gross margin performance into fiscal 1997."
Net property, plant and equipment increased by $105 million during the quarter as IDT began receiving and paying for substantial amounts of equipment at the new wafer fabrication plant in Hillsboro, Oregon. Capital expenditures through the first six months were $143 million against the Company's $300 million fiscal 1996 plan. Cash and short-term investments decreased by approximately $67 million, leaving $352 million cash-on-hand. Operations are scheduled to begin this year at the Oregon plant, where a core of more than 100 employees are now on board. IDT's plans call for revenue from the plant to begin in March, 1996, and to ramp aggressively thereafter.
"The Oregon facility is on target and limited production is expected in the last quarter of the fiscal year ending March 31, 1996," said Perham. "To further support our growth, we broke ground earlier this month on a new assembly and test facility at the Carmelray Industrial Park in The Philippines. We expect to occupy this facility and begin production shipments from The Philippines in the December 1996 quarter."
INTEGRATED DEVICE TECHNOLOGY, INC.
STATEMENT OF OPERATIONS
(Unaudited)
Quarter Ended Quarter Ended
Oct. 1, 1995 Oct. 2, 1994
(In thousands, except per share data)
Revenues $178,504 $95,585
Cost of revenues 75,719 40,011
Gross profit 102,785 55,574
Operating expenses
Research and development 33,118 17,956
Selling, general and administrative 21,387 15,538
Total operating expenses 54,505 33,494
Operating income 48,280 22,080
Interest expense (3,339) (895)
Interest income and other, net 5,553 1,480
Income before provision for taxes 50,494 22,665
Provision for income taxes 16,158 5,659
Net income $34,336 $17,006
Net income per share
Primary $0.42 $0.24
Fully Diluted $0.40 $0.24
Shares used in computing
Primary 82,548 71,904
Fully Diluted 89,579 71,904
Page 4/4-IDT Q2FY96 RESULTS
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED BALANCE SHEET
(Unaudited)
Quarter Ended Quarter Ended Quarter Ended
(In thousands) Oct. 01, 1995 Jul. 02, 1995 Oct. 02, 1994
Cash and Short-Term Investments $352,457 $419,420 $125,503
Accounts Receivable, net 105,990 82,730 59,872
Inventory 44,129 40,386 32,755
Deferred Tax Assets 25,166 25,166 24,068
Other Current Assets 9,823 6,411 4,382
--------- --------- ---------
Total Current Assets 537,565 574,113 246,580
Property, Plant, and Equipment 299,962 195,120 143,170
Other Assets 63,524 35,336 7,425
--------- --------- ---------
Total Assets $901,051 $804,569 $397,175
Debt due within one year $4,731 $5,037 $8,608
Accounts Payable 89,214 51,130 25,954
Accrued Liabilities 79,231 62,549 59,798
--------- --------- ---------
Total Current Liabilities 173,176 118,716 94,360
Convertible Subordinated Notes $196,938 $196,775 $0
Long-Term Liabilities 34,551 35,182 33,803
Deferred Tax Liability 7,570 7,570 8,517
Stockholders' Equity 276,473 274,152 161,752
Retained Earnings 205,713 171,661 98,230
Total Stockholders' Equity $901,051 $804,569 $397,175
--------- --------- ---------
Total Liabilities and Equity $901,051 $804,569 $397,175
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