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Integrated Device Technology Inc. (IDTI) filed Quarterly Report for the period ended 2012-01-01.
Integrated Device Technology Inc. has a market cap of $937.5 million; its shares were traded at around $6.7 with a P/E ratio of 20.7 and P/S ratio of 1.5.
This is the annual revenues and earnings per share of IDTI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of IDTI.
Highlight of Business Operations:
During the third quarter of fiscal 2012, the Company identified errors primarily related to retention bonuses associated with its plan to close its Oregon manufacturing facility ($6.4 million expense). In addition, the Company had corrected prior period errors in the first and second quarters of 2012 related to retention bonuses ($0.5 million expense) for certain key employees and accounts payable system related issues ($1.0 million benefit) respectively. The Company assessed the materiality of these errors individually and in the aggregate on prior periods financial statements in accordance with the SEC s Staff Accounting Bulletin No. 99, and concluded that the errors were not material to any of its prior annual or interim financial statements. The Company also concluded that correcting the errors, on a cumulative basis, would not be material to the expected results of operations for the year ended April 1, 2012. However, as permitted in SEC s Staff Accounting Bulletin No. 108, the Company elected to revise previously issued consolidated financial statements the next time they are filed. As each subsequent filing is made in the future, the previous period consolidated financial statements affected by the errors will be revised. The Company has revised the April 3, 2011 consolidated balance sheet and the consolidated statements of operations for the three and nine months ended January 2, 2011 included herein to reflect the correct balances. Of the above mentioned errors, the amount related to the accounts payable system related issue will be corrected in the opening retained earnings and will not impact the earnings of current or subsequent filings. The impact of correcting these errors on net income as reported for the interim three month period ended July 3, 2011 and three and six month periods ended October 2, 2011 was a reduction of $1.5 million, $0.8 million and $2.3 million, respectively (see Note 2 of Notes to Condensed Consolidated Financial Statements).During the third quarter of fiscal 2012, the Company identified errors primarily related to retention bonuses associated with its plan to close its Oregon manufacturing facility ($6.4 million expense). In addition, the Company had corrected prior period errors in the first and second quarters of 2012 related to retention bonuses ($0.5 million expense) for certain key employees and accounts payable system related issues ($1.0 million benefit) respectively. The Company assessed the materiality of these errors individually and in the aggregate on prior periods financial statements in accordance with the SEC s Staff Accounting Bulletin No. 99, and concluded that the errors were not material to any of its prior annual or interim financial statements. The Company also concluded that correcting the errors, on a cumulative basis, would not be material to the expected results of operations for the year ended April 1, 2012. However, as permitted in SEC s Staff Accounting Bulletin No. 108, the Company elected to revise previously issued consolidated financial statements the next time they are filed. As each subsequent filing is made in the future, the previous period consolidated financial statements affected by the errors will be revised. The Company has revised the April 3, 2011 consolidated balance sheet and the consolidated statements of operations for the three and nine months ended January 2, 2011 included herein to reflect the correct balances. Of the above mentioned errors, the amount related to the accounts payable system related issue will be corrected in the opening retained earnings and will not impact the earnings of current or subsequent filings. The impact of correcting these errors on net income as reported for the interim three month period ended July 3, 2011 and three and six month periods ended October 2, 2011 was a reduction of $1.5 million, $0.8 million and $2.3 million, respectively (see Note 2 of Notes to Condensed Consolidated Financial Statements).
For the nine months ended January 1, 2012, revenues in our Communications segment decreased $28.1 million, or 13% as compared to the same period of fiscal 2011, as a result of reduced unit shipments. Within this market segment, revenues from SRAM and digital logic products decreased 23% and revenues from communications timing and telecommunications products decreased 10%. These decreases were offset in part by a 23% increase in revenues from our flow control management products.
Revenues in Asia Pacific region (“APAC”), Americas, Japan and Europe accounted for 65%, 17%, 9% and 9%, respectively, of consolidated revenues in the third quarter of fiscal 2012 compared to 62%, 17%, 12% and 9%, respectively, for the same period in the prior fiscal year. For the nine months ended January 1, 2012, revenues in APAC, Americas, Japan and Europe accounted for 67%, 14%, 8% and 11%, respectively, of consolidated revenues as compared to 66%, 16%, 9% and 9%, respectively, for the same period of fiscal 2011. The Asia Pacific region continues to be our strongest region, as many of our largest customers utilize manufacturers in that region.
Gross profit (the first nine months of fiscal 2012 compared to the first nine months of fiscal 2011). Gross profit for the first nine months of fiscal 2012 was $217.0 million, a decrease of $30.5 million, or 12% as compared to the first nine months of fiscal 2011. The decrease in gross profit was primarily driven by lower revenue levels. Gross profit percentage was 53% of net revenues for the first nine months of fiscal 2012 as compared to 54% for the same period in the prior fiscal year. Our gross profit percentage for the first nine months fiscal 2012 was negatively impacted by $2.9 million due to decreased manufacturing facility utilization (primarily in the third quarter of fiscal 2012) combined with a $5.9 million increase in charges for excess inventory reserves, which was offset in part by a $3.4 million decreased severance and expenses associated with the transition of wafer fabrication activities. The negative impacts were offset in part by manufacturing cost savings associated with the closure of our test facility in Singapore and consolidation of our test operations in Malaysia which was completed in the second quarter of fiscal 2011.
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