Q2 Revenue of $124.6 Million, up 6 Percent Q/Q
Q2 GAAP EPS of $0.54; Q2 Non-GAAP EPS of $0.10
Record Revenue from RapidIO® Solutions Serving Wireless Infrastructure
SAN JOSE, Calif. — (BUSINESS WIRE) — October 28, 2013 — Integrated Device Technology, Inc. (IDT® or the Company) (NASDAQ: IDTI), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions, today announced results for the fiscal second quarter ended September 29, 2013.
“We leveraged significant improvements in our operating model to deliver better than expected profitability on sequential sales growth across each of our communications, computing and consumer end markets,” said Jeff McCreary, IDT interim president and chief executive officer. “Revenue from RapidIO switching solutions was up double digits quarter-on-quarter, as the worldwide 4G/LTE infrastructure build-out continued. In addition, we experienced strength in sales of serial switching products for server applications and also in our standard products for the communications end market.”
“In Q2, we were pleased to demonstrate significant improvement in our operating model. We continued to expand gross margins on better product mix, while simultaneously reducing operating expenses and creating greater profit leverage for our revenue moving forward. Additionally, our board recently increased our share repurchase authorization to $150 million from the $80 million remaining on our prior authorization. We plan to resume share repurchase activity during fiscal Q3 given our increased confidence in the business. I’m excited about the progress we’ve made so far and I believe we can continue to improve operating margins and drive additional shareholder value as we execute on our business plan.”
IDT recently announced:
- A next-generation WPC 1.1 wireless power receiver for portable applications. The new receiver expands IDT’s leading wireless power portfolio with a high-efficiency solution offering full WPC 1.1-compliance for smartphones, tablets, and accessories.
- A RapidIO®-based supercomputing and data center reference platform with 20 Gbps-per-port switching and Intel processing. IDT’s RapidIO switches provide low latency, energy efficiency, and multi-processor scalability for Data Center and Supercomputing Solutions.
- The industry’s first 16-lane, 8 GT/s PCI Express 3.0 signal-conditioning retimer. This latest retimer improves PCIe Gen 3 performance and reliability by restoring signal quality across long or noisy connections in computing, storage and communication applications.
- The world’s first JESD204B clock buffer for 2G, 3G and 4G LTE wireless infrastructure systems. The low-noise, configurable, JESD204B fanout buffer distributes high-quality clock signals to data converters in wireless base stations for optimal system performance and cost efficiency.
- Timing Commander™ Software Platform for Simple Configuration of Complex Clocking Solutions. This innovative support tool expedites development cycles by empowering customers to program sophisticated timing devices with an intuitive and flexible graphical user interface.
- Third-generation high-performance, programmable Universal Frequency Translator for 100 Gbps interfaces. These latest devices are the industry’s only single-chip programmable solutions capable of generating eight different output frequencies with less than 300 femtoseconds jitter.
IDT Expands Common Stock Repurchase Program to $150 Million
IDT also announced that its Board of Directors has approved an expansion of the previously authorized share repurchase program from approximately $80 million to a total of $150 million. Repurchases under the Company's repurchase program will be made in compliance with the SEC's Rule 10b-18, subject to market conditions, applicable legal requirements and other factors and may include open market and negotiated transactions, including block transactions or accelerated stock repurchase transactions. The expansion of the repurchase program is effective immediately and may be discontinued at any time at the Company's discretion.
The following highlights the Company’s financial performance on both a
GAAP and supplemental non-GAAP basis. 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.